All Forum Posts by: Chris Seveney

Angie Williams - typically in a forbearance they do not suspend all payments. They may suspend the back payments that are due and come up with a payment plan that they must follow for a period of time. If they follow what was outlined in the forbearance plan then they may modify the loan. This is the first time I have heard of all payments being suspended

@Yi 

@Yi Zhao

I would connect with @Andrew Michael

Joe F. - hard money loans are typically over a short period and rates will vary above 10%. A private lender can provide a longer period of time and a rate lower than a HML but definitely probably close to double what a bank would provide. Best option is always a bank

Aaron Smith - it is more common than you think. I would not go by that they told you and I would make conservative numbers to base an offer from. Owners who do not have good books in many instances do not get as much for a property because of their lack of maintaining quality records

Prabodh Kumar kandala - the structural will last well over a hundred years but maintenance and HOa's can get expensive due to maintenance and capital expenditures The condo should have a budget and a capital expenditure report and a condo reserve analysis which shows expected life and cost for large expenditures

@Devin Harris - Welcome to BP. Continue to educate yourself and build a great team around you.

@George Gifford - Welcome to BP. 

@Adam Dassie - I do not consider these rules, but rule of thumbs. For example the rent should be 1-2% of the sales price, but that fluctuates greatly and in a D neighborhood you can get 2% but in a major city you most likely will not even get 1%. These are guidelines which allow you to early analyze a deal. But everyone has different deal requirements and its best create your own internal rules.

@Shawn Ginder - Did you factor in what your payments will be in 3 years when the 2nd becomes due? Do you have those funds or how will you get those funds. Overall doesnt look like a bad deal at all, but I would be weary of how to get rid of the second. Also why are you getting a commercial loan for this property?

@Avi Garg - Start looking on BP, for example @Upen Patel works here on the east coast, not sure if he helps on west coast but he may have something. You could always go to a commercial note and put it in an LLC which would be based on numbers of the property. Your rate would be closer to the 7% but having a positive deal is better than no deal.