All Forum Posts by: Aaron C.

Hi everyone! I'm looking at a LIHTC in AZ and just wondering if anyone has any experience with this? The property has about 3 years left and then has 3 years for a De-Regulation period.

I'm not sure if there is any tax credits left. With how many years are left, do you know if there are any loopholes to get out of the compliance? If we haven't received any of the tax credits, what would it matter? What can happen if your not in compliance?

Any information would be great

Looking for financing on a 23 unit. Is there anything with 20% down. Are there any loans programs out there doing that right now?

Hi everyone! I purchased a 20 unit apartment complex about 1 1/2 yrs ago. The 1st investor completed the rehab and was only at 40% occupancy when I purchased it. Since then I fired the apartment manager, cleaned house and have been running 90%-100% for over a year.

I did complete some additional things that was needed for the property, but honestly it was a management move.

So now I would like to refinance my property and wanted to know if anyone can recommend some brokers? This was my first deal, so the broker I went though got me a loan but I'm at a 7% interest rate and I want to get down to 4.5% to 5.5%.

I purchased the property for $645k, I put around $161k down and another $40k into the property.

Credit is decent, a little over 700

The original broker that I went through could do it, but the interest rate would go up, not down. I have a good payment history and have doubled the income on the property.

Hi Everyone, so I purchased my first Multi-Family 20 Unit Apartment complex a little over a year ago as a reposition play on management. The first investor put all the work into rehabbing the property.

It's been a little over a year and I have had this property at 90%-95% occupied for the last 9 months. I started talking to some brokers about refinancing the property and they said that I needed more money into the deal. I only put the down payment and about 20k of capital improvements into it and have brought the income up 60% per month. I bought the property at a steep discount.

Has anyone else encountered this before? Any tips on how to get pass this roadblock. I have my eye on another property and want to leverage my current property for the next deal.

Hi I never followed up, but It will be something that I will negotiate with the seller on the next purchase. 

Looking at an apartment building that is on a lease land with 11 years to go that has a fixed lease rent until it expires.

Will find out more details tomorrow on what happens once the lease is  up.

What are your thoughts?

Has anyone purchased property on a lease land?

Thanks in advance

Well, today was interesting!

Closing on my first deal and a few hours before signing the loan docs, I get a call from the lender that they can't do the deal with 20% down now, it will have to be 25%! Which equals additional $32K!! (my loan is for $640K) I was heated! With all the credits and everything, it will end up being additional $22K out of pocket.

So is this typical?

Their reasoning was because the current rent roll came in and one tenant was evicted because of that 1 tenant, it through the numbers off....

Is there a clause you can put in your contract doing the Escrow that the seller would be responsible for anything like that?

Thanks!