All Forum Posts by: Adam Soyak

 Dm'd you!  Thanks

I have an awesome tenant that accepted a new position at a Hospital in Wausau (male nurse).  He is looking to stay within 30min of the city.  He is looking for a home preferably.  I figure I can try to use biggerpockets network to find him a great landlord and pay it forward.  He is looking to start the lease July 1st.  Please reach out if you have any leads.  Thank you in in advance!

 We own 10 other single family houses so hopefully that helps.  Once we go primary loan, we cannot count the additional income from the other unit because it is zoned "single family" even though it has two separate dwellings.  Commercial at this time has better rates and fees...but you are correct with the prepayment penalties.

Not sure if we are going to put in an LLC or not. Currently contracted under personal due to the possibility of refi into a longer term down the road. Right now we are set up for a 5 year balloon, 30year amort, and 6.5% rate. Early prepayment penalty 1yr-3%, 2yr-2%, 3yr-1%. Commercial loan allowed us to put 20% vs 25% and saved us 1pt vs personal loan.

We are getting our first commercial loan on a property to initially rent out. It is zoned single family but there are 2 dwellings. We intend on renting both units out for minimum of 1 year before we move into one of the units. Has anyone had a commercial loan before where they occupied one of the units as a primary (house hack). We are concerned that the bank may call the note due, when we lose the income to one of the units. The income on one of the units will only cover 66% of the overall PITI. This bank requires us to file an annual income report for the property. We are aware that if we get a conventional primary loan on the property that we cannot use the income from the one unit due to the single family zoning.

Looking for advice or suggestions.  Thank you in advance!

Is this 75% LTV? And a cash out option?

I have been informed by my loan officer that we no longer have the option to cash out refinance our rehabbed properties at the typical 6-month seasoning.  It has changed to 1 year.  I am looking at other options to get the money out of our deal in the next 4 months, and want to see what others are experiencing.  I would like to avoid hard money, but open to other options.  Thank you in advance!

 Hey Violet, to obtain additional corporate credit, are you working with a specific company or are you reaching out the typical credit card vendors?  Does your company have to have 2 years + of history.  Thank you in advance!

 I was wondering the same thing.  I would think building relationships with wholesalers is key!

Thanks Mason, I will look into the FEMA standards that's a great point!