All Forum Posts by: Ahmed Iqbal

You can reach out to Ryan Carriere.  He is part of Cummings,Keegan & Co in Saint Louis Park office.  

@Peter Mikhjian - Our LLC has a property with four parcels, with each having a duplex in Jamestown, NC. Would you mind, how you have financed your purchase or specifically if you ran into any hurdles with commercial loans underwriting?

Thanks,

Ahmed

Hi All

My apologies if my topic is redundant but I could not find anything resembling my situation through multiple searches.  We have a property in NC under a contract that has four parcels.  Each of the parcels has a duplex, as well as tax id and individual tax assessment.  As we are talking to lenders, the feedback that I am getting is that each of the parcels should be appraised in excess or closer to $100k to consider for a portfolio loan.  The property is in a Class B+ neighborhood and not rural. We have it under contract at 320k.  My request for the BP community team to share your experience and thoughts on if you have encountered this and what are the things that you had done to overcome.  

Thanks,

Ahmed

Thank you @Jason Coleman.  I will send you a colleague request shortly.  I really appreciate how you respond to people in this forum and hopefully we can work in the future.

@Jack Yen - We use T'vinci properties currently but I heard that they are trying to focus on SFH but might still be involved with Smaller MFH.

ahmed

@Jason Coleman - What your thoughts on Jamestown? Any thing around Scientific St?

Thanks,

Ahmed

We have used Madison Specs out of NJ and can not say enough good things about them. They will find some one local, so it reduces the travel cost and the overall study is fairly priced.  In fact they were at least 45% less then what others had quoted for the cost seg. Good luck. Yonah Weiss is active here in BP from that company, and you can look for them.

Ahmed

Hi Nick:

Thanks for providing this thread to ask questions. We have multi member LLC and our first project would have been a flip. We bought the property for 58k and spent 72k for rehab. We decided to buy and hold instead and was able to on board a tenant in May '20. I had captured all of the activities under a WIP asset account. Now I am going through the expenses and add them up to calculate the basis. Even though we put the property in service with a PM in the last week of January, we did not on board a tenant till May. I am still capturing all of the expenses that occurred after January as expenses. I have 3 questions for you and would appreciate your thoughts:

a) Is that right for me to capture any expenses related to general construction as expenses that occurred after we put the property in service? Most of these are tieing up loses ends vs real cap-ex.

b) I have some landscape types of expenses such as cutting down trees that happened before we put the property to service? Do these get added to the land for basis? 

c) I had property tax, insurance, and utilities during the period of construction. Do these have to come off from the basis for building?

Ahmed

Hi All:

Please find the Google Meet link below for 5 PM EST on Monday

meet.google.com/pwf-sutu-qwp

Thanks,

Ahmed

I am out of town any way but can a setup a Google Meet call for next Monday(6/29) at 5 PM EST and post the code here in this thread.  Then you folks can meet in person as others set that up.