All Forum Posts by: Jennifer Lee

there is a grey line between commercial and residential 

and if u work with an awesome lender like I  do. and have a good relationship. it's more about problem solving and getting it done.

my lender got back to me. he said ifor it was zoned that way (one deed), it hard to do residential .  easier with commercial especially since rates are low today.

this is advice for my area ;)

always learning something new ! thx

1. When you say you looked a ZILLOW are you looking at homes that are actually LISTED and ACTIVE

Homes that are CONTINGENT are still listed on Zillow and etc to generate listor business from listing.  

So it's very important for you to find an agent to help you when you get serious to know if you are wasting time on something that is not available.

2. Are you looking at the PRE-FORECLOSURE and FORECLOSURE listing?  I don't even know how to answer that for you. Zillow pulls off the country website.. so some of that stuff is old, or not relevant. or it's in SHERRIF SALE.... 

Let me ask my broker contact, I am not sure

is the house under one deed, or deeded separately? 

I am asking because I am not to sure, when I come into these situations is always with an investor who has cash, or line of credit situation.   I haven't closed on one of these b/c there were always issues that came up with the condition of the house, or area.

 I don't have answer, but I am wondering if this is considered commercial or 3 triplex?

First I would talk and call around for a commercial lender in your area. Then go from there....

Once you have that figured out and it's still feasible, I would contact the agent. Commercial deals are usually 90+ day.  you have a lot of due diligence to do.

If the unit is still on the market, you can get the ball rolling, ask why it fell through in more detail.

On most commercial deals, some due diligence up front maybe needed even before we put offer in. talking to county, talking to tenants and neighbor kind of stuff. Inspecting the building, looking at leases, checking out the land plot or survey.  Making sure what is there now is conforming, that you will still be able to use it as it was, is important.  or if you want to change its use, you are allowed.

And knowing that the deal fell through from financing; you can say, "I m interested, but let seller know I have to figure out the financing.  I want to make sure I can close so we don't' waste time".  Tell them I was thinking it would be residential loan, now I have to switch gears.

If the listor is good agent, and there isn't other interest they may even work with you to get you what you need to secure financing.

let me PM you.

as for hard money, I would suggest you go to our ACRE meetings. they have ppl that do it and do your own research.  I don't have actual experience or successfully closed anything with hard money. and the one contact I have, I haven't vetted him.... I'm unsure about him.

are you talking about financing? or hard money?

yes as long as it no longer 2 of 5, and u are treating as a rental :) it's no longer ur primary

1031 Exchange is for BUSINESS and INVESTMENT property, you can't do it on your current primary residents ;p

and I think the " 2 of the last 5 yrs", is to get the tax exemption to qualify as primary residence.

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We 1031 exchanged our first home (a condo), after it became a rental. 15 yrs later, and b/c it was a RENTAL, we we were able to replace it with a commerical 6 unit office bldg.