All Forum Posts by: Bobby Eastman

Quote from @Alex Olson:

@Bobby Eastman Equity Bank would finance the deal if it made sense to the. Might need 30-40% down. Without knowing the numbers hard to say. 

I will keep that in mind Alex. Thank you, with that amount down it would be out of my price range.

Quote from @Lucia Rushton:

@Bobby Eastman also what is the price point ? Can make the deal simply unattractive

The purchase price was $275,000. I know that is pretty small for a commercial property. I am now under contract on a different property. Several people I spoke with or who I knew through contacts just said no without even looking into it.

Quote from @Jacob Sherman:

Is it a 5 unit (4 residential/1 commercial) or 4 unit (3 residential/1 commercial) ? This shouldn't be an issue to get done across all 50 states . What is the scenario looking like ? 

It is a 4 unit (3R/1C) it is a smaller loan of $275,000 total purchase price. 

Quote from @Devin Peterson:

Quote from @Bobby Eastman:

This is very weird to me since other lenders will work with buyers from  any state. I don't understand why commercial lenders will either not do it or very rarely.
Does anyone know some creative ways to get around this and save the deal? I am trying to purchase a quadplex with one commercial unit in Missouri.

Is there some other quirks to this deal that we’re missing information on here? There are a lot of wholesale lenders out there that cover mixed-use investment properties.

Thanks Devin, I was told by the lenders I contacted that they just wouldn't work with out of state buyers. I did find one that would do the deal later but with the interest rate(9%) he was offering it made the deal unattractive.

This is very weird to me since other lenders will work with buyers from  any state. I don't understand why commercial lenders will either not do it or very rarely.
Does anyone know some creative ways to get around this and save the deal? I am trying to purchase a quadplex with one commercial unit in Missouri.

I've been looking in this area for a few months now. Cash flow has been a little difficult to find with the current asking prices. But that should come with the understanding that this is a desirable place to live and it is growing. You would be purchasing in this area to take advantage of good rents and appreciation. There are other markets you can find great cash flow but appreciation is lacking. Most properties that I have found in Grayson County are close to breaking even but since this area is growing I am ok with that. With all that said make an offer that works for you and someone may take it. There are so many ways you can structure a deal to make it fit within your parameters.
Happy to share ideas and talk further if you want.

Quote from @Michael Calvey:

Hey Bobby - Have you tried contacting an agent in that area through the Find An Agent feature with BiggerPockets? https://www.biggerpockets.com/agent/match 

Check it out. The entire goal is to help you / individuals like you who are interested in a finding an agent who works with real estate investors. In the Dallas area, there are a handful of great agents you'll find through this feature. 

Thank you very much Mike. I was unaware of that feature but will check it out.

I am also looking to purchase in the area. Would you be open to connecting and sharing ideas? Good luck on your journey.

I am looking to purchase a residential or commercial multi family in the Sherman/Dennison TX area. I am also open to partnering on a transaction.  Can anyone suggest and agent or property manager that can help me with this? Any advice would be appreciated.

I would be interested in exploring that deal. Please send me a message if it is still available.