All Forum Posts by: Brendan Canning

Unable to make this one, but please keep me on the list for the next time....bc

Welcome Tracy!

Thanks Jacob. New BP member here. I'm planning to attend the meeting. Looking forward to it!

Thanks, Brendan

Michael Federico of Federico and Company is great. On Whitney Avenue in Hamden. Looks like I'm not allowed to post his phone number here,  but he's been doing my personal and professional accounting for years.  Feel free to PM me for his number or look him up.

Welcome to BP!

Welcome Dustin - Also from Wallingford area. Welcome to BP!

New here too and from Connecticut!  Looking forward to connecting to everyone online and in real life....

Hi Folks - New BP member here and have been doing a lot of reading on master lease options. Seems like a very intriguing way of managing property and benefitting from increase NOI and ultimately property value.

I am looking at a 3 family property that needs a ton of work (perhaps $75-100K, although I haven't done a deep dive on pricing yet). The property is fully rented, albeit at lower than market values.  I don't have the funds to put a 20% down payment on the property AND invest in the making the property.   Sale price is acceptable, but would want to get it lower. Owner has owned the property forever and I believe is free and clear. She wants out.

A few questions for MLO experts:

1. Does an MLO make sense in this case? Are MLOs only used for commercial? As a 3 family, would this be considered residential?  Would seller financing be a better strategy here?

2. Does an MLO only work for distressed properties? This one is, but thinking about how I would employ strategy with other properties.

3. When I exercise option to sell, does bank take into consideration equity in the property (option price/market value), or would I still need to put down 20% in cash?

I think that is all for now. I may have additional questions. Thank you for taking the time to read and/or respond.

Brendan

Just joined BP. Let me know when the next meet up is. Thx!

Thanks everyone!  I see that TD Bank does offer a product so I will check them out. Also will investigate more credit unions.