All Forum Posts by: Jeremy Namen

A lot of multi family buildings especially 4 units or less were/are part of the foreclosures. I would actually guess that percentage wise, when relative to the total number of sfam houses, there is a higher percentage of multifam homes that have seen forclosure.. just a guess though and probably a geographical logic in my guess.

im trying to upload a photo..

Ohh other thought was, would this be a good deal to find a HML on?

I want to purchase a building for my construction company. Ive been in business for about 10 years, formed my LLC in 2005. I currently have my office at home and i feel that this is limiting my capabilities. I want to separate my work life from my home life (or at least dramatically limit my work at home). I also want to represent my business more legitmate and Id like a space that customers as well as other contractors can meet me and plan projects. I found a recent listing in my primary area of focus and only 2 blocks from my home. The place has everything im looking for and more. It includes 3 apts that will rent easily and pay for all my expenses. Its listed at 75k- The seller is out of state and owns a large asphalt corporation. My only concern is that i probably wont be a ble to get a residential loan ( i will find out next week) and ill have to come up with nearly 20k for dP. I can come up with 5% fairly easy whenever, but 15k-20k will take up to 6 months to gather. Should i try and get owner to finance for a year? offer to close in 6 months ? I want to get a contract but im not sure what my realistic chances are- any thoughts are greatly appreciated!
Also to add i currently have 5 rental props in my LLC all under 1 commercial loan...This particular bank has held off on most commercial loans for now.They prob wont be able to do anything for months im hearing. one of these rentals is my residence, i rent the other side. and these are my only loans. It is going to be tricky to separate these loans, but i need to start that now as well--any thoughts are greatly appreciated!
Jeremy

You are in another state trusting that your agent is doing what he says he is- Id creative on how he can involve you more- If its just a design issue there should be solutions to that. Dont take this wrong way, but you didnt let distance be an issue in purchase dont let it be an issue in involvement..

sorry that is can* not 2. you cant..

Maybe get ahold of the people that hes has shown the property to. !. this will tell you if he in fact has showed it as much as he says and 2. you cant ask them what they like and dont like about the property. Hopefully the realtor isnt pulling yopur chain in hopes of eventually stealing it from you..

Thanks for your responses- Youve inspired even more ideas on my project- mark ive split my area up into quadrants but i really like your idea of three in a row that makes perfect sense! I think my first step is really just buying what i can when i can- it will be hard at this point to find others. Ill pick up a commercial spot or two along the way- after a few houses have been rehabbed and a little buzz is beginning id like to find an up and coming chef that i could offer a free year lease to begin a new restaurant- my ideas get lofty i know but in reality im not trying to travel the moon!

Is the the investor pooling? Fannie is supposed to be calling me this week. I have a feeling their criteria for this will be out of my league but maybe i can bring others along from the area.. And yeah jake 5mil would get me over 200 houses here!

I think youre speaking of strategic plan- You have hit on EXACTLY everything that i have gone over in my head numerous times and have attempted to try and explain to others. How about you come to St Louis and we get this project rolling! haha seriously though i need to find others that at least see how it could be done. Most are exactly as you say, only remembering the decades of bad and see no hope.
I actually own a small construction co. and have recently chose to only use my crew in this area..I am building a website that will incorporate the neighborhood on certain pages, one of which will be a page that posts photos of suspicious activity. Ill work out all the legal issues and be careful not to accuse anyone but it will be more or less known whats happening. the most prevalent crime here is prostitution..so ive got some good ideas on how to keep the customers away and make it a little humorous for the residents at the same time. I really to start with a plan but the organization of it is a little overwhelming. it will get done though...Anyway nice to see a person with the same faith and vision. Then again im glad that most dont see things the same way...The beauty of being an entrepreneur and investor!