All Forum Posts by: Carol Bloom

@David Tiemann love it! Yes I've been watching hours of BP podcasts the best education of real people learning how to become investors.  It sounds like you had a lot help from the relationship of a local realtor. I like your suggestion of closing not on the first of the month but a few days later to collect prorated rents and taxes, brilliant. Something that simple I would not have known about. Thanks for sharing. 

@Rick Pozos I like your scenario example, appreciate the types of questions you ask the seller to help him/her to understand banks don't pay much and making a deal with me, the buyer is better. Thanks!

@Mark Webb and @Rick Stein thank you both for your comments. I agree with you Rick, it doesn't hurt to ask, the worst thing that could happen is the seller would say no. :)

Hello BP Community!

I'm Carol, I've read many posts from investors to always ask if seller financing is an option, can you provide examples of what to ask for from the seller to finance? Thanks!

@Jeff Greenberg in talking with other commercial real estate brokers a letter of intent seems to be more of what they are asking for instead of a pre-approval letter. To your point, the brokers don't want to waste their time with tire kickers.   

@Ravi P. how long does the letter of intent (LOI) usually take your commercial bank to put something together for you?

@Michael Le thank you for clearly outlining the necessary documentation needed to send to the lender, makes complete sense. 

@Jay Helms one would think I'm working with an inexperienced lender who is advising me to get a pre-approval letter however it's a CBRE lender. 

@Jay Helms yes I am seeking a non-recourse loan on 5+ units. I'm considering Freddie Mac SBL.

@Brie Schmidt wow you go girlfriend with 25+ commercial properties!