All Forum Posts by: Nicholas Weckstein

@Jeff S. Very good point. I'm just planing out some contingencies. HML is for sure not my first option but a fall back. These properties meet all pro forma underwriting standards. Produce a nice cash on cash and service the DCR...once I fully rent them. One unit on another building I'm working on financing on needs some rehab as well. So just always planing out diff routes for success.

@Odie Ayaga yes I’m going to try for conventional first. Working with 2 lenders now on that. As a back up I want to find some HMLs Incase I have to fund the deal with that money until I have it stabilized and rented.

If conventional financing works and they are willing to calculate projected rents then I’m in great shape.

I have a 7 unit complex under contract. 2 units are rented, 4 are in move in condition, 1 needs rehab. my question is, when im dealing with a bank/lender, are they able to use fair market projected rents (just like I did) when underwriting and evaluating the property for financing?  also I mentioned that its a 7 unit complex, it consists of 2 separate buildings, 3 separate PIN numbers (10 car parking lot and 2 houses)

my thought is that if for whatever reason they can't or wont use projected rental income on the building I will have to just find a HML to fund the deal while I get the units rented then circle back and apply for more long term financing

any thoughts or recommendations on this situation or a hard money lender who deals in PA

@Chris K. @Ben Guttman thanks guys, I was able to finally get my regular guy on the horn. 

Much appreciated !!

Can anyone refer me to a good multifamily building inspector in Luzerne county Pennsylvania? It’s a 5 unit building.

@Rick Albert thank you for your reply. And as an edit to my original post.

I should mention that the other side is fine. And rented. It just seems to be one side of the duplex.

I have my eye on a property in which the foundation on one side of the duplex has crumbled due to run off from the hill to the rear of the building.

So much so the kitchen floor towards the back of the house sank in about 6 or so inches. The cabinets and stove are sunk in. Basement has basically a hole in the wall in just that section.

Obviously a French drain system would need to be installed outside. But the actual repair of the foundation? I have no idea if it’s 5k or 50k. That could obviously break the deal.

While I was at the property another investor was there too and once he saw that he just left. I kept looking. Other side of duplex is in good condition and could just use a face lift. Highly developing area.

Should I walk away because Of foundation issues.

@Josh Netz

Let’s talk !

About to have property under contract. Curious from some other local investors what the area is like in their opinion. It’s south west Scranton. By price right and Burger King.

Any thoughts ? Also really need a good GC so any referrals/recommendations would be great.

Any issues with the city of Scranton to watch for?

@Tom Maricle your so right! I’ve been looking into a few businesses as well. Same thing! They font show you the facts.

It’s like most are just waiting for a naive buyer to come along.

Well that ain’t me!