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All Forum Posts by: Catherine Peters

Catherine Peters has started 9 posts and replied 40 times.

Post: Financing a 5-plex - commercial loan?

Catherine PetersPosted
  • Investor
  • Denver, CO
  • Posts 42
  • Votes 17

@Brent Coombs thanks for the reply. I would need to get creative for the down payment but if it was 20% or less we might be able to swing it. But she was saying up to 50% needed and that just seems extreme to me. I think she was not wanting to do a commercial loan and was trying to talk me out of it, so I just wanted a reality check on what it really takes to get a commercial loan. How much higher on the interest rate are we talking? We have great credit. If you have any knowledge on this front, would love to hear it. Even if this isn't a go, I always learn so much when I ask these questions to BP. You guys rock!

Post: Financing a 5-plex - commercial loan?

Catherine PetersPosted
  • Investor
  • Denver, CO
  • Posts 42
  • Votes 17

Hi BP'ers!

I ran across an MLS for a 5-plex today that is 4 1-bedroom units with a 3 bedroom/3bath attached on the backside and listed as a townhome. I have been speaking with my mortgage broker to see if there's any way to finance this, but she is very pessimistic. I have never done a commercial loan so I'm not sure what's involved and I'd like to get some other feedback on this. She says interest rates are much higher on commercial loans, that I might need as large as a 50% down payment, and then show proof of operating funds in a huge amount, etc etc. We are small timers and were actually hoping to do our next deal as a house hack with an FHA. Should I just move on from this or is there any way to finance this more like an FHA?

Post: Searching for a good handyman/contractor in Denver!

Catherine PetersPosted
  • Investor
  • Denver, CO
  • Posts 42
  • Votes 17

Hi All,

I need a deck repaired at one of my rental properties and am looking for a good handyman in the area that works with investors and is accustomed to pricing labor and materials accordingly. Thought I would give a shout out on BP in case anyone is willing to share their resources :)

Thanks!

Cat

I want to live there! Beautiful! 

@Bill S. that's a really good point. I know interest rates wouldn't be locked in but did you experience other terms that were significantly different when you went to refinance? How did this affect your cash flow?

@Suzanne Griffiths this is great info to know for future deals!

Post: Mobile Home Sales In Colorado

Catherine PetersPosted
  • Investor
  • Denver, CO
  • Posts 42
  • Votes 17

I would suggest contacting ICOR - Investment Community of the Rockies. Their May monthly meeting is actually about investing in mobile homes. I'm sure someone there can guide her to the right people. Just go to their website and call or email the contact info. They are a super nice and helpful and VERY well-connected group, and this is a very timely request. Good luck!

Post: How to get Leads - Explained Part 1

Catherine PetersPosted
  • Investor
  • Denver, CO
  • Posts 42
  • Votes 17

Great suggestions! Thank you!

@Travis Sperr That's what I thought, and my understanding with HML is that 1) you have to have a pretty big chunk of change yourself before they will lend to you and 2) they prefer to see a proven investor track record. I feel like I'm jumping the gun starting out with HML and would definitely prefer to stick with conventional loans while I have that option. If anything, maybe a mix of conventional loans plus private money loans from family for rehab costs. I feel like HML is riskier and I am not ready for that. Need to get some more experience under my belt!