All Forum Posts by: Chris Cambridge

@Sheila Campbell CAM (common area management) expenses that are paid by landlords then billed to tenants. USUALY for everything except NNN

@Sheila Campbell what’s the purchase price?

How long have you owned it? Ask the lender for a release and get a payoff number from them. At that point you need to make sure you're below 70% LTV for refi or cashout refi for new lender.

Make sure new lender is okay with short term rents or willing to fund now based on potential rent.

There are no numbers given. 

What's going in NOI or cap?

Cost to upgrade? 

Can rents be subsequently increased? 

What utilities are tenants responsible for paying?

What's your exit cap?

What's the deal size? Cap rate?

Questions

Are the leases available for review?

Are there CAM reimbursements?

What are landlord responsibilities?

What's the population and income within 1, 3, 5,10 miles?

What has been the occupancy in past (at least 2 years)?

Any deferred maintenance?

Step one seek proper legal advice.

It seems a lot of people depending on investment dollars from abroad should outright determine if the other party is an investor or a principal. If they want a return on their money treat them one way. If they want bragging rights, "I own a 60 unit in Anytown USA", then they are qualifying for the loan as well, unless all cash. Structure is important. Also consider what happens on exit.

One option for loan qualification is that they have a bank account with a US based bank especially if asking for $2MM+.

Strategy is everything. I think even with the bankruptcy you are still in a good place and can accomplish what you want. The first thing to expect is getting that building into an entity and not in your name. If this is rent ready all the better for you. Reach out to me and I'll brainstorm viable options with you.

There may be a non bank option for this loan. No month to month only leases accepted. Everything is looked at from credit to cash. 

 Asim the financing options would vary as to the end game. All different requirements if you want to fix in order to flip, keep after fixing or if the portfolio has any cash flow. Always consider to have down payment and reserve money that can be proven in bank acct.

Tina what was in the Houston portfolio?