All Forum Posts by: Chanel Alexander

Thanks so much all. These comments are SUPER helpful.  @Nathan Click @Anthony Chara @Percy N. @Hayden Harper @Stephanie P.

thanks @Ola Dantis and @James Masotti  your comments are very helpful.  Oh i see so in the multifamily space there is competition from Hedge Funds.  Interesting. 

Good condition.. most units renevated 2-3 years ago. @Ola Dantis

I guess that's the reason for the low expenses. Also tenants pay all utilities. 

thanks @Carlos Flores i will take a look 

Hi Guys, 

I am trying to learn more about Commercial Multi-Family Financing options.  Can someone point me in the right direction on where to get started. I am currently looking at purchasing a 19 unit apartment building..

For example, I am trying to figure out what the common lending terms are like: 

What is the min I would be able to put down (assuming in the 15-30% down range)?

What are the common loan terms for fixed mortgage? (25 year fixed or 30year fixed?)

What do lenders expect in terms of reserves? (Do they expect you to hold a certain percentage of reserves in account)

Typical closing time for Commercial loans.. ( I assume 45 days similar to Residential Mortgages)

If i am buying with a partner what is the underwriting process? Will banks look at both of our Credit histories? Does this change when buying with an LLC (any downfalls to this)

Any lenders that you guys work with?  Anyone care to share experiences of buying a apartment building. 

Thanks,

Chanel

@Russell Brazil thanks so much that is very helpful. It's tough to evaluate these commercial deals, I don't understand how folks justify the list price. I have seen embarrassingly low expense estimates, brokers sending over expense estimates that are 12% of operating income.. absurd. 

Hi All, 

Can a commercial investor help me estimate what property management and maintenance would be on a 19 unit residential property in the heart of Baltimore MD.   Is it safe to assume 10% if gross rents for Managment and 12% of Gross rents for Maintenance? 

Hi @Darren Sager I am also a RE newbie and preparing to invest in Newark.  I am not sure what you mean by the rent control laws.  I thought rent raises were capped at 5%.. i am not seeing that this has changed.  Am i missing something here? 

Also welcome guys @Aquila Leon-Soon @Abena Sidibe and small world @Orane Williams 

thanks @Omar Ismael

Hi Guys, 

I am looking to buy an undervalued multifamily in Newark.  I was originally working with a realtor and  got nowhere. Can someone help me on this?

Thanks!