All Forum Posts by: Chris Ramos

@Dominique B. Gotcha! Thank you. And that was supposed to say “Congrats!!”

@Dominique B. Congrats? Are you able to pull a HELOC in that short amount of time? Is there much equity to pull from? (Sorry if these are dumb questions, still learning!)

Hi all! I posted this in the Commercial Forum, but it may be too basic of a question to really get any solid info back .Hoping I can find help here! 

I'm very new to REI, so please forgive any ignorance here! My dad sold his business, but still owns the unit (1 of 10 medical office units in a complex). The new owner of the business pays $4k/mo. My dad believes the space will appraise for $350k. The mortgage has been paid off a few years ago. He's thinking he wants to just sell it to the new owner and cash out. I'm trying to convince him that the $4000/mo makes much more sense, and to hold on to it. Of course, I have interest in owning/managing the space as well. The new business owner has the 1st right if the building is to be sold. Would there be an option to cash-out refi, so that my dad could pull out a large percentage of the cash, then quitclaim it to me, and I would pay the mortgage, out of the monthly rent (I would also handle the property management). The lease requires the building owner to be responsible for roof HVAC, parking lots (shared between the 10 units). Occupant pays taxes, utilities, etc. Thanks for any insight, and I'm happy to provide any more information that I can to give a more clear picture of the deal!

Hi all! I'm very new to REI, so please forgive any ignorance here! My dad sold his business, but still owns the unit (1 of 10 medical office units in a complex). The new owner of the business pays $4k/mo. My dad believes the space will appraise for $350k. The mortgage has been paid off a few years ago. He's thinking he wants to just sell it to the new owner and cash out. I'm trying to convince him that the $4000/mo makes much more sense, and to hold on to it. Of course, I have interest in owning/managing the space as well. The new business owner has the 1st right if the building is to be sold. Would there be an option to cash-out refi, so that my dad could pull out a large percentage of the cash, then quitclaim it to me, and I would pay the mortgage, out of the monthly rent (I would also handle the property management). The lease requires the building owner to be responsible for roof HVAC, parking lots (shared between the 10 units). Occupant pays taxes, utilities, etc. Thanks for any insight, and I'm happy to provide any more information that I can to give a more clear picture of the deal!

Thanks @Emilio Basa!

Hi all! So glad I stumbled upon this site earlier this week! I've been glued to it! I'm a business owner that has grown and sold a few businesses, but have only daydreamed about getting involved in real estate deals. BP has already given me more confidence to better analyze potential deals and given me some great insight on creative financing. I'm considering using HELOC on my primary home for a downpayment on an investment property, but still learning the ins and outs of how I can pull that money back out quickly. Looking forward to learning from you all, and hopefully working with many of you. This seems to be a very inclusive community, where knowledge is shared openly! Thanks for having me. Now let's make a deal!