All Forum Posts by: Christian Sidaros

It’s not so much a cap but by the time lenders add in all there fees, origination fees, doc fees, etc it ends up feeling like a 20% down payment to close instead of 10%. So I’d like to come out of pocket as little as possible so I can deploy my capital elsewhere to do more deals. I’ve sort of been doing one or two deals at a time here and I’m trying to scale up to multiple deals at once so finding a lender that will help me by allowing me keep more of my cash on hand would be a great way for me to scale forward. 

Hi everyone, I've flipped 4 houses in the last couple of years and now I'm looking for a new lender to work with. My current hard money lender has been good however the extra costs on top of the down payment have been getting ridiculous. Ideally I'd love to find a lender who would lend based on ARV instead of LTC. I have a deal under contract with fantastic numbers whereas if I can find a lender that lends based on ARV it would limit my out of pocket costs and give me the ability to go out and do more deals. Has anyone found a lender like this? Do they even still exist? Thanks!

Hi everyone, 

Looking for some advice and opinions on a potential deal I have cooking. I have been strictly a residential house flipper for the last couple years; therefore, commercial is a whole new world for me so any advice or opinions would be greatly appreciated. This is a 4,700 sqft single story commercial building right off main street in downtown of a very small town (less than 5,000 people in the town, around 30k in the county). Despite it being a small town I drove around this town quite a bit and for a tiny town it has a lot of activity. It seems that this small town services the greater region and most people that live in this county come to this town for their shopping needs. The building was built in 1900 (in the historical district) and renovated in 1970. It has street parking only and one roll up garage door. The building suffered hurricane damage and has structural issues and ceiling issues. New roof in 2021 and one bathroom. Needs a total gut job, new HVAC, upgraded plumbing and electrical, and an additional bathroom. The building falls in the social district of the town meaning this is a small area of the town where one can walk around with an open alcohol container as this is illegal elsewhere. I'm mentioning this just because it gives more options for tenants (bars, breweries, etc). Would love some advice on the pros and cons of this deal.

Purchase Price: $40,000

Rehab estimate: $100,000

Estimated rent: $8-$10 SF/YR

Thank you!

Hi everyone, 

As the title states I've been doing residential flips for the last couple years. I finally have an opportunity to crack into the commercial real estate world but I'm looking for some advice and I have quite a few questions. It's a very low acquisition cost (less than 50k) for an almost 5,000 sqft single story commercial building in the heart of downtown of a small town. The reason why the price is so low is because the building suffered hurricane damage.  It has several offices and only one bathroom (built in 1900) so it basically needs a total gut and a bathroom added (roughly 100k in reno). My question is, if my intention is to buy and hold this property, should I gut the place and repair the structural damage and leave it as kind of an empty shell? My thinking is that if I knock the office walls down and fix the floors and ceilings that suffered water damage then maybe I can begin to market it to a tenant and then potentially give the tenant a blank canvas to work with. And then if that is the case would I be responsible for investing the money to make this "blank canvas" to the liking of a tenant? Or do we find typically tenants want an empty shell to invest their money to their own liking? I guess my main question is, based on experience do commercial real estate investors find that tenants would rather have a blank canvas to customize their space to their liking or would they rather have a building where everything is built and ready and all they need to do is move in? Thanks in advance for the advice!

Hi Adam. He seems willing to work towards a solution as it seems he really wants to sell the house. He is refusing to pay for a survey though because it sounds like he doesn’t want to come out of pocket. Im just not sure what options I have in the case there is an encroachment and Id rather know what my options are before I commit to paying for the survey. He did mention we could take the cost of the survey and apply it towards the purchase price of the house but if the deal falls through then I have no recourse on that survey cost. 

Hi everyone! Looking to get some advice here. There is a property I am interested in however it seems the house itself is encroaching on the neighbor by 2.39 ft. Apparently the house was built before the zoning department set the property lines so they said it is grandfathered in and there are no issues with it however no lender will touch it because of that encroachment. I suppose they are concerned about a lawsuit in the future from the neighbor. Other than the drastic move of moving the house do I have any other options here to make this work? Is there anything I can do that would make the typical lender comfortable with lending on it? Obviously I would also like to be able to sell it in the future so if there is anything like maybe an easement of some kind that would make a lender comfortable lending on it as well as making it easy for a future buyer of the property when I decide to sell it to get financing. House is in North Carolina if that helps. Thanks again for your help!

Hi everyone. I've got a property under contract in holden beach that needs some renovations. Any recommendations would be greatly appreciated. Thank you so much. 

Hi everyone!

I recently went under contract on a house in ocean isle beach, nc that will require a decent house renovation. If anyone has any contractors in the area that they would recommend I would really appreciate it. Thanks!

Looking for a contractor for a house remodel in Ocean Isle, NC. Any recommendations would be greatly appreciated!

Hi everyone. I have a property under contract in Asheville, NC and was hoping to find some contractors to connect with as its a completely new market for me. Any help would be greatly appreciated!