All Forum Posts by: Cody DeLong

Anyone have any recommendations for local banks that would take on a low mortgage amount of $20k?  I have a single family rental thats 1 bedroom I'm looking to pick up as a rental but its not a huge amount to buy.  

If it was a little closer for me I'd be down.  I think a lot of people could benefit

Our state is vey tenant friendly. I haven’t had to deal with that but I’d assume 3-6 months 

Lewiston/Auburn is not a bad area to invest.  It is slowly gentrifying and having the college and hospital in Lewiston creates steady jobs and tenants.  It's going to be another 10-15 years before I think the area is where it should be.  Auburn as a whole is better then Lewiston from a crime statistic.  Apartments closer to the college are better in Lewiston.  Also in in Lewiston the closer you get to Kennedy Park/downtown the worst it is for crime etc.  Also please note the rate of "crime" is still relatively low compared to Lawrence, MA.  I'd compare Lewiston Auburn to Haverhill, MA 10 years ago.  It deff was ****** but now the new businesses etc going in makes the area a lot nicer then it originally was.

I'd be interested in hearing the details a

@Simcha Davidman 

1.  I have no idea on savings yet.  I really dont have much to compare it to because I only just purchased it.  My electric bill is down currently from when I first bought it but thats winter vs 90 degree A/C weather.

2. I didn't have a hard time at all.  The loan is non recourse and I put 20% down.  I had no experience but I did have property management ready to sign on as soon as we closed.  I had a plan that was detailed and the bank knew what I was going to do.  I'll be honest there was not any hurdles to jump over with this.  It was really straight forward.  I presented the current numbers for the building, the numbers we planned on hitting a year out, and proof of 20% down and they did everything else.  Appraisal came in much higher then purchase price as well. I see a lot of people with issues but my lender was amazing.  Local Credit Union that services my entire investment area.  Since then we've chatted about financing terms for a few things and on my next deal I can come in at 12% down on my next commercial property due to on time payments and having a great relationship.  Note my experience is subject to myself as well.  My day job is a CEO of an Inc 500 company so I didn't have real estate experience per say, but I have a lot of business experience and I know that helped them in their decision as I was told that by my loan officer.

@Marc Dube What lender are you with?

I'm looking at a building this week that needs to have a full site plan done as we plan on doing a change of use from fully commercial to mixed us. I was wondering if anyone can recommend someone?  The building is in Oxford county so preferably someone local to there. Would love to hear if someone has any recommendations.

@Chris Seveney  I may be interested in the land contract.  Got any more info you could send?

@Jeremy A. I have some on the other post I made showing under my posts.