All Forum Posts by: Dash Siva

Hi Paul - 

Great work taking action and looking at this potential deal. You're absolutely on the right track - there are quite a few options such as wholesaling it, taking it down yourself, partnering with others. 

Looking at the deal, what input have lenders given you on the deal in terms of financing? Speaking from experience, there are lenders out there that could help with purchase and rehab even on vacant commercial deals. 

I'd also look at doing a market analysis to get a full understanding of rents in the area to help with your overall due diligence. 

Also get additional documentation from the owners on financials, current expenses, contracts. Also go back to when the property was stable (if it ever was). 

How is the additional land zoned? What are the opportunities?

Feel free to PM me - happy to always talk real estate.  

We recently turned around a similar multifamily property - feel free to reach out and I'd be happy to share our experience with it

@Jonatan Nir 

Thank you for sharing the details on the deal. The folks here would most likely be looking for additional information to help provide a more complete assessment.

• What's the macro picture? Job growth/diversity, population growth, landlord laws, path of progress
• What are your overall goals? More cash flow, appreciation, or a blend of the two?
• What's the market vacancy? Class of neighborhood? What are similar properties trading for in the area?

Are the projections based on actuals or proforma? A few other items for consideration re expenses - accounting, legal, landscaping, pest control, admin, marketing, snow (if applicable), supplies, trash removal

What's the capex picture look like? Are the mechanicals fairly new or will they need replacement in the next few years?

Best of luck and keep us posted on your progress!

@Shalabh Jain I have been in a similar situation for a cash out refi where the owner occupancy levels did not meet Fannie/Freddie requirements. As has been mentioned the key is finding an institution that's going to keep the loan in their portfolio. It took me a few dozen calls locally, but finally I was able to find a local credit union to fund the deal. Persistence pays..

Good luck and let us know how you go!

Dash

Great advice on the thread so far. As mentioned - relationships are key - especially in the larger multi-family space. One cost-effective tip on using Loopnet is to use the site to get an idea of who the active brokers are in your area by looking at listings. Once you have this database of active brokers in your area, then you've got a starting point to reach out to brokers and begin establishing relationships with these brokers. 

Best of luck and keep us posted on your progress!

Dash

Hi Alex -

I love talking shop with other like minded folks. We do a bit of investing in Cleveland and would be happy to connect. 

Regards

Hi Colton - 

Welcome to the site. There are a ton of great folks here. I'd be happy to take a look at some of your deals and provide a second set of eyes with feedback. I do a few deals in SC and am always looking for new opportunities. Happy to connect and discuss further. 

Hi Jason, and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet.

Here are a few recommendations to get started:

Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

If you you would like to tag someone in the conversation on the forum, type @ followed by their name and then select that person. That person will then be notified of being tagged.

Wishing you the best and Welcome again!

Hi Adam -

Congrats on getting started. The folks here would most likely be looking for additional information to help provide a more complete assessment. 

• What's the macro picture? Job growth/diversity, population growth, landlord laws, path of progress
• What are your overall goals? More cash flow, appreciation, or a blend of the two?
• What's the monthly rent you can expect? What are the remainder of key expenses such as taxes, vacancy, repairs, legal, accounting, admin, PM to name a few; what's the capex?
• What's the market vacancy? Class of neighborhood?
• As far as loan terms, it's a numbers game. Don't get discouraged - keep talking to local banks, PMs, realtors, other investors, and anyone you can get in front of to find more favorable terms. It's essentially a #s game, you'll eventually find terms that find your needs, but you may have to get a bunch of "NOs" before getting to the 1 "YES".
• Keep up the good work and keep us posted on your progress

Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. I'm currently in Australia and running my business in the US. Happy to chat and talk real estate. 

Here are a few recommendations to get started:

Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

If you you would like to tag someone in the conversation on the forum, type @ followed by their name and then select that person. That person will then be notified of being tagged.

Wishing you the best and Welcome again!