All Forum Posts by: David Cruice

Hi @Ryan C.  Did @Albert Bui get back to you on this one regarding lenders with the higher CLTV?

Congratulations on the deal, Adam.  Ignore the naysayers slating your deal.  You might not have hit a home run on this one, it's at least a decent RBI.  Pat yourself on the back for moving the needle on your dreams.  The more deals you do the better you and your deals will become.  You've differentiated yourself from the other 95% of wannabe investors out there who never find the cojones walk the walk.  Keep crushin' it!  

Honest, reliability, hard work, communication, fair pricing, and stand by your work.  KISS!  As @Mike McCarthy said: "$xx/sq ft plus $$ extras".  

What you describe sounds like an excellent plan, @Mike Kehoe .  I would also recommend focusing on strengthening your personal balance sheet and income statement in preparation for starting to network with local (to where you are going to be investing) commercial lenders.  You'll need to line them up prior to getting your first commercial loan, which can be quite difficult without any prior track record.  

Hope you're enjoying the weather in the Windy City.  Keep bundled up and stay safe.  Best wishes and continued success!

How long is a piece of string?

Sounds like you and your fiancee are both young with no kids. Consider purchasing a 3- or 4-plex. Stay away from SFH if you can. Too much squeeze for too little juice!

@Michael Doherty , what's going to provide you with the best return on investment of your time:  Cutting grass and shoveling snow or networking and lining up your next deal?  A no-brainer really.  

In short, no.  Impose the late fee and only accept full payment.  If not, start eviction proceedings.  If you give an inch they'll take a mile.  

Hi everyone. 

I'm under contract on an 8-unit apartment building in North Carolina for $300k.  I'm looking for a local lender. Can anyone recommend any local banks or credit unions? Several I have spoken to already are only offering a 15-year amort period, which will kill my cash flow. Thx.

David.

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