All Forum Posts by: Damian Baynes

Thanks @Ash Patel I’ll take a look at a few local banks. 

Hello Everyone,

I’m looking at a mixed use building that has a storefront on the first floor and the upper floors has two apts. The entire building is vacant and needs work and I’m wondering is there a way to finance the purchase and renovation, similar to a 203K loan, however it will not be owner occupied. Looking forward to all your feedback. 

Thanks 

Thanks for the feedback everyone. I was definitely misinformed with how the financing aspect worked. I thought it would be a much greater cost. I’m going to use this info moving forward.  

Greetings everyone!

I’ll keep this one brief. Here is my situation. I started a small business which will not be my primary source of income anytime soon, however, I do have some funds from an old 401k that I would like to roll into a solo 401k. From what I understand, the only way I can take out a loan to buy property is via a non-recourse loan, which generally has much higher interest rates and fees. I’m looking to buy and hold. Do you think it’s better to buy a single family with all cash outright or to buy a multi-unit taking out a non-recourse loan?

Any feedback is much appreciated. 

Thanks,

Damian

Hi Everyone, I currently own a few SFR but I am looking to branch out and buy a commercial property. Somewhere between 6 and 30 units. My question is when it's time for a property inspection, how would I go about it? I feel that it's probably more involved than using a typical property inspector who generally deal with SFR. Any advice would be appreciated. Thanks in advance!

Greetings everyone,

I've been thinking about a situation I'm in and wanted to run it by the other real estate minds to get your feedback and opinions/ideas. I have a vacant lot that I own free and clear and I would like to develop it into a 3-4 unit building but I'm low on cash and I believe the bank will want me to put down at least 25% if I'm not mistaken. So I'm playing with ideas of how to come up with the funds for construction and I'm thinking about using a hard money lender and then after completion refinancing into a conventional loan. Do you all think this is a good idea or have some other suggestions on how I can come up with financing?

Thanks,

Damian

Hey everyone,

Just a quick question.  I'm looking at a few prop mgmt companies and I'm noticing a few of them charge a 10% maintenance fee to oversee work that needs to be done on the property. I.E. A roof repair comes out to $1000, the prop mgmt company adds 10% on top of that as their fee for coordinating/overseeing the repair. Does that sound customary? I'm spoiled because I had a property in another state and they didn't charge a few on top of repairs, so this is new to me.

@Dylan W. and @Katie Neason Thanks for the advice. I guess 'm not as worried with the zoning issues because I'm a pretty detailed person and I already know the zoning of this building and what it requires but I definitely agree in needing to bring on a more experienced investor. Any input on how to approach them? Should I have projections in place already?

Hi Everyone,

So in thinking about it over the last few months and researching, I would definitely like to invest in an apt building as my next real estate investment. The plan I have is buy an existing building that needs some TLC so I can add value to it. Recently I came across a large, vacant building that was previously a branch of a utility company and now it's for sale. The bldg is huge and zoned for mixed use. 15,000+ sq feet. Up to 75% of that can be used for residential from what i understand but I would research more if I can get a zoning variance. My question is would you advise someone like me to pursue a deal/project like this, considering I have zero background in development? Especially one like this where it is a conversion? What steps would i need to take as far as due diligence to figure out if the deal is eve worth it? Thanks in advance for the feedback.

Damian

Great work. Good luck! Hope it sells quickly.