All Forum Posts by: Dennis Wasilewski

Sure thing... - 6-unit apartment building - 25% down & any seller assist could cover closing costs but not my DP - the rents had to be 1.25x of debt service & given 1st deal they wanted to see that I could cover the mortgage, insurance and taxes personally... I don’t know what DTI they were looking for but I was well below 40% with this mortgage payment - LLC debt would have mattered if I had one stood up with debts. - Yes it could be a single-member LLC. I am 51/49 with my wife. - I recommend finding a credit union that lends commercially, within the region that your property is in. Odds are they will do smaller deals and work with newer investors, given the community/member focus.

Depends on the size of your commercial loan. I’m approved for a $150k commercial loan on a MF based on my personal credit & assets as well as the property. I just went through the process today to form the LLC and it won’t really exist for another 3-4 weeks.

Because it’s applied in layers and flows while leveling it has ‘depth’ to it like a real stone. It doesn’t look like some stencil art project. I really wish you could capture the look on camera but it doesn’t come through very well.

We love it and anyone that visits is blown away by the look. Just last week the Verizon guy spent twenty minutes quizzing me on it. The installer of the floor kept following up for finished pictures with baseboard, furniture, etc so he could add to his portfolio. It’s perfectly smooth. The epoxy self-levels and the urethane topcoat (if you even go that far, makes it more indestructible) is rolled on flat. You can add granules to it to make it non-slip but that’s designed for shop floors & auto repair shops. From a feel perspective it’s like stone but doesn’t have the same cool-touch that you get from bare concrete.

Regarding metallic epoxy I forgot to mention it’s... - impervious to water, oils, paints, etc. You could flood the whole house and later just squeegee out. - doesn’t scratch or damage easily... or even with a lot of effort. I’ve dropped tools, my kids ride scooters across it, my dog skids to a stop chasing toys on it. If you did get a scratch through the urethane topcoat it would make no difference to the performance of the floor nor promote more damage to floor. - doesn’t require a level floor so no bouncy boards or squeaky flooring joints. - so easy to clean as there are no seams for gunk or smells to work into. You can use any toxic combination of cleaning chemicals and it won’t damage the floor. I don’t sell or rep any epoxy firms and you could do it yourself. Check YouTube as some of the DIY providers do their own step-by-step videos. I was worried about the finish looking sub-par so I bid it out... my other option was DIY wood plank tile. You can’t install it on plywood or any substrate that is prone to movement so it’s uses in residential flooring is limited to basements, garages and slabs on grade.

I just saw a post yesterday on this & the takeaway was it may not be possible if both people on loan are not residing in property or directly related, I believe.

If I was going this route I’d break up the concrete floor to rough in proper plumbing to a sewage basin and then install a macerator in that basin the pumps to sewage line. And that is actually what I did in my own basement as well. Upflush toilets can smell, be noisy, expensive to replace and leak.

If on a concrete slab I would seriously consider a metallic epoxy finish. My basement has 1500 sq ft of seamless epoxy they looks like a white marble with gray veining. https://m.imgur.com/gallery/BwLEN Pm me with questions. It was about $4.50 sq ft, including prep work to slab.

The value of your commercial property is directly tied to the NOI. Increase rents & decrease expenses to increase value. Then refi or obtain a LOC based on the value.

That makes sense. I also didn’t catch the 7k earmarked for a roof. I guess Richmond is a bit far from you but I would think much cheaper acquisition cost... even staying out of  the crappier parts of city. Granted it’s been 15 years+ since I was down that way... Go Spiders ;)