All Forum Posts by: Account Closed

@Jim Kittridge If I have a third party that will fund my downpayment for a commercial property, Is funding still difficult to achieve. It is my understanding that the companies want you to have a net worth equal to the acquisition cost.

@Mack Benson hello. I am looking into a 15 unit multifamily and I believe I can get a third party to carry a note for the down payment.  Would a lender fund the loan if I don't have a net worth of the property cost? The acquisition cost would be roughly 1.2 mil.

Hello BP. I would like to know if anyone could direct me to builders that will work in Hampton Roads, Virginia. Anyone can give a ball park figure for a duplex at $1600 sq ft? Quad at 2800 sq ft? Educate me please!! Thank you

Thank you much @Jim Kittridge

@Jim Kittridge thank you. Can you educate me more on expenses for this property? Is it impossible to achieve a deal of this magnitude or is this wishful thinking?

@Colby Fryar I understand what you’re saying. The property is zoned for multi family, but I need to do more due diligence. Splitting them into separate duplexes would be great to take advantage of low interest rates.

Hello BP! I am working with a partner on a deal to acquire 3 distressed, vacant duplexes on one plot of land. It may sound weird, but these properties are assessed as one entire unit. Each of the 6 units has 3 bed/1 bath 1800 sq ft. The comps for duplexes in the area post renovation are around 285k. The seller wants 350k all in. I have worked the BRRRR calculator a few times and want to know what are some other factors in commercial deals. We want to acquire at 275k and raise value to roughly 675k with a Reno budget of 175k. After using the calculator the cap rate was over 25%, when applying rents and expenses. I know there isn't much info I'm providing, but is there something we aren't factoring in? real estate taxes, maintenance, insurance, water and sewer, vacancy, repairs, and self management. NOI is at nearly 78k while rents bring in roughly 101k. Also, looking for how a commercial appraisal would address a cash out refinance.

@Patrick McGrath hello Patrick! I’m looking to acquire a 4plex 4 1/1s. I wanted to know how you renovated the triplex your acquired in November? 15k is great.

@Mitch Messer good evening sir. I’m interested in a cash out refinance of an investment condo owned outright. If it’s worth less than 60k, will he be able to cash out refi? Also, I plan to do this to recover funds from the initial purchase. Any help is greatly appreciated.

@Mark H. Porter thank you Mark! No dishwasher necessary and yes painting is a must. I want LVP for the living room and carpet for bedrooms