All Forum Posts by: Michael L.

@Michael L. means that the market rate would apply whether its higher or lower at the 12 month mark.  for example Tom had said current rate is at 7.5% when he checked...that would mean that mine would go up from 6 to t7.5%

@Tom S. yes. I applied at Advia credit union when they were running a special.  I qualify for the 1.5 but would need to borrow 25K otherwise I qualify for 75K at the 6.1% 12 month special and after the 12 months then goes to prime.  Just debating on whether or not I should go lower for the lower interest but I'm leaning towards max just in case I get a good opportunity come through.  :)

 Can be both. Understand that wholesaling/wholetail commercial requires significant capital to prepare it for an end buyer. ALTA survey, Phase I environmental, etc.

If you’re wanting to Flip here are some examples.  

You will need financing though.  

1.  Buy land and subdivide.

2.  Buy a property with lots of old concrete or asphalt parking and start a parking storage location.  
3.  Same as 2 , but lease out to construction company as a staging location.  Lease to a towing company. Lease to landscaping or snow removal company.

4.  I like Nasty properties.  Close to town find a wet or marshy area.  Let all of the excavator companies know they can dump clean fill dirt there.   Saves them hauling away from the city.  Talk with all the snow removal companies.  Charge them to dump snow there.   Again saves them from hauling far from the city.   Basically take a nasty property and develop a purpose for it.   Preferably something you don’t have to put a lot of money into.  

Commercial is different than SFH or MFH. It is more purpose driven since there are fewer customers. Also the timeline to a sale or rental is far longer than for a residential unit. You will make far more money when you bring a Purpose to the property.

Plus you need to be specific on the purpose.   Example.   Medical complex.  Contractor Flex buildings.  Bowling alley converted to ????.  Etc.    Just buying a commercial building and cleaning up Haltom sale has a lot of risk.