All Forum Posts by: Felix Torres

Hey everyone,

I hope everyone is staying healthy so far through 2021.

I have a question about commercial property closing cost.

The property I am looking at is currently owner occupied by a florist with the business next door closed until who knows when. I would like to keep the floral shop and move into the building next door to put a business there.

How would closing cost look like if the building is $500,000 for example?

Could I get funds to do a little renovating?

Please let me know how this would work. If you could explain how commercial loans are underwritten would be great to. I only ask because I know commercial properties are treated differently than residential, but not sure if its easier to get one than the other.

Thank you in advance and I appreciate you taking the time to read and respond to this post.

-Felix 

Thank you @Steve Mandelbaum! I appreciate your response! I have a credit union down the street, I'm about to set up an appointment.

@Brett Peters Thank you for your response! This makes sense, the only thing that doesn't make sense is a phase one. Could you explain what a phase one is please?

Thank you again for your responses!

Hi Everyone,

Thank you for taking the time to read my post.

My question is how do you get a multifamily in 2020. I heard some rules changed and I'm trying to plan to purchase.

I currently own a single family. I plan on using my current home as a rental in the future.

My plan is to add a two or three family. 

What creative ways could I obtain a multifamily?

Hello Everyone,

How do you purchase a building that's a commercial and residential. The building has several businesses on the bottom and apartments above it. All fully occupied. The only downside is the street parking.

I'm trying to figure out the steps I have to take to own a building like this.

Your answers are appreciated.

Thank you!

Hi everyone,

Can anyone explain how commercial loans work. Is there such thing as an owner occupied commercial real estate loan? What steps do I have to take to get approved for a loan?

I am very interested in a commercial property in my area. It currently has two businesses that don't really have business. I plan on being an owner occupant of the property by putting in my business. I hope with the information I receive, I can apply this and get the ball rolling on the property.

Thank you,

Felix

Hey everyone,

I hope everyone is staying healthy during this pandemic.

I'm interested in renting out my current home (single family) and purchase a multifamily, condo or single family.

I don't know if there are any low down payment product out there that doesn't require 20% up front.

What have y'all done and what do you think is the best route to go.

Thank you,

Felix

Thanks @Alex G.! That's actually a great idea!

Hi Everyone,

I currently own a single family home and wanted to see if anyone has downsized before?

Is it possible to get to properties by downsizing?

Is that scenario even possible? For example I sell my home for $250k, get into a $200k home and use potential profits to earn a second home. 

Let me know what scenarios are possible please.

Thank you,

Felix

@Charlie MacPherson I used to live in Chelsea and I couldn't afford to buy in my own home town and now I'm in Lawrence. Now that I'm here, I want to take advantage of this area before it gets as expensive. 

I've also noticed this observation and I believe the prices are high up because of these education, the jobs and the low demand within the city. I hope some for of "correction" happens where a mini recession happens within the state occurs, but I doubt that will ever happen. Thank you!

I want to know how Massachusetts became the most expensive state to buy real estate.

I also want to know what areas of Massachusetts this included. 

I live in MA and I believe the data is based off anything surrounding Boston within 20 miles. Anything out side that radium is either reasonably priced or cheap because people don't want to move out there.

What other reasons do you believe real estate in Massachusetts is booming? Do you expect a crash considering how little we were effected during the 2008 financial crisis?

Asking for a friend! 

Thank you,

Felix