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All Forum Posts by: Francesco G.

Francesco G. has started 10 posts and replied 94 times.

Post: commercial lender apartment building

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54
Originally posted by @Cody Z.:

@Francesco G. Thanks for the information. Do you represent Spencer personally or do you have a preferred contact there that you currently do business with?

 No i don't represent them.  I've dealt with them in the past when shopping for loans for my deals.  It depends on whether you are doing a loan for 1-4 units or 5+. They have a different underwriting team for either.  I've dealt with Jim Harilaou in the past for a 4 unit loan.

Post: commercial lender apartment building

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54
Originally posted by @Cody Z.:

@Francesco G. Does SSB have specific areas that they will only invest in or is it more statewide?

They are based in northern NJ but don't think they have limitations with regard to location 

Post: commercial lender apartment building

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54

Spencer Savings Bank has a commercial lending arm that underwrites these types of loans in NJ.  I'd start with them and see what kind of terms they're willing to give you.  Then shop with other banks and see if you can get better terms.

Post: Good tenant on hard times NJ

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54

just as Cathy C. stated, I would let her know that if she won't be able to pay the agreed upon rent that she can break the lease and move out without penalty.  

Post: Current Cap Rates Apartment Buildings

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54

You can subscribe on their website.

Post: Is it an insult to make an offer based on the income?

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54

fourplexes are valued on comparables. they are treated as residential properties to banks so regardless of the NOI it will go for whatever it appraises for. And yes, in high quality markets the valuations are disproportionate to the income and many times these properties would never positively cash flow unless you're paying cash.

Post: Current Cap Rates Apartment Buildings

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54

I get a monthly report from CBRE and for the North NJ market they list the following cap rates:

Class A (stabilized) 4-4.5%

Class A (value-add) 5-5.5%

Class B (stabilized) 4.5-5%

Class B (value-add) 5.5-6%

Class C (stabilized) 5.5-6

Class C (value-add) no listed cap rate

Post: Stone vs Hardwood flooring in Kitchen

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54
In a rental, regardless of whether or not it's higher end, I'd go with porcelain tile. It will be more durable in the long run.

Post: Advise need after Hurricane Harvey

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54
Push the closing out another 60-90 days until the work is done and paid for by their insurance. You don't want to inherit this issue

Post: From 1 to 54 units this year so far.

Francesco G.Posted
  • Rental Property Investor
  • Scotch Plains, NJ
  • Posts 98
  • Votes 54
Amazing! Keep kicking ***!