All Forum Posts by: Greg Junge

@Jeff Kehl Thanks, I haven't checked down that road yet but I definitely will.  Appreciate the advice!

I believe it's zoned as residential, but I don't want to evict the tenants, I want them to stay and lease back to them.

Hi, I just wanted to check in with people on this thread and see if anyone has gone forward with ALF's, or Gene Guarino's seminar?

I'm interested in learning more but I want to learn more before taking the class and spending 3k.  Is it really as easy as Gene makes it out to be? 10 hours a week to make 10k a month, seems too good to be true.

Does anyone have any experience with actually opening an ALF or attending Gene's class in Phoenix?

Hello all,

Does anyone know how to finance a single family house that already has an assisted living company running a business in it? I am looking at a property such as this, but I can't seem to find a lender that will take this one. 

Residential lenders tell me no since there is already a business running inside the property, SBA says no unless I own the business also, which is an option but not what I want to do at this time, I just want to own the house, not the business. And I'm still waiting to hear back on commercial lending but it hasn't been favorable yet.

Does anyone have any idea on how to finance this property in this situation?

Does anyone know how to finance a single family house that already has an assisted living company running a business in it?  I am looking at a property such as this, but I can't seem to find a lender that will take this one.  Residential lenders tell me no since there is already a business running inside the property, SBA says no unless I own the business also, which is an option but not what I want to do at this time.  And I'm still waiting to hear back on commercial lending but it hasn't been favorable yet.

Does anyone have any idea on how to finance this property in this situation?

I am looking to buy a single family house that has an existing assisted living facility business occupying and operating out of the house. I was told that a residential loan isn't an option since they are already operating out of the house. 

I don't think it's a commercial loan either and think sba (small business) loan would be the way to go, but can anyone on here confirm this?

Hi all,

I'm a Residential Realtor in Phoenix and looking to connect with Commercial Realtors for personal investing in Tampa, Cincinnati, and Indianapolis.  Researching markets at this point and just want to connect and gather information, look at some listings, off market listings, etc.

Please let me know who you know in these areas and please connect with me or comment below.

Thanks,
Greg Junge

@Nicholas Aiola - Thanks for your input.  That's what I was thinking regarding the property to marginally cash flow but definitely don't want to lose cash every month, that's obviously not smart.

Thanks for the response!

Thank you for all the responses.  I didn't know that if I was the only person on the loan, that my partner can write off that mortgage interest, even if he's not on the loan.  That's good to know.  

Our exit strategy would be 1031 exchange, which I've done before, but again, never with a partner, so that gets into how the property is titled and held, which is another area to dive into.

@Tim Butters, I have a lender that will give me a loan, as long as the money my partner wants to invest is seasoned in my account for a certain period of time. To the lender, it's my money after that seasoning period and I buy the property under my name, then once the property is in place, re-title to a LLC that has my partner on there, operating agreement etc. I understand the due on sale clause but not too worried about that.

Thanks Josh C. But my relative won't be on the loan so he wouldn't be able to write off interest. I was looking more for a buy and hold, not a fixer upper but I guess that could work by putting 75k down and using 25k to renovate it.