All Forum Posts by: Harsh Poshti

I have a contract on mixed zone property on 355 Fredrick road, Clarksburg. I am debating about the converting the existing old gutted building to either multifamily building (6 units each around 500 sqft small studio) or mix of 4 residential and 2 retail/restaurant conversion (the back side of the property has Big enough lot for outdoor dining or any other use cases.

Any recommendations for use case of pure multifamily or mixed of multi family and retail? Would appreciate pros and cons of each based on your experience.

The location has decent visibility on 355 and surrounded by residential, Clarksburg outlet mall, good schools, business etc.

Thank you. I am going to buy cash since I don't feel like giving away 4 to 5% just for hard money loan Origination and then 11 % or above interest rates.

I bought a condo at auction. The contract ratification took 4 months, now it is clear to close. now, I have to purchase it in less than a month. I was told by the Trustee, I could finance the condo instead of buying it with all cash.

However, since this is auction property and doesn't allow someone to do inspection from inside most of the lender are suggesting that get a hard money loan instead of conventional investment loan.

hard money loans are expensive (12% to 13% + origination fees).

Does anyone has done this before with conventional investment loan where you don't do the inside appraisal.

or any recommendations for lender who can help achieve this?

Also, FYI the condo is FHA approved

Hi,

I won a condo at auction. The contract ratification took 4 months,  now it is clear to close. now, I have to purchase it in less than a month. I was told by the Trustee, I could finance the condo instead of buying it with all cash.

However, since this is auction property and doesn't allow someone to do inspection from inside most of the lender are suggesting that get a hard money loan instead of conventional investment loan.

hard money loans are expensive (12% to 13% + origination fees).

Does anyone has done this before with conventional investment loan where you don't do the inside appraisal.

or any recommendations for lender who can help achieve this?

Also, FYI the condo is FHA approved.