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All Forum Posts by: Huggy Ford

Huggy Ford has started 13 posts and replied 47 times.

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Process is done! I just received the check to pay off the interest only loan and now own the commercial building . Jared Rine was able to get me 7 1/4 for a 30 year. I can't say enough about Jared and his hard work getting me the right loan for my situation . I'd like to again thank everyone who helped with guidance . This was an experience let me tell you. lol

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Process is done! I just received the check to pay off the interest only loan and now own the commercial building . Jared Rine was able to get me 7 1/4 for a 30 year. I can't say enough about Jared and his hard work getting me the right loan for my situation . I'd like to again thank everyone who helped with guidance . This was an experience let me tell you. lol

Post: My personal property manager AZ share

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

This is my personal experience so far

I'm sharing Josh Young who manages our Az property and has been everything he said and more. I love the fact that he watches our wallet and keeps the tenants happy. He also has the skill set to step in and do the little things himself when necessary . I want to share good people for other people to add to their team. He's also a realtor !  I hope I can save you time in your search team members

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Here are my loan calls @Jared Rine , @Caroline Gerardo, @Kip Adkins . Both Caroline and Kip set me up with their SBA loan friends. Kip dose not do commercial, but was ready to help with a hard money loan if needed. Caroline was extremely helpful and also ready to back with hard money. I am working with Jared Rine because of the complexity of the loan I need. He is working hard to find the right fit at the best possible rate. We're close to making it happen. I thought I would post my loan team right now for the person who is in need now. More to follow

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9
Quote from @Henry Clark:

Will tell you what you don’t want to hear first.

1.  Always finance long term assets with Longterm debt.

2.  You should have refinanced earlier at say 5.5% Longterm and lost the 3% terms.  Security over lower interest.

3.  Never wait till the 9th inning.  Don’t go shopping for a loan.  Shop for a team member ( long term lender relationship).  You have no bargaining power.  Most commercial lenders don’t want to take on new clients at this time.

Options:.  
A.  Refinance with the owner.   

B.  If you are more than 51% of the space go for an SBA refi.  This will take several months.  Also in the future you can only use this property as collateral with other SBA loans and properties.    

C.  Figure out what your monthly PI payment can be and go for those terms.     

D.  If you have a hard time getting a loan.  If you have other financial assets such as CDs, money markets, investment accounts.  Put these up as additional collateral with the lender.  

E.  Worst case is go with a leasing company.  This will cost you an additional 1% point at least.  

 I wanted to give a little update and I will say more once I am approved and the money is in the bank. LOL I did get an extension from the building owner by paying towards the principal just under 4% my choice. She is helping a family member by close to her. That money went as a down payment for the family member to use to hold what they are buying. I am close to my 3% loan carrier . Like I said before everyone has been helpful and I thank you all for that.  I will get into details as to who is on my loan phone call list and who I ended up doing business with as soon as I close and I hope it will help the next person going through what I did. 

Post: Looking for a good commerical property manager

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Oh yes I am Sanjeev. LOL kind of a mess with this company .

Post: Looking for a good commerical property manager

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

I need a good property manager for my building in Bakersfield CA. The one I have is a mess. 

Thank you

Post: In need of a commercial building management company

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

I have a 3 unit office building and I need a good manager . The one I have is just not doing us right. They're costing us money and their horrible communication skills don't help. We are in the midst of evicting one tenant , but I need a change to a real professional . Please let me know who's  great out there.

Thank you,

Huggy Ford

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Thank you Nick. That's the way I'm going to go.

Huggy

Post: I need someone who knows Cash out refi or loan for a commercial property

Huggy Ford
Pro Member
Posted
  • Rental Property Investor
  • Simi Valley Cali
  • Posts 47
  • Votes 9

Hello Caroline, Thank you !

Huggy Ford