All Forum Posts by: Issac San Miguel

I recently found a lot of land that I have under contract and I have a contractor on standby. My question is, once I secure a commercial loan to build or get monies from Hard money, after its is built and rented, has anyone had luck or know that there are banks out there that will do a 30 year note with fixed rate on a Duplex that is an investment property?

The current bank I am talking to says that the commercial loan to build will be a 20 yr note and I just want to be sure that there are banks that will loan me money afterwards on a 30 yr note so I can refi out cash and BRRR this. Thanks for you help.

I am a newbie and I paid off 80% of my  rental mortgage. I have already applied for cash out refi planning to use for 25% downpayment  and I need to finalize my decision next week. Is it wise to take cash out refi and invest in my second multiplex given the market conditions?  OR wait till market cools off or crashes and then take out cash out refi.. please advise

Hi, I bought my first rental property with an LLC. We are three partners. What should I do to finance my second property? I tried to speak with some small banks about a cash-out refinance on the first property (we own 100% equity). They told me that we are not approved because we do not have enough personal income.

Moreover, I tried to speak with two private lenders for a loan (not a cash-out this time) and they told me they do not give loans to LLCs. What should I do? Do you guys have advice?

Hi,

I have an opportunity to do a private loan deal through a family member with a great track record in real estate development. Looking over the documents, it's clear to me that I could benefit from a lawyer to help review the terms. I also need someone to act as the trustee (also a lawyer?) and I'm not sure how to go about finding that person or how to compensate them. Any advice?

@Mitesh Kapadia

I ended up not using them because of what the other poster mentioned, they wanted 2% upfront then promised to send me the funds quickly. It sounded too good to be true, I send you x and you cut me a check for multiple times what I sent you?? Also, the people I spoke to on the phone weren't able to explain how the funding process would work. This is an example where speaking to and communicating with multiple lenders helped me recognize this was weird.

 True. I can just hold them for now and cash out refi later I guess