All Forum Posts by: Jaideep Balekar

@Doug Phillips

Phillip Weickert - recommended for real estate specific tax strategy and advice

@Bikash Chhetri US Bank, please DM me, I’ll share loan officers contact info

Thanks a lot @Cody Campbell! I was leaning towards commercial as well! Most people try to get conventional until they hit 10 loans, but the commercial rate of interest I am getting is making it hard to turn down... Truly appreciate your response.  

Hello all, I'm trying to do a cashout refinance on two quads that I acquired in January, I fixed them up and doubled the rents, now looking to pull out my cash. These are my first investment properties, so I am eligible for 2 conventional loans and I have pre-approval for 30yr fixed at 3.5% with 70% LTV. I also have been approved for one commercial loan (both quads under one loan)- 80% LTV at 2.85% 5 yr with 25 year amortization.

With commercial, I have lower rate of interest, higher LTV, ability to move properties under LLC and 1 closing cost.

With conventional, I have decent rate of interest, peace of mind with 30yr fixed rate but two closing costs and lower LTV.

Which option would you pick and why?

Thank you in advance for all your help and suggestions!

Thanks so much @Rod F.! This is very helpful! I’ll be calling the city today to get information on the orders, what needs to be done to fix the issues and fines accrued (if any). Appreciate your help!

Very helpful, thank you so much @Brian R.

Makes sense, thank you @Bjorn Ahlblad. I will use this info to negotiate. These open orders have been open since 2011, so I am not sure if they need to be urgently addressed or if this is something that differs from city to city.

Happy new year everyone!

I’m a new investor and am seeking some advice regarding a property that I’m in the process of purchasing. During the due diligence process, I’ve discovered that the property has two open city orders on it -

1. Back-flow preventer device and

2. Electrical permit (IBI).

Can someone please tell me what this means? Are the sellers supposed to close all open orders before selling? What should be my next step to deal with this open order issue?

Appreciate all the help!

Happy new year everyone!

I’m a new investor and am seeking some advice regarding a property that I’m in the process of purchasing.

During the due diligence process, I’ve discovered that the property has two open city orders on it -

1. Back-flow preventer device and

2. Electrical permit (IBI).

Can someone please tell me what this means? Are the sellers supposed to close all open orders before selling? What should be my next step to deal with this open order issue? Appreciate all the help!

I am in the market to buy multi-family properties. I am looking at a few this week and some of the properties need work - roofing, kitchen/bathroom rehab, drywall, paint (interior and exterior), flooring, new concrete driveways, etc. 

I would really appreciate referrals for dependable and trustworthy contractors in the area. It would be great if I could find someone to visit the property with me today at 4pm ET to provide me a an estimate of repair costs. 

Thank you all!