All Forum Posts by: James P.

 Sent you a message

 Do you know any? What kind of returns do they expect to take from a 50k initial investment?

 Yes, would you be interested?

Yes, would you be interested?

Self Storage. Looking for advice on how to get 50k for the initial construction of phase 1. The project has already been granted zoning, use-case and permits for phase 1. Property is already owned, with significant equity. Not looking to refinance, and not looking to use personal income verification. 

@Kenneth Garrett

Exactly!! Haha. I should have asked the mortgage company more questions from the start.

Although, on the brightside, I am in a seasoned mortgage, and the appreciation was strong. I just had it reappraised by same mortgage company, and recieved an extraordinary cashout refinance offer. However, they asked for it to be my primary residence again, so I turned them down. My time here has come to an end.

So. Kenneth. Where do you think I should go to try and get this type of loan? I would love to refinance into a commercial loan, but I am having trouble finding one.

James

@Michael Noto

Hi Michael. Thanks for responding. They would know because I would tell them.

James

@Jason Leavitt

Hi Jason,

Thanks for responding.

I am not entirely sure. This is the first place I have ever purchased. I am new to the game.

The property was an out of business car dealership, which contained a small 90 sq foot office, in addition to a legally non-conforming 2bd house. When I began looking for loans, the company told me that it was enough of a % residential, to do a residential loan.

Regarding the lease type. I suppose the mortgage company would not know what kind of lease I would be negotiating, however... I would never lie. I was raised to work hard, do my time, be patience and be honest. I am not in this game for greed. I am in this for the security of the investment to insure I have a roof over my head during an economic collapse. Dirty hands, clean money.

James

@Scott W. Thanks.

That's what I was thinking also. I am confident in myself to manage this place well.

Do you know where I would begin?

James

I made my first real estate mistake. I purchased a multi-use residential mixed general commercial property with a primary residence conventional mortgage...

At first. I thought this was a wise thing. Due to reduced interest rates. All I had to do was live in this house for 12 months. Easy! I reach 12 months, tomorrow!

Now for the bad news... the mortgage company will not allow me to lease the property to a commercial company.. nor can I refinance into a commercial loan, because I do not have 2 years of business income...

What do I do? My only understanding of a solution, is what leads me to this site....

Perhaps I obtain a private loan, to pay the remaining loan balance. Due to appreciation, and a sizeable downpayment, I already have roughly 50% equity.

Any ideas?? This property is worth more than double when leased commercially, instead of residentially.

James