All Forum Posts by: JC Coulter

Tim - I really appreciate the feedback.  The building would ideally consist of apartments on the second and third floor with commercial space(s) on the first.  I'm not familiar with rehab loans.  Are they done similar to new construction where lender stages disbursements and do they typically require a full construction contract?  This is a smaller area so I would prefer to hire separate local sub contractors to do the work if possible but not sure if a lending institution would typically frown at that.

Hi everyone! I put together a deal and ended up with a 15K square foot, 3 floor building. There's a lot of potential with this building but it needs ALOT of work. The place needs work on the roof, electric upgraded, HVAC, etc. I need suggestions on lenders for commercial properties that would work with someone just starting out. I have tried a local bank here but my DTI and CBR scores didn't match their requirements and the loan officer wasn't very interested in even working on anything commercial. I have a few properties that I would be able to collateralize. This one is overwhelming and exciting at the same time but probably because it's a huge project to me and I'm a newer investor.

Any help pointing me in the right direction would be appreciated!

I recently purchased a building on the main street of a small village in Ohio, located about 45 minutes from Pittsburgh, a half hour from Youngstown, OH.  The building is two and a half full open floors and a full basement.  I cannot make up my mind on what to do with it.  Everything needs updated, but looking for some advice.  I own a triplex across the street (one commercial, two apartments) as well as an attached two buildings (2 commercial, 2 apartments) so I have a vested interest here.  It's the largest open storefront left in town, however I have had listed for sale for a while with no hits.  I've thought about converting the second floor to apartments (3 apartments as 4 or more here require a full fire sprinkler system which is very expensive).  If anyone has experience with indoor self storage, I would really appreciate it if you could reach out to me to offer any advice or ideas you may have.  If you have any other ideas that have worked for you where you're at - PLEASE let me know. :)  

Thanks everyone!!

JC

Thanks Umar!

Hello! I'm located in Wellsville, Ohio - about 40 minutes from PIttsburgh and Youngstown/Akron along the Ohio River. They call me the property barber, but I'm just a barber trying to acquire a bunch of property. I currently have invested in both residential and commercial properties.  I work for a title company full time, have also been a residential LO, closing agent, abstractor - and everything started by me just cutting hair on the side and buying another barbershop with a handshake agreement. I've been listening to the BP Podcast for a few weeks now and look forward to networking with other, more experienced people.