All Forum Posts by: John Rutherford

Ed S. thank you! Good advice. I am going to rerun the numbers and see what a large interest rate increase after 7 years would cost me in payments.

Thank you for the info. I will check those sites out!

Andrew Johnson I completely agree with your point. You have to look at the properties and the numbers to see if another property is worth not paying down the loan faster. With a balloon payment looming I would want my refinance position to be as strong as possible and a lower LTV ratio would make banks more likely to re-up my loan for another 7 years. I will definitely fight for that with whatever loan I go for if this property works out. Follow up question. I am still able to get another government backed conventional loan. Would having a commercial loan effect this at all?

Hello BP! I have found some enticing property in the Panama City area. I have exclusively invested in Destin and Fort Walton Beach to date. This seems to be a good deal but I want to pick your brains about that market area. The property I am looking at is a multi family and the plan is a long term hold. What are your thoughts on Panama City for multi family? How healthy is the market there? How does the wealth of the city effect RE investments there? Is it more of a A, B, C, or D location as a whole? How does Tyndall effect the local real estate market? Do you see any looming problems for the area? Any other thoughts on the matter? Thank you! Micah

Andrew Johnson thank you for the quick reply! I am negotiating terms with the bank and I will be sure to ask those questions. I have definitely asked if it is non-recourse as well. Getting my first commercial loan is just a new hurdle similar to getting my first conventional loan. Just a new comfort level to push. I really really like the idea of stress testing the property at future dates! I will add that to my excel and see what I get.

Hello BP! I have found a 14 unit place (4 tris and 1 du on the same property) in my local area at a good price and with good rents. I haven't ventured out into a commercial loan yet but I am considering it. I have the money for a down payment and easily enough for 6 months of mortgage payments after. I am concerned about the balloon payment and/or refinancing. I have a bank whom I have worked with in the past and they have offered 80% LTV at 5.01% amortized over 25 years with a 7 year balloon payment. I am agreeable to the terms just concerned with the ever looming balloon payment/refinance/sell. What are your thoughts? Thank you!

Hello BP!

I am not new to the site just new to posting in the forum. I currently own several properties in northwest Florida and am nearing my conventional loan limit. What I am looking for is local portfolio lenders in the local area, advice how to find these lenders, and opinions on using portfolio lenders outside the local area. 

Thanks guys!

JR