All Forum Posts by: John Wilson

I currently have 19 doors, a nine unit, six unit, and a four unit.   I have a business insurance policy through Nationwide.  Each building ,I have about 1,000,000+ in coverage ,which seems kind of excessive.   But the downside ,it’s costing me over 18k a year.   I’ve got another property under contract now ,and I’m kind of afraid of what that number is going to turn into.  are there any other companies out there that offer good solid Business policy, property insurance at a reasonable rate?   

Is it unethical to talk to multiple brokers from the same agency when seeking out, off market multi family deals?

Thanks Adam for the insight.   The property I acquired is already zoned for 36 units an acre.  I currently have an acre and a half.  I’m working with an architect who is preparing a sight plan review to submit to the planing commission.  There saying I will have a hearing with the planing commission in October, and from that point ,I should get the go ahead for permits.   On the sight currently ,i have two 4 units multifamilys buildings and 1 single family. I will have to demo the single structure ,to build two 12 unit  structures.  The location is truly prime for my area and I would love to maximize my investment.   Where the uncertainty lie’s is the total cost, I’ve got bank backing ,but only for about 1- 1.5 million.  I came from the skill trades/ construction background, so  I do have a lot of connections as far as contractors to preform the work at a lower price point that the average guy .  

I Closed on my first commercial nine unit, in  a prime location in my area in June.    I later discovered through The planning commission in my area , The property I just acquired is already zoned for 37 units.    I would love to be able to maximize my investment by Building 2-3 more apartment buildings on the property, i’m just unsure of the cost of a new build versus acquiring another existing apartment building in another location.     Is there anyone out there that has  completed new build projects? Or is there anyone out there that can shed some light On The cost of new build versus existing.              Thank you in advance for whoever will give a response.

Thank you, all that replied

Lucas county ,Toledo Ohio 43613

I just closed last week on my first commercial Multi family property, nine units.   I’m looking through my paperwork/Closing documents ,loan documents etc. and I’m trying to calculate how much my monthly property taxes are going to be. The big difference I’m noticing with commercial versus residential ,is with commercial ,everything is separated ,and not rolled into one payment , loan amount, property taxes, insurance.   I’ve got the loan amount, I’ve got the insurance Amount, how would I go about  figuring out how much the tax is going to be ?    

no/Low documentation commercial multi family loans.  While going through the loan process ,is it common practice to not speak directly to the actual lender ? and only have correspondence directly through the broker?    I’m kinda old school ,and used to looking someone in the face ,shaking hands etc ,so I’m always on the lookout for scams.   just figure I would reach out to on this platform to see if someone could break down the steps with this type of a loan leaving to closing .   Thank you in advance ,for anyone that will respond