All Forum Posts by: Jonathan M.

Will it be difficult for me to get a loan on a 12 unit apartment complex during this crisis?

I have been furloughed from my job, will it be difficult for me to get financed on an income producing apartment complex?

I have more than a 25 percent down payment.

 liquidity for to cover payments for a year

Over 800 credit score

Any good lenders to where I should look?

Commercial realestate agents with clients with a similar situation?

Hello BP!

Hello everyone, in the coming months I want to be prepared to bounce on apartment complex deals due to covid-19. I am looking for a lot of advice for after I purchase the asset and how to effectively run the property. Id like to know how experienced apartment owners run there property from start to finish.

-Best way to finance a property over 6 units?

-How should I handle security deposits and rents? Should I open an account for each unit?

-Should set-up an additional LLC for managing the cash-flow and the property?

-How should I structure taxes in getting the biggest deductions? if I am considered a full time real-estate professional?

-Is there a software that investors recommend to track everything?

I am a relatively new investor to the apartment complex world, I have not done a larger scale project more than 4 units.

So far I am pre-approved with a commercial lender, I have set-up an LLC to purchase a complex. I have a real-estate attorney to handle title/closing and CPA for taxes.

Please if anyone has anymore advice other than the questions asked above pls elaborate. Thank you everyone!

@Chris Mason thank you, Are there any commercial multi family loan products that you would recommend or any lenders?

@Chris Mason gotcha, that will fall under Commerical then. Correct?

 There are 4 duplex's on all one parcel. They are all town-home style duplexs Thank you.

 Its all on 1 parcel so the fannie mae option wouldn't work? do you work with any commercial lenders you'd recommend?

Looking a buying 4 duplex town homes for a total of 8 units. They are currently 80 percent occupied in the Tampa area with other 2 being rehabbed in a demanding neighborhood. under 1 million.

What is my best loan product, I am looking for the longest amortization and the lowest interest rate. 

Seems like it would be easier for to obtain a commercial loan because they look at the business its self rather than me.

How would I go about structuring financing for 3 fourplexs 100% occupied. I know any property under 4 units is residential financing. That said, would it be possible to finance 3 fourplexs with a 30yr fixed, lower interest rate and 20% down with out getting an expensive commercial loan?

Fannie Mae or Freddie Mac  eligible?

Hi everyone 

I've been looking for 7 months now for a small apartment complex with 6 units or more with no luck.

Problem is prices are too high to justify cap rates of existing listings on Loopnet/MLS,

Where do I look to find a decent deal? Also thinking about some idea's on maybe improving upon a dead listing to improve ROI. Anyone thinking outside the box in this hot market? love to hear them!

I am pre-approved for 750K, looking in west coast of Florida St Pete,Tampa,Bradenton,Sarasota. Need a 10 cap, at-least 100k in gross income.

Thank you everyone! 

So what I have gathered, I should buy the property under 1 LLC and start a second to manage the property and sign leases with that LLC name??

@Scott Smith Should I open bank accounts under the LLC that I am buying the property under? and use that bank account for rent-rolls, expenses, etc? that way its separate from tenants and leases.

Anyone know a CPA on biggerpockets for tax and accounting advice?

Thank you again everyone, gaining a-lot of knowledge!