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All Forum Posts by: Joshua Zamora

Joshua Zamora has started 2 posts and replied 12 times.

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Mary Aviles:

@Joshua Zamora I just completed one commercial loan today and I'm doing another one at the end of the week. I also paid cash and wanted to do cash out refinances. I secured 30 year, fixed rate (4.5%-5%), low cost loans in my LLC.

The problem you're having is not that you're out of state but you're working with conventional lenders, such as banks, that are not used to working with commercial/investor loans. You have to use a commercial lender who works with real estate investors. These lenders know exactly what you're looking to do, so you don't have to explain anything, and they're quick and easy. They have many different loan products for you to choose from, including rate and term, cash out, portfolio, ARMs, etc.

I used Finance of America, which is a nationwide commercial lender, so they'll be able to help you, too. PM me for contact details.

Thanks for the helpful insights Mary. I'm quickly learning that there's a whole area of financing that I have to learn more about haha. What you're saying definitely makes sense. I'll reach out to Finance America 

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Brandon Sturgill:

@Joshua Zamora we've done some commercial loans with this group locally...not 100% if the lend in Cleveland

https://www.helpbringer.com/lo...

Thanks Brandon! I'll be reaching out to them this coming week. 

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Eric Johnson:

@Steve K. thank you for the tag! 

@Joshua Zamora please reach out to me, see signature for email deets. Thanks 

Thanks Eric. I'll give you a call this coming week. 

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Tarik Turner:

Either keep calling local banks or go with a portfolio lender but you should be able to find a refi product for your commercial deal they are out there and available 

That's the plan. I was just hoping to get some recommendations from people who have done it already so I can save some time :) 

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Brandon Sturgill:

@Joshua Zamora What type of product are these properties under now...sounds like maybe a blanket or collateralized loan? Assuming you're in an ARM now? What are you trying to accomplish?...better rate?...cash out?

Hey Brandon, 

I bought them with cash so zero debt atm. Looking to cash out and recycle the money to get more. 

Post: Anyone successful refinanced a commericial property recently?

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2

Hey BP, 

Has anyone been successful in refinancing out of commerical investment properties over the last 60-90 days in a state you DO NOT live in? 

I've spoken to about 3 local banks in Cleveland, 1 regional bank, Wells Fargo and CBRE. So far, they either don't want to work with me because I don't live in Cleveland or they're just not offering commercial refinancing on investment properties atm. CBRE has a mininum of $750k 

I have $500k invested between two, 6-unit buildings.. and I also own two residential properties that are probably worth about $50-$60k. 

If anyone has been able to successfully refi, and you know they're willing to work with an out-of-state owner, please let me know. 

Thanks

Post: Looking For Reliable management company in Columbus Ohio

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Peter Lohmann:

I've literally never heard of any of those management companies, and I own a management company in Columbus and know most of the owners of the other property management companies in town. Where on earth did you dig them up? Start with a google search for "columbus property management" and talk to the top 4 or 5 results there. Most of them are decent firms.

 Thanks Peter. I was hoping to find someone via word of mouth and experience working with a specific company. I'll have a look at the Google results though. 

I'd be open to speaking with you about your services as well. 

Post: Looking For Reliable management company in Columbus Ohio

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Michael Gefvert:

I was talking earlier this week with a Columbus area realtor about the feasibility of starting a new property management company in Columbus.  May I ask what has you most frustrated with the companies that you have used in the past?

 it's a huge list lol 

For starters, I'm a man of my word and expect others to be so as well. So if you say you're going to do something during a certain period of time, do it or don't say you are. 

That's been the biggest thing apart from late payments, slow turnovers, lack of communication, letting properties just sit vacant 

Post: Looking For Reliable management company in Columbus Ohio

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2
Originally posted by @Sean Dawson:

@Joshua Zamora    who have you already tried?

 Soskin Realty Group

Mohler Realty Group

Monument Management (they're great in Cleveland, but not fully set up in Columbus yet so it's not working out)

Joshua Zamora

Post: Looking For Reliable management company in Columbus Ohio

Joshua Zamora
Pro Member
Posted
  • Investor
  • Miami, FL
  • Posts 12
  • Votes 2

Soskin Realty Group 

Mohler Realty Group

Monument Management (they're great in Cleveland, but not fully set up in Columbus yet so it's not working out)