All Forum Posts by: Judy Raymond

I tried again. I think it worked this time. Thanks.

I Pm'd you. Thanks.

I have never gone through the commercial lending process. Do they lend more on the credit score, personal income or income potential of the property? Thanks. 

meant to PM

Very good. Good luck with it. Did I understand that you received funding from a lender on Bigger Pockets? I am currently seeking financing for a 3 unit rental project. Would you be able to guide in a good direction? Thanks. Judy 

James Mc Ree, Nice breakdown. Tenants do sometimes get into a jam especially around the holidays. I would also vote to work with the tenant. If she continues to get worse on paying the rent I would then consider eviction or even offering to return her deposit if she leaves by end of month with no damage. Eviction can be costly and can sometimes take more than 3 months to get the tenant out. Good luck.

I just found a property in my neighborhood in central Florida that is a lake waterfront property with a 1/1 duplex and a 1/1 cottage that would make a fabulous VRBO investment. I contacted a Mortgage Broker about it and was told that even though it is zoned single family and the units are approved, the fact that it is 3 units it is considered  non-conforming and would have to go through a Commercial lender. It is selling for $150,000 and is turnkey, it includes the furnishings. Even at 50% occupancy it would gross $60,000.00/year and I am a licensed contractor so I do all my own maintenance. Does anyone have any tips on which direction I should look to get financing for this property? I have some cash but right now most of it is tied up in a flip project I am waiting for it to sell. Thanks for any info.  

That is a monster of a fireplace. If you did anything right now, I would probably tear off the rock face and just put sheetrock all around it with a smaller mantel. That would open the wall in the kitchen to enable another cabinet but it would at least make the living area seem less consumed by the fireplace and would make it more modern looking which would make your appraisal come out a little better when you refi and would help you get better tenants because it would look more attractive. Good luck.

Hi Rick, thank you for your response. It was very helpful and helped clarify my concerns. I had thought about the competition thing and the more I've researched and the more responses I received to my questions the more I feel that may very well be the case. I will review the case you quoted. As far as the quote thing I didn't know how to do it or that it was something that had to be done. After you mentioned it I looked for it but would not have known what it meant had you not pointed it out. Thanks again. Judy 

If your mechanicals are good you should be okay on your budget. Congratulations.