All Forum Posts by: Frank Teshima

@Mary Beatty wow!! I’m amazed! That’s awesome for me and my partner! So grateful for your help!! Thank you so much!

Thank you @Ian Plocky for the comment! Do you happen to know what an average DSCR lenders look for?

@Mary Beatty ok, yes, that’s our next step. We’re looking for credit unions to setup our buisness account with.

When obtaining a commercial mortgage, will the mortgage be in our personal name? Since our LLC has no income?

@Mary Beatty thank your for the comment! We just started the process for the LLC, so that's a good thing we started it.

Thanks @Jody Sperling for the help! I really appreciate the comment.

Hey BP! I am curious about obtaining a commercial mortgage as a rookie to buy my first property. My partner and I were currently in the process of obtaining a residential mortgage to buy a duplex, but my lender threw a curve ball at us, and told us that he wouldnt be able to count the rental income towards our overall income, which resulted in our DTI being too high. So, i could look for other lenders, but im curious to see if going the commercial route would be fine. The reason while i wouldnt mind going the commercial is because of the fact that they dont really "care" about your personal financials as much as residentials mortgages. And i would be able to change careers. But i am curious if it is a good idea to do as a rookie.

Has anyone else done their first deal with a commercial mortgage? how was it? and what were some obstacles? Thank you in advance for the help and tips!!

@Philip Coiro nice! Is a promissory note the only thing that will back your investors money?

@Bill F. I would much rather pay principal and interest. I feel like my lender would make a better return. And it would work out for me too.

@Bill F. What have you seen with private lenders? Do they typically do amortized? Or interest only payments?

@Bill F. I haven’t decided whether it’d be amortized or not. I’m just trying to figure out the terms, and how it would pan out, if it’d be even anything to pursue. Just trying to figure out going about it by asking opinions and tips from other investors. And thank you for the comment!👍🏽👍🏽