All Forum Posts by: Kelly M.

@Jessica G. I'm also curious if you were able to purchase

@Cambria Wengert did you end up purchasing this business?

@Alex Olson

Thank you for your input. It was a more national bank. I will check out a local one. Thanks!

Hi,

I would like a HELOC on my primary residence. However, my primary residence is in a historic district and is zoned commercial. I was able to obtain a residential mortgage on it years ago, because it was a 203k and they allowed 33% retail. But, now I would like a HELOC and it seems to be a hard no among the banks because it's commercial zoned. Due to COVID I haven't been able to find a real advocate at the bank. The underwriters said no, but I feel there should be an exception since it's my primary residence, and residential is allowable in this district.

Any feedback would be appreciated.

@Autumn Whittington

I would do it. You may lose a month now, but it may rent faster later when you in between tenants? You also might get a better class of tenants, plus less maintenance calls (in theory). Just my opinion. I feel more proud to show properties that are nicer. Might be my market though.

Good luck

@Gregory Schwartz

Hi Greg,

I can answer your question and tell you what happened in my case. I had just purchased my first rental property (3 unit mixed use property) in 2017. In early 2018 we had a catastrophic flood (presidential declared national disaster). The entire street was ultimately closed for 8 weeks (after that the street was under construction for a year).

Anyway, during this time, my commercial lender allowed me to modify my loan so three payments we're tacked onto the back end of the mortgage. It was an easy process. Less than a year later (after renovations), I was able to refinance into another loan with better terms. The new lender never asked one question about the forbearance. To my knowledge, my new lender didn't even know it happened.

Hope that helps

@Jean Joseph

Two years ago I purchased a commercial property and about four months after that, we had a flood that closed the whole town for months. I got a forbearance on my loan, they tacked two or three payments onto the end. I have since been able to refinance that property, and the new lender never asked one single question about the forbearance. To my knowledge, they didn't even know.

@David VanWert

I had to defer my commercial loan payment by two months due to a major (declared national emergency) flood to my property and street two years ago. They tacked the payment onto the end of the mortgage. I refinanced that loan and never heard a peep about the new lenders. Never a question. So, hopefully it wouldn't negatively affect you.

@Justine Scheuher

Seems high to me. My guy is $350 and he usually spends an hour and a half with me in detail working on them. He's sharp. I think I'm getting a good deal for his service, but I wouldn't pay a ton more. I have W2, plus LLC (two rental properties).

@Anthony Pisciotta

I have two retail tenants and two residential tenants. I gave my retail tenants 50% off for April, but my residential tenants I did not. I'm not against it though. I just know my retail tenants are out of a job for a while. My residential tenants jobs are secure (for now). Looks like I'm in the minority, but I'm not against giving residential tenants 20% off if they are good tenants and you value them. If they are as good as you say, they won't take advantage and they would be very grateful.