All Forum Posts by: Will F.

What are bank cards? Are they the same as a deposit slip? Also, do you have to give them your bank account number for this sort of depositing? Thanks for your help

Wow great responses from everyone. I love this place.
Just to clarify- It’s 2 separate loans because were trying to refinance 2 separate properties (due to current low rates).
The first is mixed Church/Med Office AND the second location is just 2 small Med Offices.
Currently the 2 properties are under different banks.
Karen, hopefully they appraise highly. I suppose if I approach a local bank and get an appraisal I could still continue to shop the market? Or in general are the banks going to give similar rates?

Also, about appraisals, do you suggest we get a private appraisal or inspection as well for both properties?
As far as the owner he’s a family member, Doctor who’s doing business at both locations. His company is self-owned and pays himself rent for the medical office, while the church is basically extra income. So the medical group owns the property.
I think you are all right I will check with local banks for comparison.
Also, as Joel said I will also talk about extension/ refinancing the current loan perhaps that will be the easiest route. I just want to get the best rates and lock them in.

Thanks so much for your knowledge and time!!

I would assume a bird dog would make sense if you close the deal. I'm in los angeles and its hard to find something thats a good deal on the MLS.

Do Bird dogs usually get paid just when the deal is closed or do they get paid per lead?

Would you generally work with both a broker and bird dog at same time and just pick the best deal that works for you?

Also where do you find bird dogs?

Thank you Bill.

Well the property is 1/2 church and 1/2 medical office. it's technically a retail space that we've been renting to a church for 6+ years. The space could easily be converted into an office or retail space as well. The church members has members and will be no changes to it. Currently they have a 2 years remaining on their lease and they pay a little below market rent for the buildings size.

Would I need to get special church financing or would that be more for the church itself? I figured I just needed to get a commercial RE loan since were the landlord?

We're about to refinance 1 commercial properties (2 med offices/ 1 church & med office on a lot). We basically want to take advantage of the low rates, but also one will balloon/ expire in a few years.

I was wondering is it similar to residential loans? Should I just try to refinance with the current banks? (is that the best way or is it better to shop the market and contact a few other banks?)

Also I was wondering how many banks you suggest I contact? I was wondering about how this will affect our FICO scores etc

Would it make more sense to create a huge loan of a little over $1 million or to open 2 separate loans since they are 2 separate properties?

Also, do most of you think I should contact institutional lenders directly or go through a mortgage broker who will "shop the market" but likely charge a fee?

Thanks

Great advice about asking the question in another way. It's very true that they think there's nothing wrong if they live there for a month free then move out before the day before Sheriff comes

Ernest, I would ask the attorney the reason for the business plan. Maybe he just wanted a financial statement of all the properties, and not an actual business plan?

Rob K@Rob K. Nice suggestion. I was wondering how one becomes an employee in that sense? Would he be an employee of the LLC? How would this be set up?

Also, a question to everyone: Wouldn't liability insurance be enough? I assume this would depend on how many properties are in this portfolio and how much debt? Anyone have suggestions?

Hey man thanks that's great information. I'll give some details, i'll try to be specific, as you suggest, but my posts before got removed. I want more advice like yours so I can seek out some loans in the real world, I appreciate that.

In the past we've dealt with large banks since we have mainly 1-4 unit properties. Wells fargo, Bof A, Union Bank etc.

My short term goal right now is to purchase another 4 unit for buy and hold. And also to refinance 2 commercial loans.

In my case do you suggest looking for a mortgage broker outside of BP would be the way to go, or should I go into institutional banks as I've done in the past?

I want to know what you suggest for better deal?

I assume that from institutional lenders you cut out middle man OR is it the case that the mortgage broker/middle man finds you better deals so it's better to go through him? Does the mortgage broker generally get a large cut?

Thanks so much

Hi everyone,

My question is- How do you seek out loans?

This question is on how to find loans- conventional/commercial loans. What I would like is generally a 'how to' for finding loans

But in general. For a commercial loan or residential, how do you normally find your loans.

Do you go directly through institutional banks like BofA, Wells Fargo, etc or do you go through a mortgage broker who seeks out loans?

Any advice appreciated

Rob just be thankful you ran that credit report! ;) Imagine him as a tenant sheesh! [ reminds me of some of my own llol]