All Forum Posts by: Abraham Anderson

My strategy is buy and hold, I'm not looking to flip. What are my options for long term mortgages? 

Kaz, I think I remember reading this. So what do most commercial investors do? Buy with a short term note & then refinance with ___ ?

@Carlos, I am looking for a lender who ideally requires only 15% down.

I met the current noteholder of the property. He is willing to do business with me, but the terms aren't good. Only a 5 year note (!) and 20% down, no way.

How should I approach other banks? Calling them on the phone & asking their terms, showing up in person?

Carlos, I have an office building currently valued at 150K that I own free & clear, I'm also going to borrow off that. 

Thank you for the answers, I have called & left the lender a voicemail. I am still open to any other input, this is great advice guys! I'm glad to be part of the community.

Michael, should I order my own appraisal or will the lender request this as part of the HELOC process? I want to make sure my office is valued properly so I can get the most out of my loan.

I'll try to be brief, here's the background;

Last week I was shown a 40 unit complex which I'm very interested in; at the moment I'm waiting on the rent rolls, but even if the pro-forma is off by ~10% it still looks like a great deal. The asking price is 1.6M

The current mortgage on the property is with a local credit union, they are interested in keeping the loan & they gave me the lenders information.

In order to finance the down payment, I will be using two sources: I am selling some property next month which will result in about ~130K in cash, and I also own my office building free/clear which is (currently) valued at $150K. I have done about $30K in improvements to my office, so I can definitely get this number raised some.

My question is; When should I approach the lender? If I'm getting a HELOC or HEL I know the process takes a while, and I should probably get this started, but I don't want to jump the gun, especially since I haven't done any negotiations with the seller on the price (and the lender/seller know each other).

@Dawn Brenengen, thank you. Do you have any advice on places to look for good deals?

Hello, I am looking for some advice on what type of property I should invest in (as well as where to look for a good deal),

A little background: The first deal I did was having a contractor I know build a 4plex, which I am now selling for about $20K profit. Once this deal closes, I will have about 100K in the bank available for investing. I am looking to potentially purchase an apartment complex, or maybe single family home(s). Should I pay cash? Should I get a mortgage in order to put less down/buy a larger property?

Some background about me: I have a full time insurance sales job, so I will most likely be using a property manager (unless you suggest otherwise), I've never rented property before, so I have 0 experience being a landlord. I also have 0 experience with woodworking, electrical, etc. I have a guy for that.

I am also very open (& appreciative) to suggested resources, currently I'm listening to Brandon Turner's audiobook. Thank you!