All Forum Posts by: Steve LeBlanc

 It was quite the eye-opener.  Even though I canceled the contract on the unit I was looking to purchase, it was a great exercise in hunting down appropriate funding. I appreciate your suggestion to try to develop a relationship with a local bank.

 Thank you Jingwen.  This was such an eye opener...the difficulty in securing funding in this arena.  Even though I canceled the contract due to inspection findings, it was a good lesson. 

Reach out to Millie Corripio with Commercial Direct. They are in Coral Gables, FL.  Please let me/us know if you have any success.

Surprises abound.  Found a lender that actually does a 30 year fixed rate loan on commercial property, and as low as $100K, and a national lender.    

Im trying to execute my first commercial deal (currently own 23 residential doors) on a 6 unit apartment in Illinois. It's feeling near impossible to find funding as nearly all of the lenders I've called either require you to be local to apply or the deal has to be over $x million.  I have called multiple local banks and they are all "talking to their loan officer team" and will get back to me. 

The only one where I've found a somewhat positive response was Wells Fargo. They do deals as low as $50K, 15 years, 1% origination, 5.37% Apr, 60 days to close. 

Where are you getting commercial loans that are as good as or better than this Wells Fargo example?  Would love something that at least amortizes out to 25 if not 30 years. 

I'm a top shelf borrower with 800 credit score, over $150k cash and multi million dollar residential portfolio. 

Thanks for the inputs. 

Does anybody have personal experience with Ron Wilson of Sierra Real Estate Solutions in Toledo Ohio? 

@Stacey Mollinet, I've been working with an investment group that turned me on to the Vance, AL area where I most recently purchased a home.  In 2010, I bought three in Surprise, AZ, but that market has exploded and Phoenix as a whole is out for me, even though it still promises growth, the cash flow seems to be gone.  It's funny you should mention Cleveland, I've been looking there myself and multi-units seem to be aplenty.  Thank you for mentioning the taxes and city requirements.  So bottom line, I'm still in search of a decent market to invest in.  

Joseph,

Are you trying to buy in the Ogden area? I currently live in Layton myself. I own homes in AZ, AL and UT.  I've been looking for additional investment properties throughout the country and as far as I'm concerned, UT isn't where it's at right now...not even in Ogden. There may be some diamonds in the rough, but the numbers just never seem to work out for me in our area.  Have you considered out of state or are you wanting hands on management?

Thanks for the kind words.

Comps for the 1600 sqft, 3/2, 3 car garage seem to be renting for around $1200-$1400.

If I do happen to move, I will rent it to my brother who lives there.

If that happens, I am curious about my tax benefits (or lack thereof) and how that's going to work because I wouldn't have lived in it long enough for it not to be considered an "investment property".

Any idea if a POA generated "at a deployed location" would raise any eyebrows? I'll be working on closing on a house over the next month as my brother handles all the "boots on the ground" work in N. Las Vegas while I'm out of country.