All Forum Posts by: Lucky Tiderman

Update:

"I’m looking for information on cash-out refinancing on a commercial building I personally own outright in down town Oklahoma City for another project. Talking to my bank – the only thing they would be willing to do is a line of credit on my business, something I’m not interested in doing.

Information on the building: it’s a 3000 sq. ft. building that sits on ½ acre. The current tenant is just wrapping up a 3 year lease and has signed a new 5 year lease.

The NOI is 30,000 annually, 2500 monthly. Again, there is no debt on the building. I'm looking to cash-out 100,000 to 150,000 for another project, is that possible?

Any suggestions, ideas, and/or comments would be greatly appreciated."

The problem I'm running into - all the lenders I've talked to are saying the same thing, because the property is in my personal name and not under a company name they do not have an appetite/program for my situation.

I feel like the numbers are good: new lease is $3000.00 a month, $36,000.00 annually. Insurance is $3000.00 a year and taxes are $3000.00 leaving me with a positive cash flow of $2500.00 a month or $30,000.00 annually.

Has anyone else ran into this problem and if so did you find a solution?

Thanks for reading this post!

Thanks @Paul Choi and yes, it's a NNN lease

Thank you all for your replies!

@Levi Ballard do you have a loan officer with First United you'd recommend?

I’m looking for information on cash-out refinancing on a commercial building I personally own outright in down town Oklahoma City for another project. Talking to my bank – the only thing they would be willing to do is a line of credit on my business, something I’m not interested in doing.

Information on the building: it’s a 3000 sq. ft. building that sits on ½ acre. The current tenant is just wrapping up a 3 year lease and has signed a new 5 year lease.

The NOI is 30,000 annually, 2500 monthly. Again, there is no debt on the building. I'm looking to cash-out 100,000 to 150,000 for another project, is that possible?

Any suggestions, ideas, and/or comments would be greatly appreciated.  

Thank you for taking the time to share your thoughts on this subject. This is something I think about almost daily. If you’re like me it doesn’t matter if your property(s) are in the first year of a three year lease or nearing the end of a lease this is something that is always in your thoughts as an RE investor.

I wanted to get your opinion(s) and thoughts on who are the best lenders in the Oklahoma City area for both straight forward deals (good credit, good debt to income ratio etc.) and new commercial construction (less then 1m).

Who has the:

Best rates

Best service

Quick underwriting

Thank you for your time and look forward to hearing your thoughts.

Chris, what kind of contractor are you looking for:

More of a handyman (does most of the work him\herself) or a contractor that uses subs to do individual trades.

Jesse, I’m kind of in the same situation as you. I don’t know of any short term funds but one thing I’m considering is partnering as an investor or private moneylender with someone needing short term funds.

Thanks Roger Sandmann, I'm looking forward to that part.

Lance Lvovsky, "Generally, you would also get depreciation for your basis in the property." I am getting conflicting information about the depreciation. I'm looking to buy in St. Lucia

Rocky, thank you I’ll check them out.

Thank you all for the valuable information. The US territory properties are about 20% to 30% higher but have the same rental potential. I need to do a little more research to make sure the tax liability won’t offset that gain.