All Forum Posts by: Malcolm Gordon

In terms of an "online business" are you referring to a website that allows you to manage your properties and potentially others without using third-parties like Cozy or Appfolio just to name a few?

Thank you everyone for your insight, this is extremely helpful. I am currently seeking a multi-family property via a FHA loan so it sounds as if this is something I do not need to consider for the time being. The reason pre-payment penalties was on my mind is because I work for a large financial institution that has them; although my experience has been purely on the commercial loan side of the Bank. Its good to know that pre-payment penalties are rare in regards to residential loans.

I am still surprised though of the absence of pre-payment penalty consideration when the topic of commercial financing comes up for RE investors.  It really is a significant clause that should be considered when structuring a commercial loan and would depend on the borrowers long-term plan.  There are all sorts of methods that I have seen that large borrowers use to avoid pre-payment penalties by building this into their loan structure from the onset.  I am glad I was able to touch on a subject that is not often discussed among novice RE investors, at least from what I've seen. 

Hello BP,

I would like to touch on a subject which I have never come across in any of the books I've read nor often discussed in the BP forums; yet I believe its is a very real thing from my understanding and appears to often be overlooked when one considers to pay off a loan early, or refinance.  I am referring to pre-payment penalties and I am curious if this should be a valid consideration when obtaining a loan from a lender and also I am curious to hear the experiences of BP members in regards to this subject.  Why this is not a common topic of discussion when structuring a loan or re-financing? is it simply not understood by most people or is it insignificant? I am I missing something?

Thanks for you insight,

Malcolm G.

Hello BP, I am a perspective real estate investor looking to acquire a 3-4 unit multi this spring using a FHA loan. I was curious if there are any experienced Maine REI investors out there who have insight into what areas are hot and what's not. I have done a fair amount of digging through data from various sources but it's always good to get a boots on the ground opinion. My target markets are South Portland, Portland, Westbrook, Scarborough, Saco and others in the greater Portland area. For the Maine investors out there where are you looking to acquire property? Thanks for your time and insight.

Hey Cory, I am a perspective real estate investor in the Portland area and was pre-approved by my lender without much hassle. Could you be more specific about what you mean? As banks and private investors are always lending.

Hello Bigger Pockets,

I have been sneakily monitoring the boards and indulging in podcasts over the last several months and I truly appreciate everything this site has to offer.  I have been educating myself in real estate via books and other online sources for well over a year and I have finally started actionable steps toward acquiring my first property.  I am young and extremely motivated to make my real estate dreams come true via buy and hold multi-family properties in the state of Maine, specifically the greater Portland area.  If there are any fellow Mainers out there or anyone who has familiarity with this market please let me know and we can connect.  I look forward to being a contributing BP member from this point on!

-Malcolm G.