All Forum Posts by: Manny Rivas

Quote from @Chris Seveney:

Quote from @Manny Rivas:

Hello, I'm looking to invest in a distressed 14 unit multi-family property in Louisiana and would like to obtain a HML. I can add lots of value to this property but I'm having trouble finding a lender. My lenders don't provide loans for Multi Family properties. Any recommendations for a HML in the Louisiana area would be greatly appreciated.

have you looked into a DSCR loan? a HML for MF is typically challenging. Usually what we see is a traditional lender like a bank provide 50-60% of the financing and the rest either coming from equity investors, or mezzanine financing (sometimes may see a 2nd position as well). Throw the numbers out on BP and people may be able to provide more assistance.

 Asking price is $150,000. currently 5 units need to be rehabbed only 9 units are currently rented. Rents are 450-500 with potential for an increase when property is remodeled. After repair value would be 450K+

Hello, I'm looking to invest in a distressed 14 unit multi-family property in Louisiana and would like to obtain a HML. I can add lots of value to this property but I'm having trouble finding a lender. My lenders don't provide loans for Multi Family properties. Any recommendations for a HML in the Louisiana area would be greatly appreciated.

My name is Manny and I am interested in buying a property in West Englewood neighborhood of Chicago IL. I am from San Diego, California and I travel frequently out of state to buy property. Property in my city is out of my budget. The off-market property I found in West Englewood is affordable. My goal is to fix and sell it for a profit. I am able to purchase it for 20% of the purchase price of similar comps in the area. I am nervous, mainly because this is new to me as I am unfamiliar with the Chicago market and I read West Englewood is known for crime. Can anyone share advice on flipping properties in a not so nice neighborhood? Whether or not I should jump into a rehab project in this area.  Any information, contacts, and advice is greatly appreciated

I have great credit although my business partner does not. We want to invest in a few properties together using both of our money down but he does not have good credit. I'm using LegalZoom to form a Multi Member LLC for the purchase of the properties. Will his credit affect the process of getting a commercial loan for a property or can they solely use my credit? He's working on taking care of his but it's not going to happen overnight.

Will this negatively affect business credit card applications? We probably will need to apply for credit as well for remodels.

Originally posted by @Russell Brazil:

Owner financing. 

That was an option. However, the offer is for 450K with a down payment of $150K. The most I can put down at the moment is $100K, which would leave me with insufficient funds. 

Typical commercial loans would only require a 90K down payment (20%)

Seller accepted my offer for a 13 unit complex and I've just submitted my deposit to escrow. His realtor calls me today and tells me that commercial financing will no longer be an option because the seller will not provide the bank with his Schedule-E returns. 

Realtor stated that he is "hiding money" as the main reason.

What options do I have? I'm trying to secure financing with a bank that can work with only P&L without Sche-E.