All Forum Posts by: Matt Slease

I’m looking for a bank or credit union in the Canton or Akron area willing to do a commercial loan 20% down for a duplex with a purchase price of $120,000-$200,000.

The place is already rented both units and is move in ready if that matters, no rehab needed. Have it under contract and would love to do a commercial loan with it.

Anyone have someone they just love working with? Seems like duplexes are tougher to find financing for than single family for some reason.

Any help is appreciated!

@Seth Alexander

Welcome Seth! I’m a newer investor in the canton area and would love to connect sometime.

I have lots of knowledge about the area and specific neighborhoods if you ever have any questions!

@Marco Bario

Great advice! From the few questions I’ve asked, it sounds like price is most important as he thinks we’re at the top of a bubble

He wants $160k for it, which it’s probably worth

The problem I have is to be able to get the rents to support that price I’m going to need to put 5k or so into the vacant side.

The other problem, and reason I don’t want to go traditional financing, is I’m closing on another property and don’t really feel comfortable putting $40k down.

My thought was try to get it for 10% down, maybe 4-5% interest (just got a mortgage for 2.99) and if he doesn’t want to carry the not for longer than 10 or 15 years as he’s mentioned, have some sort of payment to him at those times to incentive me to refinance out before then.

Have an opportunity for a local duplex but the only way to make it work would be a lower than 25% down payment.

Owner wants 160, I would comfortably do 10% down maybe more if I have to.

What are some ways to structure this and what’s a good interest rate for owner financing?

Should I consider an interest only loan for a few years and then refinance?

Open to any and all ideas

Inspection is done and the loan is in underwriting, just waiting on a closing date.  Still probably 2 weeks away.

That's a good idea, maybe I'll wait until the final walkthrough

Do I have to wait until the property closes to begin communication with my new (to me) tenant?

I'm inheriting a tenant on a property and would like to send a welcome letter explaining things, but I'm not sure if this is allowed before I legally own the place or not.

@Sean Lambert

Thank you for the advice, I will do this

Using this thread as sort of a checklist when I take over

Great!  I guess this should be step 1

@Mary M.

Appreciate the tip, I’ll do some searching and see if this is offered near me.

Does anyone know if I can alter the current lease in any way, like to add another person to it if only 1 is on it?

@Steve Donovan

Can I have them sign a new lease if they just signed one last month for another year?

I would love to lay out my own terms especially on whose name goes on the lease (all that live there) as I think there may also be a woman living there with him.