All Forum Posts by: Mary D.

Hi,

Im looking at a 5 unit. Asked agent for financials. to SEE if what they say they are getting for rents are REALLy what they are getting.

Agents answer: no but its a no brainer, its a money maker.

Really?

I did this through email, so I know she couldnt see a big L on my forehead or one of those.. what do you call them.. dunce hats.

Thanks,

Mary

Hi Richard,

Im a little confused.. You said "your local, regional, national, and community banks. Depending on which one you utilize they will not look at your "DTI" but they will look at your global cash flow" and then said they are "your best bet to avoid looking at your global cash flow".

Also can you give example of a Non recourse bank/lender.

Im currently looking a 5 unit and asked the agent for the financials. Her answer.. "I dont have them but its a no brainer money maker".

REALLY. who would seriously look at a income property and its income going on the sellers word.

What specifically am I asking to look at? financials, rent roll, tax returns....

Thanks,

Mary

Wow! thats awesome!!! you did a great job! and 5 days with multiple offers is a perfect quick sale! that is the goal. This industry would consider the same all day long. Love the pictures.

Something to be proud of. Keep doing what your doing.

Mary

Hi,

Just re-found RealQuest.com haven't been on there for a long time. Is or has anyone used this site/search engine? 

Just curious. 

Thanks,

Mary

Hey Jensen,

Im looking at the list Im not sure if the BiggerPockets site is having problems or its my computer... But the Bid amount & Vesting amount categories are overlapping the side ads. So I cant see any of this info.

Thanks

Mary 

Thanks Ken and Jeff! Ive been looking at mostly 2-4 units. One has 2 offices 2 apartments. Most are residential. My goal is to stay under $80-90k per unit. And of course anything lower is a bonus. This way the rents will put me in a cash flow position. Also in my area there's a lot of well/septic systems. Which can kill a deal. With that being said I'm trying to stick to public water and sewer.  I will call upon a few friends that currently have multifamily property's and get feed back also. I've done new construction, rehabs, land development and currently have a SF investment. So do have that behind me.

I know how quickly monies can go if there are unforeseen repairs. In your opinion whats a good amount to have in reserve? I have an associate Im going to ask if they want to do something like an equity share to have more money upfront. Any thoughts on that?

Thanks for your response, Its appreciated!

Mary

Im looking at multi-families and multi/commercial mix property here in NH. Of course Im finding the good area at a higher purchase price, higher rents. Sometimes not so high rents. And then Im finding the not so good area at a lower purchase price, lower to medium rent on average.

My concern is with the higher price, higher rent I'll be putting a higher down payment and wont leave me with alot of reserve for repairs...

I love the higher monthly cash flow on these though

Is there a formula you use or percentage for reserve per unit or monthly income. I know ROI and percentage of monthly rent I'll be putting away but Im talking about right off the get go.

Im just asking anyone who has experience with this?

Thanks,

Mary

Hi Robert,

Thank you also for responding. When you speak of 3/27 Im assuming that is variable rate in months? And the prepayment penalty is at what cost?

I have used this type of loan in past years and did well with them. And so glad to hear its not a myth LOL. 

Im pretty tenatious so Im optomistic!

THANKS

Hi Jim,

Thanks for responding and yes hard money wouldn't work for this. But I have reached out to some local brokers and am waiting to hear back. Good idea. Contemplated looking into Lending Tree... but don't feel like getting bombarded with solicitation.

Ill let you know what I find!

THANKS

Hi,

Does anyone know of any no/low doc loans in NH or local. Or do they really exist anymore?

Im in the process of looking to take cash out of one of my properties (HELOC) which will help me subdivide some land. And in turn help with a rehab or multi family or both.

Thanks,

Mary