All Forum Posts by: Michael Wallimann

If it were me I would go with more units in a good location rather than less in a great location. The middle class is always going to need a place to rent and as long as you're not buying in a war zone I feel the more units option would be safer through ups and downs in a long term buy and hold situation. Happy hunting!

@Dan Jordan Thank you for putting this together! My mom is a real estate investor in Queensbury and Albany. I will let her know about this. I look forward to attending one myself one of these days as I will be moving to the Queensbury area soon.

@Casey Spivey Sure I can let you know how the SBA path goes. Yes I would actually be occupying one of the units with my screen printing business which is why I would qualify. I'll keep you in the loop.

Thank you @David Acosta I agree bringing in an equity partner on the rehab side of it is a good plan. It will all come together.

Thank you both for your input @Jason D. and @Casey Spivey. A member of my mastermind group suggested SBA programs. They generally lend on up to 90-100% of the total costs of a construction project for small businesses. They also do 25 year fixed rate loans for "owner occupied" commercial loans. I'm just starting to dig deeper into their website right now. Very interesting!

Hello everyone! I am currently looking to purchase a commercial / mixed use building but a majority of my funds are tied up in closing on two other properties. I am really trying to only pay 10-15% down so I can leave myself some money to make upgrades to the building before renting it out. The owner of this building is not really into seller financing and the banks I talked to (even a small local) want 25% down. This would be my first commercial property so I have no track record in this part of the game. Does anyone know of any institutions / companies / ways to find commercial financing at 10-15% down? I'm in Washington State btw if that has any bearing on anything. I appreciate any suggestions and insight. Please and Thank you!

@Andrew Angerer and @Brian Weigandt Thanks for the input and advice! I think giving them the option to move into the bigger apartment for a short window with reduced rent is a great idea. 60 days certainly seems like ample time to find a new place. This definitely sounds like a solution that could keep everybody happy.

@Randy Thomason Thank you! That is great advice and as soon as I saw your comment I remembered that I had previously read very similar words (possibly in Mike Butler's " Landlording on autopilot"). Nonetheless, I had my attorney put the release of rental agreements in the contract a couple weeks ago but they haven't given them up yet. The estoppel agreement is gold and I certainly don't want to babysit every Friday night lol. Thank you again, I will definitely heed your warning.

Hello BP clan! I am about to close on a fourplex next month. It is going to be an owner occupied property. This building has 3 tenants in place with the biggest unit (a 2BR/2BA) unoccupied at the moment due to a recent eviction. I am planning on moving into the smallest and least expensive unit which is occupied by a tenant who just moved in a few months ago. My agent is telling me that the owner says everybody is on a month to month lease but they still have not provided copies of the tenant's lease agreements. I'm pretty new to being a landlord and I'm wondering if any of you have some input on good approaches to this situation. I know that cash for keys could certainly be an option. Thoughts? Experiences? Advice?

I will definitely pass along this info. Thank you for stepping up and making this happen!