All Forum Posts by: Mike A.

LVP from Lumber Liquidators. If you call and establish an account, they can give you a good deal. Much better than anything we've used from Lowe's or Home Depot. I always get the waterproof and scratch resistant and spend around 1.95 or less from LL. They look really nice too.  If you need a contact LMK. 

We recently purchased this one at around $1.89.

https://www.lumberliquidators....

If you have a retirement account, you may be able to use that as POF to submit an offer. I am told some HML will also provide this to you if you already have done some business with them. Lastly, you can always do a partnership with another person. They have the money, and you bring something else to the table.

 That's not true. I've received pre-approval mortgages from my bank from their commercial mortgage broker within 24 hours. I will admit, I already have a banking relationship and eight mortgages with them already.

I am working on another deal and it's a legal 3 family which the husband and wife used on apt, and their adult daughter came back from college recently, so she's using that unit. They also have a vacancy. They will be staying on as tenants moving forward for both them and their daughter and will sign m2m leases.

What's the best way to present this to a lender? The realtor and attorney suggested I use a m2m lease for the 3rd unit for a friend or family member. I normally do not buy 3 family units, but it's a pretty good deal in Hoboken. It's an off market deal; one would say steal with the cap rate.

 Fantastic.  It's a multi-family.

I'm down too.

Need a rec. for a building inspector in Bayonne/Jersey City area ASAP.

Pre approvals help, but not always necessary if you have proof of funds.  You ca get a pre-approval letter pretty fast if you have a relationship with a bank already.

 Thank you, I will reach out. I have no problems releasing tax returns or a PFS, so I wasn't looking for a private lender.

I am 1031'ing into a 6 unit building in Bayonne, however, my bank currently doesn't offer commercial mortgages in New Jersey. Can anyone recommend a commercial lender for the Bayonne and Jersey City area? The loan would have to be in an LLC, not personal.