All Forum Posts by: Chris Hernandez

There isn't much messy on the bone... you're right. But with rent raises up to $8200/mo might be more attractive.

• You're right, I did not include management fees but I should.
• I was wondering how much to include for repairs and CapEx. Although roofs were recently replaced but furnaces and some appliances are original. Windows are original but appear to be in good condition. But I will try bumping that figure to 15%
• $475 electric I believe is for maintenance building and outdoor lighting for the parking
• Seller financing is 4% amortized over 30 for a 10 yr term, 10% down
• Local cap rate is 9-10% (a local commercial broker told me that a couple days ago, I thought it was around 8%)
• Water is not currently sub metered
• There is room to raise the rents and I definitely would charge separately for storage and garage spaces. Possible annual income gross of $8200. Seller has always rented to elderly which concerns me if I bump rents as most elderly are on fixed incomes. I've had some say just do it all at once when I take it over. They may not like it, but most would pay it instead of moving

Thank you for the advice!

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Has this event been cancelled?

@John s I'm not looking for a bridge loan necessarily. I guess I'm looking to borrow for a down payment.

@George despotopoulus  I would like to use one lender, just trying to raise the down payment for the purchase. 

So I have an accepted offer on and 8 unit apartment building and now I need to provide funding of course. I've exhausted most of my funds buying 3 duplexes within the past year (and currently working on my 3rd flip). I've never used private or hard money lenders before but I think I need to take that step in order to move forward and grow my portfolio. I'm looking to borrow $50k for the down payment and plan on financing the rest with my local bank. Am I doing this right? And how do I find the right private money lender? I have some good things on my side...a little experience with landlording, flipping, I'm a licensed Realtor and have a close to excellent credit score. After running a report, the monthly cashflow would be $680/mo before repaying the loan on the $50k. Any thoughts or advice? I could use some.

I've checked with a few different banks now and they're not interested ... too many red flags for them. I'm not going to get myself in a bind so I may just let this one go if the current lender decides against financing it. Thanks for all the advice!

Thanks for the info Travis &Harjeet. I'll look into it even further.