All Forum Posts by: Nikki Closser

@Jennifer Konikoff I mean, it doesn't make sense in a multiple offer situation. But, in the situation you are describing with him asking your sister to buy it? I would absolutely go for it! My agent loved that it worked out because we closed on a commercial multi family in less than two weeks. Normally, it's 60 days!

Congrats!!

I got a 6 unit with seller financing and the reason he said yes to it is because I offered asking price. He had a ton of offers come in as lowball cash offers and his only care was that he got his asking price. The numbers worked well at asking, so I offered asking with seller financing and got it. We agreed on a smaller down payment at 5% interest with a 5 year balloon payment amortized at 20 years. Bottom line is to find out as much as you can about what motivates that seller and then go from there. 

@Will Gaston funny, right after I posted this, I found one who does commercial loans AND my own credit union called me back 10 minutes ago saying they do them, but it's through a company who they partner with. So, hopefully, I'll be good to go! Thanks for the advice/feedback!

Hi! For those of you using credit unions to purchase commercial multifamily properties, are you getting a line of credit or an actual commercial mortgage? I've called countless credit unions and they are all saying they don't do commercial loans. I swear, I've heard a ton of people say they use credit unions, so I'm wondering if I'm asking the wrong thing! 

@Scott Kidd thank you!!

@Jay Yoo I’m not sure what it was in the end that made him do it, but I’m guessing it’s because I offered him 290K. 

@Ari Hadar the difference in the refinance is that I won't be doing a cash out refinance, it's just a regular commercial mortgage. Which is nice because i don't have to wait for the seasoning period that most banks require. Our credit union is two years. So as soon as we get the value up a bit more, we will get an 80% LTV mortgage on it to get most of our money back without having to wait two years.

@Matt Basara nice! Hope you find something soon. I’ll be in NC for the first time ever doing some photo shoots later this year. 

@Thomas Mattausch yes, that is the plan. Our credit union does 80% LTV, so we are happy about that!

@Al Y. thank you!! Love hearing that and I’m sure your tenants are lucky to have you as a landlord!