All Forum Posts by: John Chapman

No, I haven't, although I believe the property is still available.  I might make another (or the same) offer in a little while if it is still available.  The original listing price was completely unrealistic and had no basis in reality so that's probably why there have not been many offers.

Thanks, Eric.  I'm pretty much a buy and hold investor so pre-payment penalties are not a huge issue for me.

Ok.  Thanks, Eric.  I don't have a signed P/S agreement yet.  But if I do, I'll definitely contact you.  Thanks!

Thanks.  I can get bank financing here locally for a decent rate --10 year loan, 4.5 to 5% with a 25 year amor, so I think I will just go that route. The property is in Pullman, a small college town and it is 31 units and is over 90% occupied and has been for a number of years. 

 I haven't been able to get a Fannie Mae or Freddie loan for 1-4 unit properties for a number of years as I am over the 10 property maximum (which they only began to enforce after the recession in 2009).

I haven't before heard of the Fannie/Freddie Small Balance Loan program.  Is that for multi-family > 4 units?

Thanks for the info. My seller won't wait 6-9 months, maybe I should get a regular 10 year loan and then investigate re-financing with HUD. What are the fees for? Inspections? Appraisals, Environmental assessments? Is HUD a direct lender or do they issue guarantees and work through commercial banks?

Has anyone ever had a HUD loan for the purchase of an apartment building? I'm not if they are direct lenders or if they just issue guarantees to a lending bank. I'm looking at a loan of about 1.1M for the purchase of a 1.5M apartment building. Thanks for providing any experiences you have had with HUD loans.

Thanks for the ideas.  Yes, I wish our title company would provide electronic copies of all the documents, but they don't.  Some of these properties I sold 10-15 years ago and I"m thinking I could get rid of documents concerning them.

How long must I keep closing documents, title reports, loan documents, depreciation schedules, etc. for properties that I have sold?  Is it 7 years?  Is there any reason to keep information on  properties that I have sold longer than that?

Thanks, Doug and Charlie.  My landowner is a non-profit that probably doesn't have the capacity for contributing capital or financing which makes this situation a little different.  I'll see if I can get them to agree in principal on an equity deal or outright land purchase.  In the case of the former, I'll take your advice about having an experienced attorney do a thorough job of the purchase/equity agreement.

Thanks, Charlie.  There is a pretty good comp for the land value so hopefully that shouldn't be an issue. I was thinking of offering the land owner 2000 sf of the commercial building that they could lease out in exchange for the land.