All Forum Posts by: Linda B.

Thank you for the reply @Ryan Daigle ! We've contacted some local credit unions and just yesterday got one that sounds like they might be able to do something. Fingers crossed. 

While small, local credit unions/ banks seem more flexible in a lot of aspects, they're also the ones that don't usually have much experience with foreigners (especially where we are investing, in Eastern Oregon). That's why I thought maybe someone here knows of some specialized lender or a bigger bank that has experience with this.  

@Jared Rine sending PM now, thank you!

We're trying to get a mortgage for our 2 multifamily buildings that are each around $750,000. We bought them with a private loan and they are held within an LLC. The tricky part is that I am a non-resident living outside of the US (so basically no ties to the US other than my 50% stake in these two properties). My partner on the other hand is a citizen.

Lenders seem to shy away from this scenario, because the <$1mio value of our properties doesn't seem to make it worth their time to deal with the non-resident issue... Any suggestions of which lenders might be willing to work with us, or anyone that has managed a similar situation? 

Count me in too! Tuesday through Thursday doesn't work, but any other day is fine, day or evening...

Interesting question, I'm curious what people will say! I'm an agriculture / environmental scientist at a university. Definitely no money in that... But doing what you enjoy counts for something. Good luck!

I second @Eric Bilderback! He really knows his numbers, Central Oregon and multifamily investing!  

Hi Bryan, welcome to the Bend market!

I would highly recommend Strategic Realty (Kerry O'Neal and Josh Hanson), they have a lot of experience with investors and have had multifamily properties themselves. They're very tech savvy, and have great, creative ideas for good investments. 

Can't say enough good things about them. I bought 3 rental properties through them and learned a lot about investing by just talking to them. 

Hi Kristine, I just got in contact with David Connolly who Thomas Manning recommended and I think I found my guy already! Thanks very much though for offering to put a message out. The help I found here today has been amazing!

This is great, I've already learned a lot from your posts, thank you Kristine! I didn't know about BPO (just googled it) and didn't know appraisers do pencil searches (probably for much cheaper than the full blown appraisal for >$300!). I haven't worked with any appraisers. Would you have a recommendation for the Port Charlotte area? Thank you! 

Thanks @Kristine Baker! Good point, the market is changing fast, so I'll make sure to act fast on the series of steps we need to take... 

We care what the investor is getting because we basically have to buy him out. To back up, our group of investors (including myself and some family members) own 6 properties. Our agreement is that we all own equal parts of the portfolio (because our initial investments were the same). Now that the portfolio has increased in value (due to appreciation), we want to know what our 'shares' are worth (more than initial investment). One of the investors wants to get out, so we'll have to pay him the current value of his share. Of course we could sell the properties, but they are cash flowing nicely and everyone else would like to continue, so we're just evaluating the investor's share and buying him out. Sorry, I should have explained this better from the start. I try to keep my posts short to save everyone time, I guess at the risk of it not being very well explained.

Thank you for your comments @Thomas Manning, @John Thedford and @Kristine Baker!

We don't have a signed agreement with our realtor, but he's been with us from the start and I want to stay with him for any future sales. I like your suggestion Thomas, I'll just call up another agent and ask if I can offer them something for a CMA.

We are not wanting to sell anything right now, we're just buying out an investor and want to get an estimate of what his "share" is worth. We set up our investment structure as shares of the portfolio, so if someone wants to get out, we need to get an estimate of current market value of the entire portfolio. I realize this is definitely not the easiest or best way to structure a partnership (and I wouldn't do it again), but we started down that road... 

This is also why we don't want to hire an appraiser. It would get too expensive and we really only need it for our small group of people, not to market anything to outsiders.

Thanks for everyone's insights!