All Forum Posts by: Patricia Ferreira

hello i have a deal in Tobyhanna, Pa its a 1 lot with 2 multi properties (2 units 2bd -1ba & 2 unites 1bd -1ba )  the property also contains a cabin 1bd-1ba (which seller states he did take out permits which i am waiting on the township to confirm) . My in state broker advised me to get a PA commercial lender as it is now considered a commercial property any help finding and lenders who can help me out ?  thank you in advance !!!!

I currently have a two family property purchased through a hard money lenders and looking for a bank to refinance me into a commercial loan any recommendation would appreciate

This question is for lenders I’ve previously had a foreclosure back in 2011. When we run my credit the foreclosure doesn’t appear on my credit report. I’ve had a previous lender advise me that it still indeed is on my record. I spoke to my Attorny and they pulled up my record and nothing seems to pop up as well. How do lenders determine whether you’ve had a previous foreclosure or do they go based on your credit report only ?

We are trying to refinance our first BRRRR property our lenders advised us to keep the property under the LLC. Our attorney advised us to refinance into a consumer loan due to the fees being so high for a LLC. We where under the impression that the LLC was more of a benefit incase something was to happen to protect us, she advised us to get more coverage on our insurance policy or umbrella coverage. What is everybody doing, are you using LLC's for commercial loans or refinancing into your personal name.

I'm looking into a property which is a good deal and numbers do work. My question is has anyone worked with a hard money lenders purchasing a property with tenants in it? The tenants have been living there for 5 years (on time payment )and do not want to leave. Just to add to it our issue is we would love the property vacant but with regulations in place due to Covid 19 i don’t think we would meet our terms with hard money by the time we are able to get them to leave so renovations can start

We currently rent each unit for $1550.00 3bed 1bath

I'm looking into a property which is a good deal and numbers do work. My question is has anyone worked with a hard money lenders purchasing a property with tenants in it? The tenants have been living there for 5 years (on time payment )and do not want to leave. 

THANK YOU 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Newark.

Purchase price: $202,000
Cash invested: $28,000

2 FAMILY 1 OWNER 3BED 1 BATH EACH UNIT

What made you interested in investing in this type of deal?

MULTIFAMILY IN GOOD CONDITION JUST NEEDED UPDATING

How did you find this deal and how did you negotiate it?

A FRIEND OF OURS WHOS AN ELECTRICIAN TOLD US ABOUT THE PROPERTY

How did you finance this deal?

HARD MONEY

How did you add value to the deal?

UDATED & CONVERTED IT INTO A 3BEDROOM