All Forum Posts by: Grant Hwang

Keep looking, I think most lenders will do interest only HELOC as long as the LTV is decent.

I never refinanced a commercial real estate loan. Anything I should know before I start shopping? Or is it pretty straight forward.

Details:
10,000sqft office building
1/2 occupied
this property does not have positive cash flow but I have positive cashflow overall
value is 1.5mil
current balance is 400k
current interest rate is about 6%

I want to refinance the 400k and maybe do about 200k cash out, so still good LTV. 200k is for down payment on another property. hopefully also lower the rate.

Congrats!
You aren't using a general contractor right? If so I recommend showing up to the property everyday, multiple times if possible. Just make sure every work is being done on time.

as mentioned, it is a preference thing. I never dealt with sec8 but I heard some pretty crazy stories. Yes the properties are much cheaper, but the tenants can be very bad.

I personally never will deal with sec8 but maybe that will be my loss.

I say whenever possible manage yourself. Especially for properties you want to hold long term(like 10+ years). No one will ever work as hard as you and you really learn tons from just dealing with minor stuff(parking, noise complaints, etc)

Give it a shot, most likely they will say no but who cares. Maybe they will counter. You don't know unless you try. Good luck, report back.

I am a total newb but from the people I know who make the most bank, holding is better. Never met a flipper who makes serious money(200K annual+).