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All Forum Posts by: Peter K.

Peter K. has started 7 posts and replied 110 times.

Post: How do I buy a million dollar building?

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

Hi Kristin

SBA would be great, but I don't believe they offer real estate loans for non-profits. 

I believe that the reason folks are bringing up your business model and profitability is because it's pertinent to any lender.   They will want to see business and personal tax returns and financial statements.  If business is operating at break even or a loss, it will be difficult to get a conventional loan without showing very strong income and/or assets from another source.  

For a typical commercial RE loan, you will likely need 30%+ down,show ability to repay and assets equal to or more than the amount borrowed.  Anything less than the above and you get into Alt-A, subprime, stated income or hard money loans... All of which come with a price but are potentially doable, especially if you are getting the property at below market price and have a refi strategy.  

Happy Investing

Peter

Post: Gap Funding Opportunity - San Francisco - Bay Area

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

Thanks @Account Closed

I'll buy the next pitcher of beer at Whispers!  :-)

Correction to the post:

Property is in Bernal Heights, not Portrero Hill.  My apologies.  I've been looking at so many propreties lately, the lines are getting blurry. 

Post: Gap Funding Opportunity - San Francisco - Bay Area

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

Hello Fellow BPers. Do you have money $100K or more "parked" and making little interest? Here is an opportunity to earn 20% ROI or more.

My team is in contract for a great rehab or wholetail opportunity in Portrero Hill area of San Francisco. 

We have a first position lender lined up and are offering a 2nd position note to a private lender (or Hard Money) or possibly an equity/JV arrangement.

Purchase price - $920K

Rehab  -   $350K

ARV - $1.8M

Exit 1: Wholetail with a 45 day exit.

Exit 2:  Complete rehab project in under 9 months and flip for a higher profit margin.  Rehab includes converting basement and attic to permitted square footage, doubling the livable s.f. 

Call me at 408-475-8180 , PM or email me at [email protected] and I can share a dropbox link to the Proforma to a qualified partner. 

Happy Investing!

Peter Karasseferian

Post: Looking for a blanket loan

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

Hi Seth

You are correct.  If you get a Commercial blanket loan you will free up your 4/10 conventional borrowing ability.   Rates and terms are generally in the 4.5% to 6.5% range or higher depending on the properties, loan amount and borrowers strength.  

Happy to quote you with no obligation.  PM me.  

Post: Bay Area Wholesaler Adding to "Buyers List"

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

Hi Erin

I commend you.  It's not easy being a wholesaler in the Bay Area. 

I'm an active flipper / rehabber looking in the Greater Bay Area.  From South Bay, East Bay, peninsula, San Francisco, Napa and Contra Costa.  

Let me know if you come across anything interesting in those areas.  Any condition is ok. 

Thanks and good luck with the wholesaling!

Post: Hard Money loan question

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

@Christopher Adams  welcome.  As for Bay Area meetups, @Johnson H. @J. Martin is spot on.  Until you have a strong track record and/or have a few deals with the same lender, they will generally want around 20+% skin in the game. 

Good luck, let's grab a coffee some time.  

Post: Lehman Law Partners, LLP

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

I used to invest with and learn from The Real Estate Guys.  Jeff was their attorney at that time.  He helped me on two occasions at no charge.  

He was honest and direct and gave me sound advice after the free consult.  Recommended not hiring him because I could perform the next steps without him.  From my limited experience , Jeff and his wife who I believe is an estate planning attorney are truly class acts.  

Post: Does Robert Kiyosaki's 'rich dad' actually exist?

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

My understanding is that "Rich Dad" is a combination of a few people, possibly including Keith Cunningham, who wrote "Keys to the Vault".   Keith is great, saw him at an Anthony Robbins event. 

Most people need to know WHY they should learn something to be motivated enough to learn and implement the WHAT and HOW.   The Rich Dad book is great at WHY and some WHAT....very little HOW, but there are lots of other resources for HOW, including BP.  

For the literal thinkers out there that believe that the best way to learn is via Non-fiction, remember that most of the best teachers in history used parables, metaphors, fables and other fictional methods of teaching.  This is called inferential learning which can bypass our critical faculty and relay information much more effectively.  Do most people relate more with the Star Wars characters or to their high school biology book?  There is a small percentage  that answer the biology book.   They are likely literal thinkers/engineers/scientists. 

Since almost every BP podcast guest gives props to the rich dad book, there is probably something there to take away.  I personally got a lot of useful pricipals, mindset and ideas including:  Limit your doodad spending and invest in income producing assets, personal residence is not an asset unless and until it produces income, ESBI, tax-reduction ideas, etc.  and more importantly, I still remember much of what I learned from the book even though I read it only once over a decade ago.  That is the power of inferential learning. 

Post: San Jose Meetup - Thursday 6/18/15

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

@Johnson H. I'm looking forward to seeing you and the others.  @Account Closed long time!  Hope you are well.  See you next Thursday.  

I finally broke down and out some bandit signs up.  Several calls, none of which are sellers.  Lol.  Time will tell I guess. 

Post: Live in your first flip, yea or nay?

Peter K.Posted
  • Investor
  • San Jose, CA
  • Posts 115
  • Votes 76

@Melissa Ewbank great thread!

If I could start over, I would definitely "house hack".  It sounds like you can afford to live in another place for a couple of months while you do the majority of the flip.  That is the best of both worlds if you can swing it.  You don't have to live in a major construction zone (sleeping in a hard hat is not easy), but still get the benefits down the road. 

The difference between short term and long term capital gains tax on the exit can be fairly substantial, depending on your situation.  If you stay there 2 years, you may be able to avoid a tax consequence on the gains completely.  If you can rinse and repeat every two or more years, you can possibly accelerate the timeline of reaching your goals via saved taxes.  

Good luck and let us know how what you decide and how it goes.   

If you haven't been yet, there are a few good local meetups hosted by BP members.  @J. Martin hosts a South Bay meetup.