All Forum Posts by: Phil Kurumunda

Thanks will check it out

Anyone know a good local bank that offers great rates/terms in the Scranton, PA area that you can refer me to?

Thank you Michael - I'll give him a call

Hello,

I am looking to build a long term team member relationship and have a good solid local bank in Scranton that offers great terms, rates for commercial properties loans. My partner and I are accredited and experienced investors looking to enter the Scranton market. We have a few strong and sizable deals in the pipeline and have some competitive offers but looking for better.  Local Bank officers, please let me know how we can contact you to discuss our business plan and what we are looking to do. We'd be happy to show you our business model, our analysis, and PFS to get going immediately for a quick close.

Many thanks,

-Phil

thanks Jeff.  I thought I heard this as well from he forums and other contacts. So far when I have asked in various deals, it was met with a firm no... Let me keep pressing and demanding that going forward

great advice, Zach much appreciated.  

thanks Levi - that makes sense. I did all that you listed above, thanks for the confirm on the Tax verification as not standard.  I feel I now have done all I can in terms of DD

Thanks Kevin - yes I have the current leases and I met a few tenants during my walk through.  I also have a "certified" income/expense breakout.  But asking for tax schedules seemed like it was beyond customary in the area I was looking into (per the broker). I didn't want to push it, if it was considered an encroachment of privacy for the seller and I had no right to demand that.  I find asking for tax schedules is met with hesitation no matter what. Just wondering if other investors had the same issue and if we are with right to ask for that, or is the lease information the best we can do?  Falsification happens at times, but I guess that is the risk of investing?

Best of luck everyone. Jay, hats off to you for doing such a thoughtful and selfless act during the holidays! This is a great opportunity to any young budding investor and a way of giving back.  Happy Thanksgiving! Cheers!

HI the type of REI strategy matters as well. For example, if your buy and hold, leasing out a bunch of properties, what happens in the market\economy may not make that much of an impact. Your tenants will need a place to stay, pay you rent, regardless. If they can not, then you will find another tenant. People will always need a place to live. This is why it is important to purchase in the right location - Education, Amenities, Employment, Transportation, are within reach. Also it is important to run analysis on cashflows for upper bracket of the rental market vs, lower to determine your cashflows in feast and famine years. If you can attracts tenants based on location and amenities, your worst case scenario in lean years would be lower income or break even, but not in risk of expenses overcoming your income and default. I am not sure of the other investors that over leveraged with mortgages - not sure if they did the right analysis or purchased in the right markets. Bottomline is Location > CashFlow . Check out sites like Rentometer and areavibes to determine market rents and location analysis respectively