All Forum Posts by: Robert Obniski

I would assume if you get the loan for under 25k, that some/most of the terms that aren't dealing with collateral still apply to you. We are pre-approved for above 25k. Hesitant to go any further. Terms seem to be loose and not in my favor.  

My wife and I are looking to take advantage of long-term, low fixed rate financing. 

Currently, we hold 3 duplexes and a SFR in commercial mortgages. 20 year note, fixed 3 years at 5.25%

We inquired about refi to get something like 3.5% fixed for 30 years. (freddie/fannie)

What we are running into is that those programs require a maximum 45% debt to income ratio. We aren't going to  to make the cut with those guidelines. (Funny enough, if we were able to refinance, the increase in income would get us to 45%) 

I have another property I have my eye on and I looking for other options than my go-to commercial lender. 

I typically bring 20% to the table. I have over 30% equity in the duplexes. My income is all over the place because we are realtors/flippers/landlords and income to debt doesn't really tell our whole story.

Im looking to BP to give some suggestions!

Thank you

@David H. you seem most knowledgeable and I forgot to tag you. Please see above post. 

Thanks

Hello everyone, if anybody has 2 cents on my situation I would greatly appreciate it.

-3 duplexes - all are in mine and the wifes name. We live in one unit out of the 6. All hold mortgages with the same bank. 

-All properties are 75% LTV or better

-1 flip currently at a stand still - roughly 70% complete 

-HERES THE BIG ONE - Closing on an 8 unit apartment building this Friday April 3. We initially wanted to back out of the deal because of COVID but decided to follow through. Same bank as other loans. Putting 20% down. 
  There is one vacant unit and the other 7 are month to month leases. And the worst part is that it’s located in a tourism town, where 90% of the tenants work in industries that are shut down. 

The 8 unit is our largest purchase and it’s happening at the absolute worst time. If anybody has some advice or direction, it would be greatly appreciated!! 

-Not sure if it matters but 2019 taxes have not been filed yet. 
-Located in Wisconsin 

THANKS

Thank You all, we have decided to go forward with the deal.  

 I am the buyers agent in this deal. The buyer is myself and my wife. Both of us a licensed Realtors. Both of us are listed as buyers. 

We have not closed. Closing is scheduled April 3. 

I was communicating with the title company, letting them know about fees, commissions, etc.
Title comes back and says the sellers agent notified them that I am not receiving a co-broke commission on this deal. It is listed on the MLS that a 2.4% commission is being offered.

After I was notified of this, I called the agent for clarification and his response it "Well yeah it's the law. I do tons of deals like this one and it's the law that if buyer and agent are the same person, he is not entitled to the commission unless written in the contract and signed by all parties."

I work for a small town, small time brokerage and he works for Keller Williams in Milwaukee. Im speaking with my attorney soon. Hopefully he can come up with something

https://dsps.wi.gov/Pages/BoardsCouncils/RealEstate/PositionStatements.aspx

6th one down.. 

 Im trying to understand this myself. Im trying to see it from his angle. Could he be under the impression that I am not going through my brokerage? What other scenarios could he justify for this?

We are not trying to avoid our brokerage. We've been under the assumption we do this deal like every other. Our brokerage represents our buyers and we happen to be the buyers, representing ourselves. Im meeting with our attorney tomorrow morning. But this is just crazy to me as Ive been expecting a $13,000 commission check. 

Hopefully good news comes tomorrow.

In the offer to purchase we have it spelled out that the buyers (my wife and I) are licensed Wisconsin real estate agents. It is also spelled out (need to confirm) that this offer was drafter up by "Me - Brokerage name"

Ive spoken to the agent and he is refusing to work with me. Knows there is no legal way out of this deal and the closing is very soon. I don't believe he is one to seek out these opportunities I just think he knows the ball is in his court.  

Im just confused...i'm doing all the work of an agent of my brokerage and i happen to be a buyer. Why wont my brokerage get paid in this transaction??