All Forum Posts by: Shaune Pilcher

I own a commercial property that a current tenant has approached me about selling to them via owner finance. Which I am very open minded to as I was thinking of listing the property anyways. I have searched a little on the forums and haven’t found much information from the seller side. So I have a few questions. I’m going to structure the deal based on current market value and interest at 1% over my current loan rate or any future loan rates as refinance occurs. Is this normal or fair? Will a bank still refinance my commercial loan when it comes time in a few more years? Am I required to report the sale with the county or can I hold the contract until paid in full and then quick claim? The property is in a LLC currently. Could I just sell them the LLC? Are there forms somewhere that I can download and prefix? How are my taxes going to be affected? Do I pay the same as if they were renting? Any tips and advice or anything I’m missing?

Congrats Christine! Frontier building supply is a great resource as mentioned. They have a board right by the entrance where tradesman can put up business cards. Out of curiosity do you mind sharing the numbers and how you found the triplex. I've been looking in Oak Harbor, Anacortes, Sedro Woolley, Mount Vernon, and the other cities in this area for about a while. I can't find anything that cash flows positively in my price range ($300k at this point). Everything I look at is cash flow negative.

I am in the process of buying my first commercial property and am just curious if anyone has any pointers or specifics that I should look for. I've bought and sold single family homes and rentals so I'm not a stranger to the process. I've also used commercial loans before so I'm aware of that process. This is just my first commercial piece. The property is a 4 unit strip mall and a 5th unit as a bank ATM. Most leases are in place until 2018 with one expiring in 2 weeks. Any thoughts? Thanks.

You can set up an Llc and personally guarantee the loan in the llc's name. This means the loan won't show up on your credit unless you default. My commercial loan is set up this way. Most lenders can loan this way, however, it usually needs to go through the commercial department. This typically means 25% down and up to 25 year term.

@Alex Chin My last two rentals were local so I think I'd like to stay local again.  Probably in the Oak Harbor, Anacortes, Burlington, or Bellingham areas.  I am still in the beginning research stages so nothing is set in stone there.

Do the meets happen monthly?  What time and what day do they normally occur.  I won't be able to make it on the last day of the month as this is the busiest day for us in the car business and I'm usually here till at least 9 pm.

Do you know of any meets up this way in Skagit or Whatcom county?

I have been in the auto industry since 2003. During that time I have owned a couple rental properties which I have since sold. I am looking to get back into investing in the upcoming years and would like to get into multi family.