All Forum Posts by: Sandy Metivier

@Brian Garlington Hey Brian, can you share your Cleveland PM recs with me too? And the list for who to avoid would be awesome too, I have my own very small list (Howard Hanna) to avoid.  Thanks! - Fellow Oakland resident!

@Michael Magno, if you still have some Property Management recs for Cleveland (excluding Howard Hanna), I'd love it if you could send those my way too. Thanks!

Hi… I have a 6-unit in Cleveland OH that I own in full, and now I’d like to seek a cash-out refi commercial loan/mortgage. Does the lender need to be in the state the property is in (Ohio)? (Oh, and I live in CA).

I’m also open for any tips for where I should start, or lender recommendations.

Thanks in advance!

-Sandy

Yeah in this case, one unit is open. So either myself or my extended family can move in to the open unit. Since both me and a family member in my extended family will be on the mortgage as co-owners, we are two families that need to move in. So in that case, can we OMI the tenant occupied unit?

@Calvin Kwan @Stephen G.

Thanks @Stephen G.

and thanks @Calvin Kwan. Not looking for short-term cash flow investment here, more of an extended/combined family move-in situation so the news that it's not over-priced and not as competitive due to all those reasons that make it less investor-friendly may actually work in our favor here. Fingers crossed! 

Appreciate all the advice and insights, as always. 

https://www.redfin.com/CA/Oakl...

I assume multi-families in Oakland are going over asking, but how much over asking is expected in the current market?

Looking at a property in Oakland area near Piedmont, and it's listed as a side-by-side duplex.

Thanks,

Sandy

Hi folks - I need referrals. 

Found a seller who is moving three of his properties and we've put in simultaneous offers on a triplex, duplex, and 6-unit. The 6-unit is all cash for now, but we'd like to be able to refinance with a commercial loan. It'll be our first commercial loan, though we already own 3 investment properties, have excellent credit, all properties cash flow well, etc. I know some lenders only do bigtime for commercial, but this is Cleveland so we're looking at a property value around $260k. 

We live in CA, and Ohio lenders won't lend to us as we're out of state. Anyone have a national or CA commercial lender who they know does business in OH to recommend? 

Thanks in advance! 

Hi. 

I've started investing in OH in Res Multi-family and am interested in getting in commercial must-family properties, but have been informed that OH changed their policy, and now the commercial lending rules state the main owner and guarantor need to be in state 

Is this common?

What states can I, as an out-of-state investor, be eligible for commercial real estate lending?

Thanks in advance!

Wow, thank you all! I'll dive into researching these recs. :-)