All Forum Posts by: Scott Henrikson

I will have 10 single family properties all in 10 individual commercial loans. Collectively I have over 20% down on a 5 year term at 5%. I’m concerned about all the refinancing happening near year 5. What products out there would give me a similar or better interest rate over a longer period of time?

@Timothee Brzozowski thanks Tim!

@Mckenzy D. Some small local banks will do a commercial loan without needing to pay a lot for another appraisal. You’ll need all the leases but you might be able to increase the value by using the leases to prove value.

@Tim Herman Hey Tim we should chat sometime. I’m an investor and real estate agent in Rapid City. Always like hearing people’s story. Not a ton of us out there in Rapid!

@Giulia Mylla you bet

@Giulia Mylla check out trailer houses. Many are owner financed and cheap. There might be a play there for little to know money. I tell my clients to use as little money as possible at first so they can scale.

@Mark Feaver this can be one of the best times to buy (based on assumed interest rates) or a pretty bad time (based on employment unknowns) Most of the big investors are saying cash and have been saying that for awhile. If you have reserves and the property has high cashflow- invest some. Vacation rental- pause or don’t invest.

@Mark Mahoney get approved. A good lender can do this on less than a day if you are organized. This part doesn’t need to be the hurdle.

@Marc Winter it’s a little early to tell but all indications are that many workplaces will be shut down or limiting hours. Seems like a health thing but it certainly is impacting employment. Evictions take more time and money. Having reserves and working through each issue individually makes the most sense. Approach it with compassion and you might get paid back with more loyal tenants. We don’t have a lot of other options.

@Max Sherman sounds like a tough deal. Might be better to cut your loses and sell it off as is. It seems like a math problem and stop now to sell stops the bleeding.