All Forum Posts by: Seepaul Paray

Hi Kevin, Could you send me some details on the meetup? My e-mail address is [email protected]

Thanks! @Jessica Zolotorofe,

I actually went with a refundable deposit for X amount, 90 day DD/Exclusivity period with a 30 day close after the DD period . I'll keep you updated on how it goes if your're interested. 

Hello BP,

I'm looking for assistance on the proper steps when making an offer on a commercial property. The property is a 3 (2BR,1BA) unit apartment building with 1 commercial space currently occupied. I have ran the numbers, viewed the property and am ready to make an offer. Do I simply contact my agent and put in an offer? Ideally I am looking to put in an offer contingent on a DD/financing period of roughly 30 days. Is this common? After I obtain financing I would begin the closing process after the 30 days and begin third parties on behalf of the bank etc. Am I on the right track? My plan is review the leases and property more in depth while sourcing for financing. The market I am currently in is a hot one so I don't want to let the property sit out there. 

Any advice?

Thanks

@Rich Becker I'm very interested in this 80/10/10 could you elaborate? I'm looking at a few properties on the Island to get into as my first deal that all work based on the numbers I am crunching. That sort of financing seems very flexible and something that could work for me as I'm looking to keep the momentum going once I get into my first investment property. 

Is this still available?

@Scott Wolf this would be a multi-unit. 2 family home. 

Hello,

I am working on putting together an offer for my first deal. The property is up the block from where I currently live in Long Island, New York. After running the number at various interest rates, worst case scenario's in terms of vacancy and expenses - the deal still comes out with cash flow in the region of $100-$600+  a month. 

The issue I'm running into, though I've only called a few conventional big bank lenders, is that I will need to put at least 20% down on a possible $350,000 sale price. At the moment 20% is unattainable for me however 10% is do-able. 

I'm looking for help in seeking finance options at the moment. The property is currently leased up with strong cash flow and leased until 6/1/2017. 

What are my options? Who are my options?

Thanks