All Forum Posts by: Shayne Whittington

Hi all,

Just trying to see what the typical costs would be to hold a construction loan for 9-12 months? What are typical rates I should experience when getting a construction loan? What are the qualifications for the loan as well?

Thank you in advance for your help!

Shayne

Hello everyone!

My mother just asked me how she can get started in real estate and I wanted to see if there were any meet ups in the Knoxville TN area that she could start going to? Please let me know if anyone is hosting meet ups in the area! Thank you,

Shayne

Hey all,

Wanted to ask if anyone here has any experience in dealing with LIHTC programs when investing in apartment buildings? Tenant protection last for another two years and they have the property priced at a 4% cap and the market value is 7%. My thought process would to run numbers with current NOI and market cap and go from there. I don't want to over pay for a property, especially when using investors money, just to wait for the property to cashflow in the next two years. Any advice on negotiations here?

Ive made the decision to job into Commercial Multi-family properties in the Kalamazoo Mi area and wanted to reach out to the BP community to see if anyone could point me in the right direction to find some commercial brokers and lenders they trust and know in the area. 

Also, id like to ask what lenders are looking for when it comes to commercial loans? I know its different that the standard sfh rental so Id like to see what you all have to say about that.

I appreciate any information given!

Thank you,

Shayne

@Jay Hinrichs

Total closing was $5521

@Jay Hinrichs

It cost $2871 in just loan costs for this property.

@Bo Kim

Thank you Bo,

ARV is one of my main focuses when looking at properties. But trying to find deals where the rents are also 1%+ of the ARV has been difficult. Are you finding that difficult too? And even when I do, it doesn't seem to cashflow well. I've Been trying to find 1.25% or high in rents.

@Allan Szlafrok

I appreciate the input! I’ll start contacting a few in my area!

@Joshua Baker

Thank you josh! My next property I’ll shop around a bit. Reason I haven’t done so before this is because it was a family member I was using as a mortgage lender. Probably my first mistake right there..

@Benjamin Piecenski

Yes the title info is in my name, and my three scores range from 761-779