All Forum Posts by: Silas K Garrett

Hey guys and gals

I have a commercial property that i plan to build some rental space on. Id love it if anyone could try and poke some holes in this deal, and tell me what i missed. The bank i have been talking to wants to do a construction loan but they aren't so forward about the details of the loan being loan term, interest, down payment, and if i can roll my first 6 month of loan payments into the deal. SMH. Any advice on lenders would be much appreciated. sorry for my lack of experience posting but i'm learning:) 

Thanks 

Kyle

8181 Wickson Ridge Commercial rental

2 - Metal Buildings approx 8400 sqft Each

8 - Units approx 2100 sqft each

.50-.75 per sqft of rents ($1200.00 per unit)

Costs For building (based off my High Quotes) - $100,000.00

Parking lot - $50,000.00

Septic System - $15,000.00

Electrical - $20,000.00

Metal Building - $100,000 Delivered ($50,000.00 Each)

Concrete and flat work - $128,000.00

Land - $36,550.00

Install Building - $10,000.00

Concrete Water Drainage - $36,000.00 (optional has to be approved by developer and neighbor)

Unseen cost - $20,000.00

Total

$415,550.00

Rents per month

$9,600.00

ARV with typical cap rate(10%)

is $860,000

Loan Payment with tax and insurance

$3,000-$3,600

Hey guys and gals! 

I just wanted to introduce myself. My name is Silas Garrett but you can call me Kyle. I'm 25 years old.  I was born in Bryan so been around this market for quite some time. I've been married to my Beautiful wife Elizabeth Garrett for almost 2 Years in April. We have a young daughter named Ariana Grace. I work as a Property Damage Appraiser, mainly writing automotive currently but in the process of getting trained to write damage claims on houses. I read the Rich Dad Poor Dad book about 6-8 month ago, that has set my Ambition on FIRE. I'm finally in a place were i'm ready to start investing in rental property (Commercial and Residential). My long term goal with investing is to move over full time and be set free from having the conventional JOB. Bigger Pockets Podcast has already been such a blessing and i'm excited to start getting to know every one.