All Forum Posts by: Tab Teehee

Daren, thanks for the congrats! I’d be lying if I said I didn’t have a pit in my stomach! I know in my gut that this is a great investment opportunity, but getting through the rehab and getting rents coming in to pay all the bills is daunting!!!!

Thanks Michelle! I really had no idea how long the appraisal would take but it is finally complete and we’re set to close on 5/31..,now the real fun begins. I think I’m being charged $3000 for the appraisl but I have yet to see a closing statement yet.

Thanks Dan! I’m so ready to get through this rehab and repositioning! I’m pretty stressed about all the uncertainty but I think I’ll survive. 

It’s a 20 unit property in a small town outside of Tulsa, Oklahoma. Excited that Google has a data center there that’s going through a 600+ million dollar expansion. Vacancy rates are low and rents are fairly high considering the size of the town.

Appraisal was completed 5/11 and I received a copy on 5/18. It was a very extensive appraisal, which I guess for $3000 should be! But all is good, closing 5/31!!!! First Multifamily property.

Hey Swanny, I actually heard from the appraiser for the first time today!! It’s been 3 weeks since the bank told me the appraisal was ordered. The appraiser is visiting the apartments on Monday....hopefully it won’t be another 3 weeks

Hello all! 3 weeks ago my lender told me my appraisal was ordered. Since that time my loan was presented to a loan committee for approval which I did receive! Still after 3 weeks no appraisal!!!! I’ve got contractors on stand by, insurance company waiting, property manager waiting and rates keep inching up!!! What the heck should I do? I contact the bank every couple of days and feel like I’m getting nowhere. Does this sound typical? My first ever commercial loan.

I guess your referring to the 50% rule?

Im not sure what numbers my bank is going to want to see? I’ve got cash reserves if needed and they’re giving me 80% 20 yr with a credit line of sorts for the rehab.

 Mike, I’m definitely aiming for less than $40k per door, probably closer to $35k. So what is a number, ratio, multiplier, etc., that the average Multifamily investor is looking for?

I did realize we don’t have electricity for common areas, so I would add $100 per month there