All Forum Posts by: Tedros Fremichael

I love reading all these threads. @Stephanie Diemel Bartlett you can not go wrong with investing in Grand Rapids or Kzoo. I live and worked in Grand Rapids my entire life and love it here. It can be tough to find good multi family properties here, if you do don't hesitate. Also be very aware of areas to buy in. I've always like the Fulton heights neighborhood partly because thats where I was raised and because it's going crazy with the always expanding Aquinas College. In 2000 my parents sold our first home for $80,000 and now that same street I've seen homes go up towards the upper $250's. Its becoming a college rental neighborhood. So keep an eye on the 49302 zip in Grand Rapids. If you have any questions just ask and good luck.

@Todd Dexheimer thanks. Went to my local credit union today a talked to a loan officer and got the run down. 5 year, any where between 5.25%-7% , 25% down, rent roll.

@Kyle

@Kyle Ransom thanks I look into that, is there a excel modeler I can access online or a program I can purchase? What do you use?

@Steve Vaughan Thanks. So there are lenders out there that don't make you refi every 5 then?

@Richard Sherman thanks you guys have been so helpful to opening my eyes to this new world. Much appreciated.

Thank you @Marcia Maynard all 6 units are on the same tax lot. I do not own my home free and clear. 

Thank you @Calvin Lipscomb I will most likley hold it in a llc. I'm going to be visiting a couple lenders today.

Thank you @Richard Sherman the cost is $600 there will def need to be some repairs but won't know the magnatuide till after the inspection process of course. All units are being rented so It can't be that bad right? haha

Hello, I am considering buying a 6 unit apartment building so I'll need a commercial loan and this is my first building. My question to all experienced investors is what should I know when seeking a loan and the process. I am a full time residentail real estate agent and I own a home possibly looking to pull equity from, I have around $50k cash and plan on pulling money from a 401k for a down payment. I also have a co-signer if need be. The building Im looking to acquire makes $6150.00 a month. Just looking for advice and guidance. Thanks