All Forum Posts by: Darryl Dahlen

I agree, there is barely any non-recourse financing to be had these days. As mentioned, outside of Fannie/HUD, you really need to expect to sign a personal guarantee.

I just received a quote from a bank for someone looking to buy a multi-family that is 5.5% fixed on a 5/30 loan. That offer comes with very little in the way of closing costs, BUT it is recourse.

I agree with you about not trusting proformas. Almost without exception, the reality is a different story that the one that was presented.
We almost always request the past 3 years financials. Those can either be tax returns, audited financials from an accountant, or a combination of the two.
Getting YTD numbers verified can be a little more tricky since getting those numbers verified can take time and money, and in most cases because of time constraints, that isn't in the cards.

As someone who works in commercial finance, there are a lot of factors that one should consider if they need financing.
Just some of those include:
-Verification of historical financials. That means requiring audited financials.
-Looking at any leases in place with regards to term, exit clauses, and if they are N, NN, or NNN.
-Are there any environmental factors? Do you need to have a phase 1 done?
-Are there any market conditions with regards to saturation/absorption?
-Is the debt service ratio sufficient to cover debt?
-What is the NOI and does that number support the value?
-Is there a competent property management company in place?
-Is there any deferred maintenance or immediate repairs needed?

I could go on, but I think that list covers a lot of the basic items one should think about (if they are applicable that is).

Looking for properties when you are half a world away must be a daunting task.

Already knowing which US market you want to invest in definitely makes your job easier so you have that going for you.

My suggestion would be to start searching for turnkey property sellers in CA. That search should give you some options where you can start to narrow your selection down from there.

Once you find a list of sellers, it becomes a process of elimination. By doing your DD of the sellers you find, you can start to eliminate them based on what your investing criteria is. Hopefully, what you'll be left with will allow you to start looking for properties in earnest.

I'm sure there are a lot of factors you are personally look for in a property (market, ROI, price point, vetting process of the tenant, price of property management, perhaps if they offer any seller financing, etc.).

Your vetting process of the sellers you find should help to make your path to investing here much clearer.

If I read what your saying right, something definitely happened that shouldn't have been able to. Not without your participation that is.

The Kindle app is great. Especially, since you can get the Amazon app to download books from the free selection.

I'd also recommend ShopSavvy. You can use the camera to scan a barcode and the phone will search prices on the internet AND stores around you to show you the best price.

Of course Pandora (already mentioned) is a must, and if you like local radio then iheartradio is good to have.

It's good to hear that at least you have it under contract. At the very least, it is a situation where your headache is almost over.
I'm sure you'll be glad to put an end to this chapter and move on.

The amount you are looking for limits the amount of real players. A lot will look at your scenario for 5-25K, but unfortunately, that's where a lot of deals end.

Outside of a couple specific situations related to multifamily or medical projects, I don't have a horse I could put in the race.

You may want to do some searching for who is closing similar deals in your area.

A quick google search for "Florida commercial real estate news" yielded a couple sites where you can look at recent activity. At least you'll know who is actually closing deals in your market.

All I can say is do your DD. It looks like you are kissing a lot of frogs in your search for funds.

Their name has been brought up before with less than favorable commentaries from people who claim to have had dealings with them. I cannot speak as to if those claims are true or not, but if you have to ask then I suspect you already have your answer.

There are lenders closing 20M deals out there. Not many, but they are out there.

As you can imagine, there are many more deals then there is money for. With rare exception, only the cream of the crop is being funded once you get up into that arena.