All Forum Posts by: Toby Khan

Hey guys! Hope everyone is doing well. My agent mentioned that a  fourplex is for sale in South St Paul but 2 of the units are currently vacant. Is it a decent area for rentals? I have invested in the suburbs but never in St Paul. Also is the city investor friendly? Are investors in the area having a hard time filling empty units? 

Hi there! Do you think south St Paul is investor friendly. 

@Robert Painter congratulations! It’s the beginning of a great journey and freedom.

@Steven Bowdich as long as you run your numbers it should work and if cash on cash in low then move into next deal. Usually on commercial loans it’s 20%-25% down payment(relationship with local bank) rate between 4-4.75 (depending on your credit & debt), 20-25 year amortization (in small multi family it’s 20 & large multifamily it’s 25) and 5 year term (some banks do as long as 20 in Oklahoma). Keep in mind after 5 years rate gets adjusted to market rate at that time. If your numbers are still good with these variables then pull the trigger. 

Software Engineer here. But I rather be Real Estate investor 100% LOL.

@Steven Bowdich-Try Union State Bank. They have been great for investors.

By the way-Thanks to all the investors in Wichita!!! I truly appreciate your advice/suggestions & honesty regarding the area. I am on track to close 8 units (portfolio of duplexes) this month.

@Stephanie Brinkley-I like to personally thank you for scouting the neighborhood.

I will be investing more in Wichita-I love that town & made some life long friends there. Once again thank you! Please let me know if I can help in any way & I will jump in.

@Kevin M Dobyns-Do they provide commercial loans for rentals or buy to live for a certain amount of time then list it as rental?

@Steven Bowdich-Called around few banks in Wichita & found out 5 year term is normal in that market for commercial loans. Ultimately it will depend on the property (banks perform stress test-debt ratio)-but I think 5 year term is what I found so far. However in OKC area banks are more into 10 year term (majority I spoke to ) but property will have to be in Oklahoma. 

@Greg Shuflin-3 things we look for when going out of stat are-Job growth, population growth & Diversity in employment. Most of these data you will find in census & some online research.