All Forum Posts by: Mark Turner

I wanted to thank you all for your advice. I did end up making an offer, but it was not accepted. A good exercise for me though as I evaluated the opportunity.

Hi, I'm looking for some suggestions on financing for a 5 family. I have funding available locally for residential mortgages from 1-4 family. I have home equity options on my primary as well. However, on the property itself...once it hits 5 family, the banks want me to look at commercial loans. I have not worked with commercial loans in the past.

I'm looking for a suggestion or guidance on what terms are acceptable. The casflows for the home are positive on 15 and 30 year money on traditional mortgages. What should I expect to see when I meet with commercial lenders? and are there any locally or nationally that you recommend? I'm in New York (Upstate).

I appreciate your feedback.

Thanks for the quick responses. Its multi (over 4). I don't want to share too much as ive evaluated the financials and it works for me above the assessed values. However, I will be taking cash out of my primary home to potentially finance the deal. My plan is to acquire the property at my target price with my home equity funds then at some point...pay off the equity loan with a loan against the investment property.

Hi, I'm new here as a poster, but a frequent reader of the posts and newsletter. A great place for information.

I am looking at a property that potentially looks like a good opportunity if the price is right. However, the the sell price is significantly over the current town assessment (here in NY assessments are annual and at 100%). So, I must consider that when seeking financing.

My question is simple...when evaluating a investment purchase...how do you handle the current assessment in your evaluation?