All Forum Posts by: William Bowers

 Yes, that is what I am doing. (Portfolio loan) the bank is giving me an option to do a residential appraisal or a commercial appraisal. My question is on the appraisal and how they differ. A residential appraisal is $400 when a commercial appraisal is $1000+. Would it benefit me to get the commercial appraisal?

 Yes, that is what I am doing. (Portfolio loan) the bank is giving me an option to do a residential appraisal or a commercial appraisal. My question is on the appraisal and how they differ. A residential appraisal is $400 when a commercial appraisal is $1000+. Would it benefit me to get the commercial appraisal?

Good evening, 

I am in in the process of refinancing one of my multi family properties (2unit). I now have a choice to either do a residential or commercial refinance. I have never done a commercial refinance. Would it be beneficial to pay the extra money for the commercial appraisal since it is just a 2 unit property?? Can someone explain to me how the valuation is calculated when doing a commercial loan?

Property details:

102k Purchase price (no debt owed)

Monthly income $2,750

 Sawyer, Have your parents/guardians put your name on there utility bills, phone bill etc. this will build your credit history and when you turn 18 you will have 2 years of consistent payments (as long as your parents/Guardian pay the bills) Most banks will want 2 years of payment history for a mortgage. 

Bjorn, Thank you for that information! I am currently looking at AMEX cards. Have you always used Capital one? Is that what you would recommend?

Javier, it depends on the area and local laws. In my opinion it 100% adds to your property IF you can sell it as an STR/business. My STR in NY I can not sell my property as a STR do to local laws. Therefore it doesn't matter if I make 100k a year on the one unit STR unit. My permit is not transferable therefore I would sell the property as a Regular multi family unit. In my case it does not raise the value. If your STR can be sold as an STR (permits/local laws permits) then yes I would say it would adds value to your property. It also takes a certain type of person to recognize that value increase as the majority of people will see it as a regular property.

how should you use your cash account? What do you use your cash account for?

I have 6 units 5 long term and 1 STR. Im starting to see a decent amount of cash flow (average is a little less than 10k) I pay some utilities and some tenants pay there own. Obviously have mortgages, taxes etc. I am in the process of getting a business credit card. Should I start paying for everything on this credit card then pay it off monthly with the cash account? Does anyone recommend a specific use for a company card?

I look for dumpsters... Anywhere there is a dumpster there is most likely an older landlord that got beat up and warn down during COVID. With dumpsters also comes lot of work just depends on how much you are willing to do. (Also good for negotiating)  

Has anyone done any business with Grant Cardone? Wether it was investing in a deal, getting a deal funded, going to a seminar etc… If so how was your experience?

I like what he has to say but I feel I'm doing very well for doing everything on my own. Is it worth investing with him? Or should I just keep investing in Myself? ( I own 4 units 1 STR and 3 long term. I am working on my 3rd deal which will take me to 6 total units. I am still only 21 years old)

 Thank you David!