All Forum Posts by: William Lu

Hi Chris. Thanks for the inquiry.

It is an office space. Currently no tenants. The place was previously owner occupied and I plan on purchasing the property as an investment to be rented out.

The place is in a medical plaza so I plan on renting it out as a pharmacy or any other office use.

0 Votes

Columbia, South Carolina

I live in California and found an off market deal for a commercial property in a different state. I plan on renting it out.

However, I am having trouble finding any lenders.

*BoA says they don't do commercial loans for commercial investment properties, only for businesses.

* I tried contacting a local mortgage broker, but she didn't find anything .

* Local credit union is out of the question because I don't live in that state.

Any tips on finding a lender would be much appreciated.

1 Vote

Columbia, South Carolina

Hi all,

I'm looking for a Chinese speaking commercial real estate agent.

The property is a restaurant in the city of Monterey Park.

I am highly interested in the property but am not experienced so I have a great deal of questions.

Please reach out to me for services or agent referrals.

Thanks,

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Originally posted by @Ali Boone:

Hi William! When you say your sister recommended buying a house....for yourself or just as an investment property?

Not to be a huge buzzkill, but you won't find much in terms of nice rental properties in decent areas that meet the 2% rule anywhere in the country right now (which is absolutely not a deal-breaker, there are plenty of good properties out there), but you most certainly won't get it anywhere near SB or LA. You won't get it in CA at all. There's no cash flow in SoCal right now....which is what the 2% rule pertains to.

There are plenty of options fro workarounds in general though! Happy to chat anytime. I live in Venice.

Thanks Ali,

My sister mentioned both options, buying for myself or investment.

It's likely that I'll invest out of state but I still need to spend a good amount of time researching for any viable options in SoCal or up and coming areas out of state.

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Originally posted by @Account Closed:

@William Lu...if you're willing to venture into Ventura county I'm sure you could find a house hack that cash flows pretty well.

Let me know the next time you're in LA County- I'm based in the San Fernando Valley and always down to meet up for coffee/hop on a quick phone call.

Thanks, I'll check out Ventura though it's likely I won't do a house hack due to distance from work.

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@Logan Allec, thanks for the tips.

I've considered owner-occupied multifamily but prices are a bit steep in SB where I work. I would likely have to search for a nearby county to make this work.

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@Aaron K., @Andrew Johnson, @Christine Grimley

Thanks for the advice.

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Hi BP,

Getting more interested into REI, I would like to assess my personal financials.

On top of my head, some main factors are income, debt, FICO, and rental fees.

I feel that there is much more to consider.

What information would a lender want to know?
Are there any blog post or documents that I can refer to?

Thanks,

William

1 Vote

All Forum Posts by: William Lu

William Lu has started 4 posts and replied 13 times.

Post: Having Trouble Finding a Loan for an Out of State Commercial Property

Post: Having Trouble Finding a Loan for an Out of State Commercial Property

Post: Having Trouble Finding a Loan for an Out of State Commercial Property

Post: Having Trouble Finding a Loan for an Out of State Commercial Property

Post: Looking for Commercial Real Estate Agent in LA

Post: Neophyte from Santa Barbara and Los Angeles, CA

Post: Neophyte from Santa Barbara and Los Angeles, CA

Post: Neophyte from Santa Barbara and Los Angeles, CA

Post: How to Assess Personal Financials?

Post: How to Assess Personal Financials?