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All Forum Posts by: Yash Bajpai

Yash Bajpai has started 4 posts and replied 14 times.

@Henri Meli : very sound advise. thank you! 

Post: Community Banks in Salem

Yash BajpaiPosted
  • San Jose, CA
  • Posts 16
  • Votes 1

@Liwen Gu Just interested in investing. 

Post: Community Banks in Salem

Yash BajpaiPosted
  • San Jose, CA
  • Posts 16
  • Votes 1

@Liwen Gu thank you for suggesting the Pioneed trust bank. How is the move to Salem treating you so far? 

@Jeremy Seely: with the rise in interest rates, what did you decide on with your commercial mortgage? can you share your deal and the experience please?

Post: CA entrepreneur starting with REI in Salem, OR

Yash BajpaiPosted
  • San Jose, CA
  • Posts 16
  • Votes 1

@Account Closed so what did you end up buying? I am looking at that area now and working with a local realtor there so i find myself in a similar situation that you and lot of the others in this thread were 5-7 months ago.

Do share, what and where you ended up please!

Post: Are you a Multi-Family owner in Salem? Let's meet

Yash BajpaiPosted
  • San Jose, CA
  • Posts 16
  • Votes 1

@Andrew Jurinka Hello there!!

I am interested in MF in Salem area as well. I come up to Portland for work often but i will mostly be an out of state investor. I am working with an agent and will be talking to him today on the right opportunities for me. 

Any advise suggestions you have for me on Salem or other nearby areas that are good for MF investment then PLEASE do share with me. 

Cheers,

Yash

this is a great piece of advice. so basically if i can get qualified for a million dollar loan then my loan terms can be better than commercial sub million dollar loan. what do first time investors do typically? go big and get better loan terms or start smaller and learn?

@Michael Le : yup, i agree. ideally i would like to go as large as i can go without being fiscally irresponsible and since i am a newbie to this, dont want to bite off more than i can chew. Having said that, i do appreciate your suggestion on a B class area. I am looking for a C class property in a B class area so i can value-add and get better noi. (so many things to learn...so many things i dont know that i dont know...)


Originally posted by @Michael Le:

@Yash Bajpai, 10-20 units is small for out-of-state investing. I'm not saying it's impossible but just harder. At the very least try to buy in a B class area because the combination of remote, small, lower class tenant demographics is going to be killer.

@Hadar Orkibi Thank you for that tip! opening a local checking/saving account makes sense to make it 'win win' for the bank. 

Originally posted by @Hadar Orkibi:

It depends on the bank @Yash Bajpai , probably a local bank which is all over the state will be better then very small/ family owned bank type. this are much stricter and often just want to work with Local state residents with some track record. 


you could contact a local mortgage broker that could shop for you.

And, if you are planing to buy in this state it is wise to open a checking or saving bank account with one of the local banks.

@Michael Le: I am considering a small to medium size apartment complex in the 500-1m range. let me know if you have something you can forward my way to seriously consider.

Thank you for all your responses so far. So the unanimous response seems to be to go with a local to property regional bank. Perhaps not too small of a bank too. That helps.

I am also assuming that many of these regional/small banks/credit-unions may not have extensive online presence so i have to pick up the phone and do it the old fashioned way (but not 'too' old fashioned way of going there in person...as that would be very hard for me to accomplish for every potential opportunity i find).


Originally posted by @Michael Le:

You'll likely have better luck with a local-to-property bank as they better understand the local area and market. I would caution going too small on an out of state property though as managing it will be harder for you. What size are you considering?

I am looking for out of state MF or small apartment complexes. My question is what are my options for financing such commercial properties?

Do people have success going to a small local-to-property bank to get financing for an out-of-state investor?

or going to small local-to-investor bank to get financing for out-of-state commercial property?

Or perhaps there is another approach to this? what are your thoughts?