But, then when they ask me the rent, the terms, available date......

Investment Info:
Large multi-family (5+ units) commercial investment investment.

Purchase price: $420,000

Cash invested: $195,000

2023 Purchase Price - $420,000
Renovation Cost - $165,000
2024 Re...

Wait until the move-out date and confirm she's gone, then handle turnover like normal.

If they pay earlier than their set up date, unnecessary emails stating payments need to be set up go out.

The lender will not require any of the anticipated interest payments on date of origination and borrower will have lower cash to close requirement, although $15K in interest payments will be required to service loan through duration of project.Loan B: Lender requires $15K interest reserve funded by borrower at settlement.

- If you personally visit a new market, what exactly are you looking for during that visit other than touring some properties?

Loan: The loan on Braxton at Tamarron is a capped floating rate loan that is SOFR + 3.45% with a maturity date of January 2025 with two 1-year extensions available.

I think that’s why I don’t have more properties, because it has to be a great deal right from the get-go, and that usually means it needs a bit of work and is also dated, but a solid investment.

In essence, they hand-hold you through on how to do two things:  First, find and tie up a select vacant commercial property, then Second get a prospective tenant who would agree to move into that subject property at a future date. 

It has not been an easy process for them and has taken a lot longer than the anticipated dates.