My scaffold guy has been here 70 weeks and sees no end in sight.

@Curtis Bidwell - I'm glad to hear you've been able to handle conveyances independently, but this is dangerous in the extreme for anyone who is not intimately familiar with corporate principles, accounting matters, and even just the simple differences in the types of deeds and exemptions which may apply to each in various situations.

Maybe he is travelling or I guess he is tired of helping out with no return for his efforts in sight.

So in terms of contacting a commercial lender, are he rates and loan type usually follow the same principle as regular home conventional loans?

It is currently used as a Airbnb where it averages between $1000-1500 a month and this summer will be leased by students at $1200 a month including utilities.In principle we have negotiated a price of 99k fully furnished with a $1500 cash credit to me at closing.ROI would be 13-15% based on conservative estimates.Thanks in advance!

It's a sad sight.

Sales Price $525,000 Loan Amount $420,000 Down Payment $105,000 Interest Rate 4.60% Loan to Value 80.00% 8 Units (7 Apts/1 Retail) Term Mo. 360 Gross Income Total $108,000 Gross Income $108,000 Residential Vacancy 10% $10,800 Capex 5% $5,400 Total $16,200 Effective gross Income $91,800 Expenses Annual Figures R/E Taxes $8,640 Insurance Premium $4,200 (Estimate) Maintenance $5,400 Water/Sewer $2,220 Gas Heat $3,530 Common Electric $350 Management $5,130 (5% EGI) Garbage $1,105 Total Expenses $30,575 Net Operating Income (NOI) $61,225 Principle and Interest Pmt $25,837.28 NOI/PI $25,837.28 Debt Service Coverage Ratio 2.37 Monthly mortgage payment $2,153 Net income after mortgage $35,388 Return on investment (ROI) 33.7% Cap rate 11.7%

Bottom line, it is unethical and short sighted to tie up property when have little chance of closing the deal.

Once you have accumulated the necessary 20% equity in the property, whether through principle-pay-down, forced or natural appreciation, or a combination of multiple factors, you would then seek to refinance to a conventional loan with the 20% down payment already built into the property.

Then after the 10 years, I'd pay the principle?