Posted by reginald washington on July 16, 2005 at 10:35:38:
please email me with your contact informetion I am an investror/flipper currently looking for private money to finance multi family proeprties and some single families from 200,000-500,000
Real Estate Investment Strategy. Advise please. - Posted by Zucko
Posted by Zucko on March 26, 2005 at 06:46:11:
I’m a soon to be investor locted in New York. I have access to $600,000 in Lines of Credit. My plan is to buy multi family(5+ units) and apartment buildings. I want buy and hold each property in a LLC for long term investments.
I understand the power of being able to make cash offers to sellers. Some deals will use most of my $600k LOC’s and others will be partly funded with hard money lenders. Afterwards I will refinance for long term mortgage.
My issues are as follows:
Can I refinance the property for a commercial mortgage after owning it for only 30 days?
What will the LTV be based on, purchase price or appraised value?
Can it be done in the name of the LLC?
And can I do it non recourse?
Any advice, questions and comments will be greatly appreciated.
Re: Real Estate Investment Strategy. - Posted by Jimmy
Posted by Jimmy on March 26, 2005 at 08:28:33:
Can I refinance the property for a commercial mortgage after owning it for only 30 days? YES. I DO IT THIS WAY FREQUENTLY.
What will the LTV be based on, purchase price or appraised value? PURCHASE PRICE IS THE NORM. BUT COMMMERCIAL LENDERS CAN DO WHAT THEY WANT, AND ARE NOT BOUND BY THE SAME UNDERWRITING GUIDELINES AS HOME LENDERS. IF YOU FIND A LENDER WHO WILL MAKE COMMERCIAL LOANS OFF OF AN APPRAISAL SOON AFTER YOU PURCHASE, PLEASE POST THE INFO ON THIS BOARD.
Can it be done in the name of the LLC? OF COURSE, BUT YOU WILL BE ASKED TO GUARANTEE THE NOTE.
And can I do it non recourse? NOT SURE. THERE ARE N/R LOANS OUT THERE, BUT I DON’T KNOW ANYTHING ABOUT THEM.
Re: Real Estate Investment Strategy. - Posted by Don Eason
Posted by Don Eason on June 22, 2005 at 17:38:07:
I am a Hard Money Commercial Lender, and I will lend off that appraised value. I am only lending in Houston, Texas at this time, but will be expanding to other states in approx 90 day’s e-mail me with questions