Real estate gurus! help! - GoFuckYourself.com

chowda · 10-07-2004, 12:34 PM

ok, so ive recently came across a very big big big deal that i would like some opinion on.

Ive got a seller who wants to sell their properties, im talking about over 100 units in different locations.

Now i got the price and what not, but i want to line up some financing.

my question is, who do i go for financing? i know the big 6 banks wont touch this.. so what are my other legal financing options? lol

Wiggles · 10-07-2004, 12:38 PM

Talk to Dino from Brooklyn, he'll lend you some money, but he wants something in return ;)

The Bootyologist · 10-07-2004, 12:39 PM

go to a mortgage brokerage

Kel · 10-07-2004, 12:43 PM

Quote:

Originally posted by The Bootyologist
go to a mortgage brokerage

Nice call. If you have ANY contacts in the Mortgage Brokering realm - I suggest you use them, immediately.

GTS Mark · 10-07-2004, 12:44 PM

http://forum.richdad.com/forums/tt.asp?appid=17

DH

Wiggles · 10-07-2004, 12:47 PM

If say you know of an apartment complex thats selling for about 500k, how much would bank expect you to invest of your own cash to loan you the money?

chowda · 10-07-2004, 12:54 PM

Quote:

Originally posted by Wiggles
If say you know of an apartment complex thats selling for about 500k, how much would bank expect you to invest of your own cash to loan you the money?

depends. i know that in my region, the big banks dont like taking multi units for rentals... i think many of them move it to commercial financing where u can expect to pay at least 33%

Wiggles · 10-07-2004, 12:55 PM

Quote:

Originally posted by chowda
depends. i know that in my region, the big banks dont like taking multi units for rentals... i think many of them move it to commercial financing where u can expect to pay at least 33%

Damn 33% is huge, no way I could afford that

chowda · 10-07-2004, 12:56 PM

Quote:

Originally posted by Wiggles
Damn 33% is huge, no way I could afford that

depends where ur from, im from montreal.. i think its different in the states.

theres always owner financing.. just give him a higher % than if he was to put that money in the bank.
just make sure ur rentals cover both payments.

strobi · 10-07-2004, 12:56 PM

Quote:

Originally posted by chowda
ok, so ive recently came across a very big big big deal that i would like some opinion on.

Ive got a seller who wants to sell their properties, im talking about over 100 units in different locations.

Now i got the price and what not, but i want to line up some financing.

my question is, who do i go for financing? i know the big 6 banks wont touch this.. so what are my other legal financing options? lol

Do you have credentials? Have a holding company allready? Don't start with something bigger you can handle

chowda · 10-07-2004, 01:01 PM

Quote:

Originally posted by strobi
Do you have credentials? Have a holding company allready? Don't start with something bigger you can handle

credentials? hmm, cant say i have any RE oriented, but i do know alot of bankers, notaries and evaluators.

ive figured a # company would work. This deal is between partners as well. but i just want to find my financing and what nots before thinking more about it.

GTS Mark · 10-07-2004, 01:19 PM

Chowda hit me up on ICQ, I might be interested.

DH

HammerALL · 10-07-2004, 01:21 PM

Chowda - hit me up on ICQ - 190-272-140 - I used to work in the Mortgage department for CIBC - I could recommend someone for you

quiet · 10-07-2004, 01:26 PM

over 100 units. how much?

goBigtime · 10-07-2004, 01:27 PM

Quote:

Originally posted by chowda
ok, so ive recently came across a very big big big deal that i would like some opinion on.

Ive got a seller who wants to sell their properties, im talking about over 100 units in different locations.

Now i got the price and what not, but i want to line up some financing.

my question is, who do i go for financing? i know the big 6 banks wont touch this.. so what are my other legal financing options? lol

The better question might be why they want to dump all their properties in the first place (click)

Persius · 10-07-2004, 01:31 PM

bump for ya chowda

chowda · 10-07-2004, 01:31 PM

Quote:

Originally posted by quiet
over 100 units. how much?

currently floating around 6mil. 6.5mil
he's not desperate, but he wants to let go of it.

city evaluated at around 5.3mil

HowlingWulf · 10-07-2004, 01:35 PM

A mortage broker would be able to hook you up with private investors, if you qualify. This might be too much to handle if this is your first deal. Where is it located? How many buildings total? Any building over 4 units fall under commercial and you're looking at 20% down minimum.

Quotealex · 10-07-2004, 02:42 PM

The are lots of options chowda. You have lots of trusts and insurance companies that will be more than happy to mortgage these type of properties at a rate less than you think (6.5% or less). Then you have lots private investors that will lend but a higher rate but still lessthan you think.

Hope this helps you a bit.

xdcdave · 10-07-2004, 02:48 PM

That's a huge deal if you're not already involved in commercial real estate. That isn't something you're going to get financed on without having a serious investment (25%+) or a track record.

I'd say find yourself a nice 3 or 4 family to start with. Do you understand the headaches of owning rental property? Esp that many units.

xxxdesign-net · 10-07-2004, 02:51 PM

Quote:

Originally posted by chowda
currently floating around 6mil. 6.5mil
he's not desperate, but he wants to let go of it.

city evaluated at around 5.3mil

wtf Chowda... how much are YOU considering putting is this? btw.. is it really the time to invest in real estate right now.. the prices seems to have reached the ceilling now...

NinjaSteve · 10-07-2004, 02:55 PM

For your situation definately should speak to a mortgage brokerage. I don't know about the investment on your part for this situation or where you live. But here you need to usually put down 20% when you're a new buyer and you already own property.

On a side note - Since you're in CAN and the properties are there, do you need to use only a CAN bank? Or would a US bank be able to help you out?

slapass · 10-07-2004, 02:57 PM

You need a commercial mortgage broker. Do not listen to these guys about size matters. 100 is not that big. The properties finance themselves. You are not that important. Based on Cash Flow is how much they will lend. Expect 20-25% down.

EZRhino · 10-07-2004, 03:02 PM

You gotta shop as many banks and financial institutions as possible and tell then that you need a investor loan. Any good loan officer will find a way to creatively lend you the money you need. Hope you have a lot of money in the bank and a good fico score. I dont know what state your in so its tough to mention who you might go to.
You may need to find a venture capatalists (VC) if you really want this to happen.
ICQ me if you want more details on my contacts in California and Nevada.
Hope this helped a bit

JFK · 10-07-2004, 03:39 PM

like some peeps have said 25-30% down , and you will need good credit even with that. No lender will give you any money unless you qualify. Rental propertys look great on paper, but there are a lot of headaches involved in running them as well.

chowda · 10-07-2004, 03:55 PM

well. i am dealing with 20 units currently...all good tenants

in terms of managing it, i would hire a professional property mgmt company.

i can pool together enough for a "down payment" but would just like to see what other financial institutes would offer financing to these kinda deals.

like alex said, i would look into insurance companies.. i hear they like lending to more risky ventures.

beemk · 10-07-2004, 04:04 PM

have you done anything like this before? if not you might want to start with something smaller to get the feel of it.

10-07-2004, 12:34 PM	#1
chowda Confirmed User Join Date: Jun 2003 Location: Gooch city Posts: 9,527	Real estate gurus! help! ok, so ive recently came across a very big big big deal that i would like some opinion on. Ive got a seller who wants to sell their properties, im talking about over 100 units in different locations. Now i got the price and what not, but i want to line up some financing. my question is, who do i go for financing? i know the big 6 banks wont touch this.. so what are my other legal financing options? lol __________________ Someone finds you... 2007 PS: Nationalnet is the best host I've ever had. And i tried alot of them.

10-07-2004, 12:38 PM	#2
Wiggles Too lazy to set a custom title Join Date: May 2004 Posts: 14,423	Talk to Dino from Brooklyn, he'll lend you some money, but he wants something in return ;) __________________ no sig

10-07-2004, 12:47 PM	#6
Wiggles Too lazy to set a custom title Join Date: May 2004 Posts: 14,423	If say you know of an apartment complex thats selling for about 500k, how much would bank expect you to invest of your own cash to loan you the money? __________________ no sig

10-07-2004, 01:21 PM	#13
HammerALL Confirmed User Join Date: Apr 2004 Location: Toronto Posts: 3,506	Chowda - hit me up on ICQ - 190-272-140 - I used to work in the Mortgage department for CIBC - I could recommend someone for you __________________ Mario Amaral AKA: Hammerall Affiliate Sales \| Email:[email protected] Skype: Hammerall \| ICQ: 190272140

10-07-2004, 01:35 PM	#18
HowlingWulf Confirmed User Join Date: Nov 2001 Posts: 1,662	A mortage broker would be able to hook you up with private investors, if you qualify. This might be too much to handle if this is your first deal. Where is it located? How many buildings total? Any building over 4 units fall under commercial and you're looking at 20% down minimum. __________________ WP Porn directory/review theme Maddos $35. webmaster AT howling-wulf.com

10-07-2004, 12:39 PM	#3
The Bootyologist So Fucking Banned Join Date: Jun 2004 Location: m00dville Posts: 2,912	go to a mortgage brokerage

10-07-2004, 12:44 PM	#5
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	http://forum.richdad.com/forums/tt.asp?appid=17 DH

10-07-2004, 01:19 PM	#12
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Chowda hit me up on ICQ, I might be interested. DH

10-07-2004, 01:26 PM	#14
quiet we'll miss you our friend. RIP Industry Role: Join Date: Sep 2001 Location: Fernie, BC Posts: 25,115	over 100 units. how much?

10-07-2004, 01:31 PM	#16
Persius Tap into MOBILE! Industry Role: Join Date: Jul 2003 Location: Hollywood Posts: 11,779	bump for ya chowda

10-07-2004, 02:42 PM	#19
Quotealex Confirmed User Join Date: Sep 2001 Location: The Global Digerati Village Posts: 6,265	The are lots of options chowda. You have lots of trusts and insurance companies that will be more than happy to mortgage these type of properties at a rate less than you think (6.5% or less). Then you have lots private investors that will lend but a higher rate but still lessthan you think. Hope this helps you a bit.

10-07-2004, 02:48 PM	#20
xdcdave Confirmed User Join Date: Feb 2003 Location: North East Posts: 1,911	That's a huge deal if you're not already involved in commercial real estate. That isn't something you're going to get financed on without having a serious investment (25%+) or a track record. I'd say find yourself a nice 3 or 4 family to start with. Do you understand the headaches of owning rental property? Esp that many units. __________________

10-07-2004, 02:55 PM	#22
NinjaSteve Too lazy to set a custom title Industry Role: Join Date: Dec 2003 Posts: 11,089	For your situation definately should speak to a mortgage brokerage. I don't know about the investment on your part for this situation or where you live. But here you need to usually put down 20% when you're a new buyer and you already own property. On a side note - Since you're in CAN and the properties are there, do you need to use only a CAN bank? Or would a US bank be able to help you out? __________________ ...

10-07-2004, 02:57 PM	#23
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	You need a commercial mortgage broker. Do not listen to these guys about size matters. 100 is not that big. The properties finance themselves. You are not that important. Based on Cash Flow is how much they will lend. Expect 20-25% down.

10-07-2004, 03:02 PM	#24
EZRhino Confirmed User Industry Role: Join Date: Jul 2003 Location: couch Posts: 6,258	You gotta shop as many banks and financial institutions as possible and tell then that you need a investor loan. Any good loan officer will find a way to creatively lend you the money you need. Hope you have a lot of money in the bank and a good fico score. I dont know what state your in so its tough to mention who you might go to. You may need to find a venture capatalists (VC) if you really want this to happen. ICQ me if you want more details on my contacts in California and Nevada. Hope this helped a bit

10-07-2004, 03:39 PM	#25
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	like some peeps have said 25-30% down , and you will need good credit even with that. No lender will give you any money unless you qualify. Rental propertys look great on paper, but there are a lot of headaches involved in running them as well. __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

10-07-2004, 03:55 PM	#26
chowda Confirmed User Join Date: Jun 2003 Location: Gooch city Posts: 9,527	well. i am dealing with 20 units currently...all good tenants in terms of managing it, i would hire a professional property mgmt company. i can pool together enough for a "down payment" but would just like to see what other financial institutes would offer financing to these kinda deals. like alex said, i would look into insurance companies.. i hear they like lending to more risky ventures. __________________ Someone finds you... 2007 PS: Nationalnet is the best host I've ever had. And i tried alot of them.

10-07-2004, 04:04 PM	#27
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	have you done anything like this before? if not you might want to start with something smaller to get the feel of it. __________________ I host with Vacares