Real estate gurus! help!

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  • chowda
    Confirmed User
    • Jun 2003
    • 9527
    #1

    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.
    Tags: None
    • Wiggles
      Too lazy to set a custom title
      • May 2004
      • 14423
      #2
      Talk to Dino from Brooklyn, he'll lend you some money, but he wants something in return ;)
      no sig

        Comment

        • The Bootyologist
          So Fucking Banned
          • Jun 2004
          • 2912
          #3
          go to a mortgage brokerage

            Comment

            • Kel
              Confirmed User
              • Mar 2003
              • 591
              #4
              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.
              Trust Me...

              They wouldn't be in my sig if they didn't convert well!

                Comment

                • GTS Mark
                  Vrume Mark
                  • Jan 2001
                  • 20912
                  #5
                  http://forum.richdad.com/forums/tt.asp?appid=17

                  DH

                    Comment

                    • Wiggles
                      Too lazy to set a custom title
                      • May 2004
                      • 14423
                      #6
                      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

                        Comment

                        • chowda
                          Confirmed User
                          • Jun 2003
                          • 9527
                          #7
                          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%
                          Someone finds you...
                          2007

                          PS: Nationalnet is the best host I've ever had. And i tried alot of them.

                            Comment

                            • Wiggles
                              Too lazy to set a custom title
                              • May 2004
                              • 14423
                              #8
                              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
                              no sig

                                Comment

                                • chowda
                                  Confirmed User
                                  • Jun 2003
                                  • 9527
                                  #9
                                  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.
                                  Someone finds you...
                                  2007

                                  PS: Nationalnet is the best host I've ever had. And i tried alot of them.

                                    Comment

                                    • strobi
                                      Confirmed User
                                      • Nov 2002
                                      • 7383
                                      #10
                                      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

                                        Comment

                                        • chowda
                                          Confirmed User
                                          • Jun 2003
                                          • 9527
                                          #11
                                          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.
                                          Someone finds you...
                                          2007

                                          PS: Nationalnet is the best host I've ever had. And i tried alot of them.

                                            Comment

                                            • GTS Mark
                                              Vrume Mark
                                              • Jan 2001
                                              • 20912
                                              #12
                                              Chowda hit me up on ICQ, I might be interested.

                                              DH

                                                Comment

                                                • HammerALL
                                                  Confirmed User
                                                  • Apr 2004
                                                  • 3506
                                                  #13
                                                  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

                                                    Comment

                                                    • quiet
                                                      we'll miss you our friend. RIP
                                                      • Sep 2001
                                                      • 25115
                                                      #14
                                                      over 100 units. how much?
                                                      we'll miss you our friend. RIP

                                                        Comment

                                                        • goBigtime
                                                          Confirmed User
                                                          • Nov 2002
                                                          • 7761
                                                          #15
                                                          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)

                                                            Comment

                                                            • Persius
                                                              Tap into MOBILE!
                                                              • Jul 2003
                                                              • 11779
                                                              #16
                                                              bump for ya chowda

                                                                Comment

                                                                • chowda
                                                                  Confirmed User
                                                                  • Jun 2003
                                                                  • 9527
                                                                  #17
                                                                  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
                                                                  Someone finds you...
                                                                  2007

                                                                  PS: Nationalnet is the best host I've ever had. And i tried alot of them.

                                                                    Comment

                                                                    • HowlingWulf
                                                                      Confirmed User
                                                                      • Nov 2001
                                                                      • 1662
                                                                      #18
                                                                      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

                                                                        Comment

                                                                        • Quotealex
                                                                          Confirmed User
                                                                          • Sep 2001
                                                                          • 6265
                                                                          #19
                                                                          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.

                                                                            Comment

                                                                            • xdcdave
                                                                              Confirmed User
                                                                              • Feb 2003
                                                                              • 1911
                                                                              #20
                                                                              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.

                                                                                Comment

                                                                                • xxxdesign-net
                                                                                  My hips don't lie
                                                                                  • Nov 2002
                                                                                  • 10129
                                                                                  #21
                                                                                  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...
                                                                                  Last edited by xxxdesign-net; 10-07-2004, 01:52 PM.

                                                                                    Comment

                                                                                    • NinjaSteve
                                                                                      Too lazy to set a custom title
                                                                                      • Dec 2003
                                                                                      • 11089
                                                                                      #22
                                                                                      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?
                                                                                      ...

                                                                                        Comment

                                                                                        • slapass
                                                                                          Too lazy to set a custom title
                                                                                          • Nov 2002
                                                                                          • 14625
                                                                                          #23
                                                                                          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.

                                                                                            Comment

                                                                                            • EZRhino
                                                                                              Confirmed User
                                                                                              • Jul 2003
                                                                                              • 6258
                                                                                              #24
                                                                                              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

                                                                                                Comment

                                                                                                • JFK
                                                                                                  FUBAR the ORIGINATOR
                                                                                                  • Jan 2002
                                                                                                  • 67373
                                                                                                  #25
                                                                                                  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
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                                                                                                    • chowda
                                                                                                      Confirmed User
                                                                                                      • Jun 2003
                                                                                                      • 9527
                                                                                                      #26
                                                                                                      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.

                                                                                                        Comment

                                                                                                        • beemk
                                                                                                          CLICK HERE
                                                                                                          • Jan 2002
                                                                                                          • 20829
                                                                                                          #27
                                                                                                          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

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