Need A Few Teams
Hello again,
I am looking at doing some small commercial investing in Pittsburgh, Cleveland, and Baltimore.
Does anyone have the name and contact info of a good agent in any of those areas? Someone who is plugged in to good people, contractors, lenders, property management, etc?
Thanks
I might be able to help you for some Balto. contacts.
And, maybe Pittsburg, too, depending....
What r u looking to do/for?
That was why I asked. I have a great CPA, title co attorney, and agent(s) and lender outside of Balto. (AA county)
I aso have a close contact who is an agent in DC who is from Pittsburg, so I am sure he has excellent contacts.
I would prefer to know what you are thinking of doing before I suggest. You can email me (ce42day at yahoo) if you want to.
your starting in the right place with regards to zoning,
permits, and planing dept. But the primary question is one of viability. What are you buying? What are your plans for this property/investment? Holding for a certain term or exit strategy? Other successful projects in area similar to this one? These are the sort of questions lenders or mortgage brokers will want to know. If your project is deemed a winner, then they look at you, your experience and lastly LTV. Your LTV is great, everything else needs to be look at by a pro.
seabiscuit is correct. You should do a prelim feasibility study to determine the potential return if you do convert to apts. If you can develop a plan, proforma, and get a timeline for approvals you can find a construction lender to help you acquire the current property, demolish and start new all wrapped into one construction loan. That may be easier than tying up the land now, for which lenders will extend a loan based on current property financials. If the motel has solid financials you wont have any problem getting a 56% LTV loan and leaving the seller financing out. If not, you may ahve to resort to the seller financing route.
Another way, might be to JV with the current owner, move forward with the plans and application to upzone and then place a lien on the proeprty for new construction. That way you can use any remaining equity already in the property as equity for your construction loan.
Fire your accountant! Anyone who instructs you to lien your personal residence for a project does not have your interests in mind.
Let me know if you can recommend anyone in Florida.