30 year am on apt bldg
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30 year am on apt bldg (by ned [AL]) Aug 1, 2020 7:23 AM
       30 year am on apt bldg (by Robert,OntarioCanada [ON]) Aug 1, 2020 9:17 AM
       30 year am on apt bldg (by BRAD 20,000 [IN]) Aug 1, 2020 1:48 PM
       30 year am on apt bldg (by Natasha [MD]) Aug 1, 2020 4:46 PM

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30 year am on apt bldg (by ned [AL]) Posted on: Aug 1, 2020 7:23 AM
Message:

Is it reasonable to think I can get a 30 year am on a 24 unit apt building?

(I've always had 10 or 20 year amortizations)

--70.158.xxx.xx




30 year am on apt bldg (by Robert,OntarioCanada [ON]) Posted on: Aug 1, 2020 9:17 AM
Message:

Shorter amortization is better as building is paid off. If the lender can agree pay weekly instead of monthly where over a month the amount is the same but more equity is put into the building. As the building ages there needs to be funds to make major repairs along with capital to separate out utilities. Suppose in five years a roof requires replacement. Every component in house or building has a life expectancy where once those components wear out then replacement is required. A shingle roof has a short life expectancy where a metal roof more expensive upfront but over a period of ten to twenty years will cost less as will last longer. If have to replace three to four shingle roofs then one metal roof will cost less. All inclusive buildings the consumption is considerably higher then if separated out. Having a 100 per cent equity one does better in recession as there maybe more vacancies. --147.194.xxx.xx




30 year am on apt bldg (by BRAD 20,000 [IN]) Posted on: Aug 1, 2020 1:48 PM
Message:

ned,

If you mean ADJUSTABLE MORTGAGE I say stay away. Rates are at record lows so they can only go up.

The adjustable mortgages I used to have could go up 15% in one jump. So 5% now could be 20% one the next cycle.

If you mean AMORTIZATION we did 30 years when they came available. Cash flow for FREEDOM!!! was my goal. We "said" we could always make extra payments and speed up the process. Did we? Nah.

BUT...

For your own decision making, calculate the INTEREST PAID on that 30 years and look at the lack of principle if you hope to resell in a few years.

BRAD --73.102.xxx.xxx




30 year am on apt bldg (by Natasha [MD]) Posted on: Aug 1, 2020 4:46 PM
Message:

I spoke with my local banker on Friday who I've known for 15 years and he said the bank is pretty firm on a 20 year term in this market. I am shopping to refinance a 22 unit building with cash out - he quoted 70% ltv @ 4 - 4.25% fixed 20 year am. --212.102.xx.xxx



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