Posted by Rich-CA on November 12, 2007 at 09:55:23:
I doubt that definition matches either federal guidelines or lender’s guidelines. In addition if you use the term “owner occupied” just about the only response you will get is “you live there”. That is referred to as a “common usage” definition. If you try and redefine a term so it suits your own wants, don’t expect people to either understand what you are talking about nor agree with you.
Owner Occupied Rates/? - Posted by PeteNc
Posted by PeteNc on November 08, 2007 at 21:19:50:
I bought a small self storage facility 25k sqft with a 1500 sqft office. It’s perfect for a small company to buy and run the self storage on the side. Anyhow, would this qualify as an owner occupied building, note it’d cash flow well from day one and the synergy of free office and no payroll for self storage are incredible. Can someone tell me what type of rates vs ltv to expect. Is 100% still avail. We had one quote for 90% at 9.25%.
Thanks,
Pete
Re: Owner Occupied Rates/? - Posted by Jim
Posted by Jim on November 11, 2007 at 05:13:03:
These property types are owner occupied unless you own the real estate and lease to the self storage company.
100% would probably not work.
9.25 on 90% is not bad depending on the rest of the terms (fixed period, PPP, margin etc…).
Re: Owner Occupied Rates/? - Posted by zach
Posted by zach on November 09, 2007 at 15:17:19:
What! You don’t have to live in it, for whoever said that, and secondley who would ever live in a commercial office or self storage building? Owner occ for commercial means your business is being run out of it. Anyhow I doubt your business is running out of a small self storage unit, but I don’t know ive seen weirder things!
Re: Owner Occupied Rates/? - Posted by Rich-CA
Posted by Rich-CA on November 09, 2007 at 10:41:10:
Do you plan on moving your bed, TV and fridge into the building and living there? It is not owner occupied just because the owner uses it. You gotta live there.
Re: Owner Occupied Rates/? - Posted by Max-Va
Posted by Max-Va on November 11, 2007 at 16:50:54:
If he is renting the units it is owner occupied
Re: Owner Occupied Rates/? - Posted by Max-Va
Posted by Max-Va on November 11, 2007 at 16:54:06:
Rich,
I own a car wash. I operate the car wash, even though it is self serve. My business is located there. It is owner occupied. I do not reside there.