All Forum Posts by: Christopher Giannino

I feel like bank would only trust me with MAYBE two houses lol <- what's your thought process of this... why do you think they will only allow you MAYBE two houses?

@Pablo Barrientos

If they are adhering to everything stated in their lease and the only motivation here of you "evicting" is because you want to increase your bottom line, it's going to be impossible.  I would either 

1. Buy them out of their lease... e.g. Cash for keys

2. Not renew their lease come June 30.  <- make sure you follow the correct notice timelines as NJ is strict.

Like I said though, your best bet would be to just talk to an attorney and then go from there.

@Pablo Barrientos

I would definitely consult a lawyer because based on what you've said above, I don't think you can legally evict.  Best of luck!

I'm not trying to be rude here but 2 things about your post... 

1. The definition of Fraud: a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.  You posted on the internet (a public place) the intent to commit fraud so it now makes it that much easier to be caught.

2. You're trying to justify the situation with people who responded to your post explaining how their opinion of it being fraud is wrong.  Either take what they say or don't that's your call but I'm pretty sure they aren't going to change their minds...

I'm a relatively new investor so please take what I say as a grain of salt but it *potentially* could be worthwhile to refi in order to achieve more cash flow. You said you originally received a mort. for $125,000 at 5%. If that is truly the case, according to mortgage calculators your monthly P&I payments are probably around the $670/month. Now that you have over 80% LTV, you could potentially refinance out and reduce your monthly P&I payment.

Let's assume your condo still will only appraise for $125,000. 80% LTV of $125,000 puts you at a maximum Convention refinance loan of $100,000.  Now let's say you can get a conventional loan for $100,000 with an interest rate of 5.25%, your monthly P&I would reduce and now be around $552.  Even though your interest rate went up, your monthly payment went down by $118 because the entire loan is based off a lesser amount.  You'll now have an extra $118/month of cash flow which you could use to help pay the loan even further ahead. 

There are a lot of IFS in this scenario so just make sure you run the numbers.  What happens if the loan interest rate is higher?  What happens if the condo appraises for less?  Also, just know by refinancing it will cost $$ for closing costs so make sure to include that into your calculations.

@Jordan B.

Is this an owner occupant loan? I'm just wondering maybe the PMI expense is built into the interest rate? Reason why I say that is because I just closed on refinance for an OO loan and my interest rate is 4.625. If this is a local bank, maybe they intend to keep the loan in-house and so they inflated the interest rate in order to allow for no PMI.

Below is a link to Home Depot's website on the price.  I've heard that Luxury Vinyl Planks are the way to go!  Lots of investors are using them nowadays.

https://www.homedepot.com/b/Flooring-Vinyl-Floorin...

@Todd Dexheimer  

Thanks for your response..  I definitely see your point of view as well.  My initial premise of the post was to get more of an understanding of what type of minimums a syndicator might look for from a potential investor and to see if I would meet that criteria.  It sounds like it is all dependent upon the person putting together the deal, the actual deal itself and the type of structure the deal is.

@Brian Adams @Brian Burke @Robert Borr

Thank you guys for your insight.  Like you all mentioned, it makes sense that in the beginning you will typically require less and than as you and your track record grow, so does the minimums you require.

I'm curious to hear from the people who syndicate what their minimum required investments are from investors?  I understand that every deal is probably different so there's not a 1 size fits all kind of answer but is there some sort of minimum you personally require for it to be worthwhile to you?  I assume that you're not going to take $5,000 from someone here and $10,000 from someone there if you're attempting to raise a couple of million dollars because it just doesn't make sense.