All Forum Posts by: Dee Xixi

Hi All,

I wonder, how much anyone on the blog pay for a high net worth individuals. Also what is the rate of success? I have a company selling me access to their database of high net worth individuals for $1000 quarterly and 4k for the year. it seems very expensive but if that pan out i close more deals at a higher rate.

Anyone with experience?

Anyone have used same day loan?

on the tax assessor it says occupancy is 2

HI all,
I have a single family under agreement. Before losing it to foreclosure, the former owner convert it to a three family. But the city has its listed as SFR W/IN-LAW. There is 3 baths, 3 kitchens, 3 exits and 7 bedrooms.

Does anyone know, what it is involved on getting it legalize by the city a 3 family?

cost and the pro and cons

@Don & Joel, I disagree with the 100% financing. If I get a partner investor, wouldnt it be the same idea about me either raise or borrow the down payment.

@Ben, would mind to shed some light about ideas to raise downpayment. I already use my retirement account, I have a partner in a different deal.

Hi All,
I am looking for ideas to come up with a down payment. Same day loans come in mind but I wonder if anyone here ever try and the prons and the cons.
the scenario, I am buying a multifamily property, I find a hard money lender for 70% of loan so I am thinking ways to come up with the 30%.

An attorney will have to draft the contract and the note. It makes more sense to have your own attorney review the draft before signing it. pay a title company to make sure it is a free and clear title.

The term of the mortgage is based on your need. you can choose 15-20-30 yrs. if the interest is low pay more to lower the principal to refi quick

The upside is the property complete redone and green efficient. maintenance free for years.
here is a snapshot of the pro forma

INCOME Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Rental Income 2% $53,700 $53,700 $54,774 $55,869 $56,987 $58,127

Vacancy Loss 10% ($5,370) ($5,370) ($5,477) ($5,587) ($5,699) ($5,813)

TOTAL INCOME $48,330 $48,330 $49,297 $50,283 $51,288 $52,314

EXPENSES
Operating Expenses 2% $18,750 $19,125 $19,508 $19,898 $20,296 $20,702

Real Estate Taxes 2% $3,730 $3,805 $3,881 $3,958 $4,037 $4,118

Make-ready/Leasing Reserve $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Structural Reserve $0.15 psf $500 $500 $500 $500 $500 $500

TOTAL EXPENSES $23,980 $24,430 $24,888 $25,356 $25,833 $26,320

NET OPERATING INCOME $24,350 $23,900 $24,408 $24,927 $25,455 $25,994

TOTAL PROJECT RETURN ON INVESTMENT 10.17% 10.36% 10.39% 10.61% 10.83% 11.06%

FINANCING
Mortgage $220,000

($17,010) ($17,010) ($17,010) ($17,010) ($17,010) ($17,010)
Interest 6.00%
Amortization 25 Years
CASH FLO W AFTER DEBT $7,340 $6,891 $7,399 $7,917 $8,446 $8,985

is there any difference on transferring a title back by a commercial loan vs residential?

Dion, the property is a 8 units building. The note is under the husband and wife name. He currently owes 175,000 plus equity is 55k. we are discusing either to pay 55k upfront or 25k now and either a cash out refinance for 205k or last he carry a second mortgage for 30k @ 6% with ballon due in 5 yrs. The current note been there since 2002. ltv is about 78-85%( purchase price 230,000). A refi for 175 to 205k should be relatively ok but nowadays, who knows.