All Forum Posts by: Dennis Cuocci

@ Jeff & Frank

I just came across a great opportunity with an owner finance, but the number do not work since he is only willing to hold the note for 10 years.

I got really excited, but at 10 years.......... i might as well get a mortgage

his interest rate is the going rate, but i think this seller wants to everything.  His price plus the interest

i need to dig deeper in owners "holding notes"

Good luck

@jared if the mortgage lender does impose the "due on sale", they are like to change the terms of the original mortgage, correct? since they don't want to take the property, they rather have the monthly payments come in

question---- some lending agents (big banks) aren't too knowledgeable in this product of multi family (under 4 units) mortgage lending (under $1mill).....i went to PNC, CHASE, TD Bank all said i had to find a "commercial lender"  When i did find a commercial lender they said i was looking for too little money

So where do i LOOK?

I need a loan for a 3 unit multi family in NJ, 2 out of 3 tenants in place with signed leases.

Asking price $750K

It should not be that hard to get financing, and my other 2 properties turn a profit

Anyone with suggestions of lenders or tips please advise.

Share success stories, ideas, areas of focus, what works, what doesn't.

any tips, I'm new to the site

thank you

I AM LOOKING TO PURCHASE A 3 FAMILY BUILDING.

WHERE DO I GET THE MONEY?

ONE OF MY INVESTMENTS IS PAID IN FULL. 

IS IT EASIER TO DO A CASH OUT REFI UNDER MY NAME OR CONVERT THAT PROPERTY INTO A LLC AND THEN TRY TO GET MONEY OUT OF IT?

Side Question..............

An investor has an LLC, how important is building the credit rating on that corporation? history, score, etc.....

so investors say its crucial (secured, un secured, line of credit, etc....) and some say why bother?

if its a business entity it makes sense to me that every LLC should be set up with D&B and strive to get a positive credit history

Landon

I was thinking about forming a Property Mgt Co as well.  I already do it for my own properties and 2 of my relatives with larger commercial buildings.

And i am tired of the corporate rat race, what king of experience do you have? i know the more clients the more work obviously and increased sub contractors.

I guess, if you could shed some light on Property Management , since have only dealt with myself and relatives i am sure new building owners may require more attention and service?

thanks.................

 Jorge

Im in NJ and just figured my LLCs would be in NJ.  SO you are saying there are significant benefits by setting up the various LLCs per properties in a different state?

thank you

D

 in NJ, my attorney wanted $1500

 Hi Gloria

Agreed, in NJ a million dollar umbrella is just $200 a year, plus i am still deciding about protecting my property under an LLC.

My question is, it is paid in full and i need to pull cash out of it to buy another property.

Do you know if its easier to pull cash out if its a LLC or just under my name as it is now?

thanks

Dennis 

This  is a very knowledgable group and i hope i get some of your wisdom/guidance here

my question.......

i own property #1 will a full time tenant........property is mortgage free (I'm making money every month after maintenance and property tax and insurance, renter pays all utilities)

Propert #2 is a 3 unit building with mortgage and profitable as well.

Property #3 is realized that i can make more income by buying a beach house and renting it weekly for the vacationers during the summer months and make even more money in a 3 month period than i would on a yearly lease with 1 renter. ** however it is a little more work, short term leases for 12 weeks out of the year, returning security deposits back to each of the 12 renters and ensuring the cleaning service completes the "turn over service" in between check-ins.  

a little more work, but i get to use the house in september and the winter months to get out of the city.

Now. my question.............

i want to buy another 3 unit MF, which has 2 tenants included and the seller is willing to hold the note.

Should i do a cash-out Re-Fi on property #1 which is paid off? or transfer title to a LLC to protect myself then try to cash out of the property that is paid off?