All Forum Posts by: Frank Kosiba

Hi BP Community - I'm looking to get recommendations for a full-service property management company that serves the South Boston market. I have a multi-family there and would like to get it under management as I'm moving out of the area. Unit is in great shape and doesn't need much, I simply want a professional organization to do a great job managing it as I get strong rents for the units.

Frank

Originally posted by @Morris Cohen:

It's tough to tell without the full scenario. 

Thanks, Morris. The goal here is to combine the two and end up with one payment. Given the lower rates, quick math tells me it won't be that much higher than what I'm paying now just for investment property loan. 

Originally posted by @Matthew Irish-Jones:

@Frank Kosiba loans are hard to come by at this point. Lots of people that were previously qualified are getting rejected. I have not seen anyone willing to do 85% LTV. 75-80% is the best I have seen locally, as well as talking with investors from other markets.

Thanks, Matthew. Yes, I agree. Previously they existed but has seemed to tighten up. Appreciate the reply!

Does anyone (currently) know of banks/credit unions that will go 85% LTV refinance on a 2 family investment property in Boston proper? Looking to combine a HELOC and conventional 30 yr into one loan. Called around and came close, but not to 85% which is where I need to be.

Thanks in advance.

@Odie Ayaga

Great advice, thank you Odie. I made some calls last week and will continue tomorrow with this in mind.

@Tarik Turner

This makes sense. I appreciate the reply. I’ve come across a couple that verbally (before actually reviewing the deal in it’s entirety) would do 80%, max 85%. That may the best best I’ll find, if I have the option to go hard money.

@Odie Ayaga

Makes perfect sense. Construction loan sounds more like what I’m looking for then.

@Odie Ayaga

This would be a second home.

Good morning BP community. Looking for advice on how to structure financing for a deal I have under agreement. Background on me is 1 multi-fam in Boston and a vacation rental on Cape Cod - both cash flow positive since inception (almost 4 yrs). The home under agreement is a second home on Cape Cod, need to put into an LLC.

What I'm looking for specifically is to put 10% down on the SF home I have under agreement, finance in (using hard money or construction loan) the rehab and then cash out re-finance using ARV for 30 yrs. Or build in the rehab to the purchase price. Here are the #'s

Purchase Price $550k (originally listed at $669k)
Rehab $63k (4-5mos)
ARV $730k

Interested to hear how folks would structure a deal like this or if any lenders want to chat. Let me know what, if any, details I'm missing.

Hi BP Forums, 

Relative new investor here with a Real Estate mortgage strategy question. The goal is to purchase our primary residence; I'm looking for various strategies on how to do so. We have a place we'd like to make an offer on. 

My wife and I's scenario is this:

We own a 2 family in Boston (proper); live in half and rent out the other. Owned it for 2.5 years and due to the very strong rental and sale market we never have an issue renting it out anytime of year for what we ask. 

We also own a second home used as a local VRBO rental property as well for our enjoyment. Bought it less than a year ago, 2017's rental income covered our expenses on the home for the year. I expect better performance in 2018.

We are looking for more space and want to make an offer on a townhouse close-by. The strategy would be that we rent out the unit we currently live in the multi family and move to the townhouse. Once fully rented, the MF rent will cover our expenses (plus add $1,000mo). 

My question is what is the best loan strategy for acquiring the new townhouse? For example, do a traditional mortgage? Look into a portfolio/local bank for all three properties (re-finance 2 and get a new loan for the townhouse)? For what it's worth there is approx $100k in equity in the MF. Possibly use some of the equity to offset the down payment?

I can fill in the blanks where need be...

Thank you in advance, 

Frank