All Forum Posts by: Account Closed

So I was listening to this course by Daniil Kleyman which is pretty good, he mentions using government grants to renovate historic properties in Virginia.

I was wondering if there are any programs like that in the NY tri state area. Does anyone have any first hand experience with this? Was having a hard time finding any info online. I am interested in historic properties, affordable housing/section 8 and open to areas to fix and flip and also buy and hold specifically Newark/East Orange and around Jamaica, Queens and Far Rockaway. I noticed there are a lot of dilapidated houses in those areas, I'm guessing because the cost of the rehab would be more than the house is worth.

Perhaps there are some government grants or loans to facilitate a project like this?

Let me know your experience with government grants, thanks.

Hello Everyone,

I am interested in purchasing a limited service hotel that I found through a real estate broker, but I am not sure what is the right way to obtain financing. I have reviewed the P&L and the property has had performed very well for the past 5 years. The revenue has been around $725,000/year for the past three years and the EBITDA for the past three years has been consistent at around $200,000/year. Also it is located in a strong market with population of around 80k.

The asking price for property is $1,600,000. I have enough down payment for up to 30% but would like to not put more than 25% down payment. I have never personally owned any hotels before but I have worked at hotels before as desk clerk and manager.

So my question is how likely will it be for me to be able to obtain financing for this property. And what is the best way I should go about it.

Please feel free to ask any questions if you need additional information.

Thanks for the help.

@Account Closed

If I am borrowing $100k on a property I own free and clear that is already rehabbed, worth $200k today (and there interests are further backed up by my other personal assets), I am not sure of the risk to the HML.

      Right now, loans 5-10 from a conventional perspective require a 720 score which I am just shy of.  Portfolio lenders -- some won't do cash out refi, and some have trouble qualifying my income (capital gains from sale of stock, and now $10k+ in rental cashflow that is recent however and therefore doe not show up on previous tax returns).  Further complicating things is that many of my properties are manufactured homes which some banks will not lend on (despite the fact they are beautiful homes generating $2-3k in rent per month each).

     I think I'll find a good private lender / portfolio lender fit, I've had some excellent responses here.

It's definitely market dependent, but my small sample size of MY activity this year in NC is - I typically have 1-3 closings/month.  In May I closed 7 homes.  So, I would say homes listed in March/April 

@Account Closed

We don't track response rate.  We track conversion rate.  For every 1000 letters we send out per month we average 1 deal closed.

Why would the bank not extend my loan? I have been current for the last 10 years and the bank will no longer finance the last five. They are giving me six months to pay it off. Would they really risk forclosing on a property that is in good standing?

...My question is, how does owning an LLC interest in a property effect my ability to borrow in the future? Will this effect my ability to qualify for another small apartment or single family rental? If the loan balance would be $2,600,000. Would this loan debt count for all the members of the LLC?...

I'm working on refinancing my home to a 15-year mortgage.  I'm also planning on purchasing my first multiunit property in the next 6 months.  Will the refinance have any affect on my ability or qualification to purchase a new property?  

I'm looking for Bulk REO's and pre listed REO's. If you or someone you know has some for sale please contact me. [email protected]
Thank you

I have around 25 rentals and I would like to get some of them financed out. I am looking for a lender that will work with an LLC, and one that doesn't care if you have more than 10 properties. Does anyone know of a good lender with good rates that like doing rental properties?