All Forum Posts by: Chris Masons

Hi Mic,

I have a similar problem with my multi family portfolio. I own 4 investments and then my primary. Fannie guidelines get tighter when you aquire #s 5 through 10 properties. Unfortunately banks are balking at these loans b/c I guess they see them as more risk/exposure as well as alot more work involved to underwrite the loan when they can underwrite much simpler loans and make the same money for alot less work.

There are definitely banks that will do it for you, just have to find the right one. I would say ask around and just be upfront with the lenderr so you don't waste your time and get so far into the process only to be turned down later due to having too many properties in your name.

good luck,
Chris

In NJ it is not so unusual to have two deeds to a 2 family side by side or under over(one structure)

The party owning the 2nd half should have no bearaing upon you selling your half like John said. Hence the point of having yoru own deed to your own half.

Short from the 2nd floor owner creating a ruckus when you show the property how is he preventing you from selling your half???

CHris

Wow,
So in this scnario Kyle for the bank it is a total loss or write off?

I just am surprised how easy this can happen. The Mortgage lien of course is inferior to a tax lien but why wouldn't the mtg lien stay attached to the house when foreclosed on and then when the lien holder sells ban gets whats owed to them..

thx,
Chris

I understand how the process works but my question is this:

If a person wins a bid for a tax lien and owner doesn't pay the lien in the specified time you can start the foreclosure process. Now assuming there is a Mortgage on the property do you end up taking the house subject to what is owed on the house?

Wouldn't it be advantageous for banks to send out their people to bid and win the tax lien auctions to protect their asset?

as always thx in advancae,
Chris

Just to be on the safe side I would absolutely file a judgement for posession. It cost about 30 bucks here in NJ to file - pretty cheap insurance in case tenant decides they want to play games. In which case it could be another month or so before you get a court date where if you file now you will have a date in place in case tenant doesn't keep their word, Imagine that, a tenant that doesn't keep their word??? LOL

Chris

Crazy. My first loan back in 97 was 7.75 I believe. Ic an remember rates slowly goign down. I think in 2004 I locked in a refi @ 6 and sometime after that we started seeing the 5s which at teh time seemed like the ALL time CFan NEVER go any LOWER rate! LOL

Silly me, I did a 5 year ARM last year @ 3.50 and now look at things I could have practically gotten a 30 year fixed rate. Truth is plan to sell this house in 4 years but ya never know....

Chris

"Veneer" nice choice of words here Dave. Very fitting!!

Yes, I see where you are coming from. IF I wanted privacy and went from my name into a trusst they can always see it came from me into trust. Great point!!

So holding in a trust and making the LLC the beneficiary is the way to go - giving you privacy and protection!

thx!

Chris

Thank you Steve and Bill.

Excellent information here. I really appreciate the feedback!

regards,
Chris

Are there any other benefits to putting a property in a trust VS LLC aside from when in a trust there is a beneficiary designated should the trustee pass away so it is clear who the property would go to.

I guess this is a 2 part question, When held in a trust are you still getting the protection as if it is being held in a LLC? IOW - in event of lawsuit worst they can take is the property and not personal assets while held in a trust?

thx in advance,
Chris

Yes, Flat roofs usually EPDM AKA rubberized roofing has a shorter lifespan then traditionally higher pitched shingled roofs. Water doesn't sit as long and as often on a higher pitched roof. There are also other things that come into play.

However that being said more importantly is how it has been installed. I got 15 years out of my EPDM flat roof on my 4 family. 3/4 of the roof is flat and the front is peaked with shingles.

But yes flat roofs have a reputationof leaking more then higher pitched roofs no doubt about it. Unfortunately you will find alot of apt. complexes due to the way they are built having flat roofs....

good luck,
Chris