All Forum Posts by: Jamie Addeo

Thank you!  I have been looking.  It hasn't been easy to find.  Have a few calls this week. 

Thank you!  I have been looking.  It hasn't been easy to find.  Have a few calls this week. 

I decided to hold onto the property so now I am looking for a lender to refi the deal in my LLC. Once I can secure a long term loan for that property, I will then use Anchor again to fund my next deal.

JMA

Hello all,

I purchased a condo in Long Beach CA. I am currently looking to refi with a portfolio lender so that I can start my next project early in the fall. The issue that I am running into is that I cant seem to find a lender who will refi in my LLC.

Any insight would be much appreciated

Have your entity paperwork ready and your proof of funds.  They are a little expensive but once you get one under your belt it is much easier to do others.  they lend up to 90% LTC.  Good luck!!

I used Anchor Loans to fund my first deal.  Hope that's helpful

@John Geldert Anchor Loans.  Ok, I am ok with them releasing my funds if I am under budget at the conclusion of the project.  They are actually really good.  I just wasn't sure of the procedure.

@John Geldert Hi John, Hope you are well. I am dealing with the same situation right now on my first flip out in Long Beach CA (I'm from NY). My HML is holding back 20K for rehab costs of a 1 bed condo. I included appliances and labor costs into that 20K budget. So now I have to come up with an additional 20K to cover the work? Can you please explain how the situation worked out for you? This is def messing with my cash flow. It's my first time. Please help

All comments are truly appreciated.  I know I can rent these finished apartments and I grew up in the area so I know it is a small seculded higher end area of the Bronx 

Good Evening,

I am new to real estate investing so please be kind.  I think I potentially have a deal I can't get out of my head.  There is a piece of property in the NE Bronx section of NY that has been sitting vacant for a few years.  I have spoken to the owner and he is looking to get 400K for the property.  It is a corner 5,000 SF lot.  Currently zoned for 2 family.  The structure is vacant and completely demoed.  (Owner wanted to build this luxury palace for he and his wife but that's not going so well).  Looking at comps in the area single family homes are going for 430-570K and there was just a smaller lot a few houses down, a 2 family that sold for 700K.  The structure is in good shape and  both sewer and water line are brand new, brand new excavated 8' basement that has been concreted, and brand new foundation.  

I believe I can get the owner to entertain a lower offer as he is an older gentleman that wants out. I like this property as a BRRR. It is a legal two family and rents in this area range from 1700-2000 for 2b/1b and 2000-2400 3b/2b.

I estimate a full refurb would run about $150 PSF (including soft costs) and using good finishes.  

Since I am so new to this, here is where I get stuck and would like someone to guide me through the next things I should be thinking about.  For the initial purchase I am thinking about using private money (hopefully).

Purchase price: 375K

Down payment: 79K 20%

Closing Costs; Figure 10K

Repairs at $150 PSF for 2,000 SF livable (both units) is 300K.