All Forum Posts by: Jose Furman

Hi everyone,

I recently listed my triplex for sale in Sylvan Hills in a great location ($425K). It has a main house and two tiny homes/ADUs in the backyard. Tenants are all in place and they pay all utilities. Total monthly rent is $3,745. I pay landscaping which is $150/month. Annualized ROI is roughly 8% cap rate.

Reason for selling: I’m starting a family in the summer and need the liquidity, otherwise I would hold as this cash flows well. 

other notes: all utilities are run through the main house and are not separate. The main house tenant pays for all utilities, including for the ADUs. Each tenant has a dedicated parking in the driveway.

Thank you both, I should have specified this is for a property in Florida. 

Hello All!

My family and I are planning on selling two single family homes we currently have rented. Total cash on hand will be about $300K. Our plan is to do a 1031 exchange and purchase a multi-family property around $1M with either 4 or 6 units.

I am having a tough time figuring out where or who I should speak to about getting favorable financing for a deal like this. As interest rates are at all-time lows, I figured I would get a great deal. However when I spoke to a mortgage broker who explained that any MF property 5 units or over is considered "commercial" and would require significant paperwork regarding historical cash flows and financials and a higher rate. On the other hand any MF with 4 units would be considered a residential loan, but the max that a bank would finance is $510K, otherwise this would be considered a "jumbo loan". 

Any experience on how to best navigate this would be tremendously helpful. 

Thank you!!

I was set to close on a property next week. It turns out the property was purchased by a couple years ago who are now divorced. The seller is the wife who cannot get her ex-husband in to sign off on the deed. I have put in over $1K on inspection and appraisal. Do I get this reimbursed by the seller because she was not able to provide a clear title?