All Forum Posts by: Larry K.

is the 2k at the rental property gross or after debt cash flow?

great numbers Vince. Congrats and keep going. 

is the auction a sheriff's sale some other type? Who is hosting the auction?

bad impressions of the others is a chance for you to shine.  The best realtors (or anything) have high integrity. 

you did everything right. you just can't always know how people are going to be.

I am dealing with exactly the same thing now with a property i bought at the sheriff's sale.

good for you for going for it. keep in mind that the house is probably underwater though. so you won't be able to a straight quick buy. you will be looking at a short sale process with their lender 

Thanks.  If I can dig in a bit more. ...

what happens if the property has not appreciated enough and the refi can't take the investors out completely. Say you can only pay them back half so they still have half their investment in the deal.  Then the pref going forward is paid on that remaining principal amount, right? 

Regarding the after pref split (whatever it is) is that additional interest so let's say they are making a 12% conc return instead of 8 and their principal stays the same or do such payments go toward  reducing the principal? 

welcome robert. keep an eye out for the meet ups. my recommendation is to find an area and property type that works for you and get to know it top to bottom. do this quickly then make offers. the "nicer" areas and single families are less likely to cash flow. 

congrats brian. I have some questions if you don't mind answering.

after the pref is met, how did you arrange the split? what is your promote?

you say you plan to pay back all investor principal + 20% @ refi then your investors are out. what if they still want to be in and be part of the hold long term?

thanks 

Counties of interest...

NJ: Passaic, Bergen, Sussex

NY: Rockland, Orange, Ulster, Dutchess