All Forum Posts by: Mark Cohen

I went over to cozy from sparkrent. No fee for ach (hopefully it won't shut down in a few months also) and i get the deposit 4-5 days later.  They verify the tenants account w/2 small deposits so set up doesn't takes a few days, otherwise pretty straightforward.

To me, the honest, hardworking tenant who typically pays on time and simplifies your life would not see any value in this and to the contrary might see a gimmick with more yellow flags down the road (such as when they need something fixed)   I would be concerned about losing a potential customer.

True...But anyone could write any old operating agreement and send it in, not like it has any official stamp, and likewise for the resolution. Feels like red tape, but i do appreciate your words of caution.

Just posting to see if anyone else can relate to this.

In the process of buying my 2nd rental unit...a fannie mae. I am buying all in cash and under the same llc which I purchased my first unit under.

Well so far I have had to get for them:

1 An official certified copy of my articles of organization (had to order from Ny state DOC for $35) as my copy didn't have the filling number ON it.

2 Proof of publication for my llc.

3 Operating agreement of my llc

4 For good measure a notarized resolution that I am authorized to make the transaction on behalf of my llc since in the operating agreement it wasn't "transaction specific enough". It happens to be single membered with myself as the single member.

Maybe this is the norm but I sure didn't need to do all this by my first purchase.

I should mention that I am supposed to close this Thurs. but the closing agent needs an extension to get together title ins. etc.

Good question. His plan would be to go into areas which have higher cap rates because they are less desirable neighborhoods or further away from manhatan. He would be working through a property manager ( which is what he currently does) He is also well connected with a few different brokers. Basically he is trying to sell high and buy low while also diversifying.

I am helping to do research for a friend of mine who has a commercial building worth now around 1 million more now then when it was bought 10 years ago.  He wants to 1031 it and diversify into 2 or 3 other buildings ( cap rates have skyrocketed  to 6 % in the area). I thought a more cautious approach would  be to refi out.  He has around 900 k of equity in the building. So which approach would you take?  

Thanks for responding. Would you know if another investor would be able to personally insure something like this (a minimum noi) or is that an obvious s.e.c. violation?  I am not asking for legal advise just wondering..

I know there is a concept of loss of rent insurance if there is a fire or something. 

My question is if there is a concept  of an insurance policy that will guarantee a specific noi 

number.

For example if I am buying a property for 1 million with projected noi of 75k is there a way 

to buy a guarantee that anything below that at years end they would reimburse.

Essentially this would make it a guaranteed investment in terms of cash flow

Has anyone had luck offering say $100 for a successful referral (one that leads to tenant placement), bec. it sounds like you aren't satisfied with the quantity of showings and that might get people to come out. 

Why would you not also factor in the amount of equity being built into your cost of money? In this case wheee its a 20 year loan the equity is being accumulated much quicker even though the cash flow return is not