All Forum Posts by: Mike Ventura

Is it naive to think you're somewhat protected if you're investing in cash flowing rentals? People are still going to need a roof over their head if the "bubble" bursts. I guess the challenge would be if your tenant can no longer afford to pay rent... Although the property value declines, it will eventually go back up, am I wrong, right, somewhere in the middle?

In a pickle, well not really. Seeking some guidance on finding the money to lock down a multi family deal while completing my first BRRRR deal.

So I'm a couple months into a BRRRR deal which I purchased with my own money. I plan on living in it for a couple months before the refinance. I'll get a tenant in there when its close to refi time and bring in some cash flow.

At the moment this deal has the majority of my money tied up and I might not get as much back through the refi as I anticipated. Good thing is the property will cash flow.

Anyway, I found a SMOKIN' multi family deal, something I don't want to pass up. Its got great income and certainly opportunity to add value. Problem is, I DON'T HAVE THE MONEY! I've been fortunate enough to cross paths with an multi family investor in the Bronx and plan on picking his brain quite a bit, but I'd like to get other opinions.

My thoughts:

1. Working out a seller financing deal: Potential to offer down payment to the owner and make monthly payments. 

2. Private/Hard Money: Not sure how this is going to work but if you've got experience I'd welcome a conversation over the phone or in person. How did you get started?

3. Asset Based Loan: Also not sure of the specifics, need to research..

4. All Cash, Delayed Financing Exemption Fannie Mae: through private money then immediately refinance 

Welcoming any pro tips, personal experiences, or introductions you can make that may help me out :)

Perhaps we can work through the numbers together!

Thanks in advance as always BP!

Hi Rob, Great to meet you over BP. Before I bought my house I was looking to house hack in Butler actually. Had my eye on a 4 family but didn't pull the trigger. Glad to hear it's working out for you!

Hello BP Folks Who is investing in multifamily properties in northwest New Jersey? (Morris/Warren county) It would be great to connect with some local investors!

Chris Dragotta Great to see another aspiring investor from Warren County! I thought I was a unicorn out here lol. I see you're from P-Burg Chris. Have you looked into any of the Multi Family properties in P-Burg? There's some relatively cheap properties with decent rent. Certainly enough to cash flow if you put 25% down. I remember combing through the MLS and finding properties with decent numbers. I'd be interested to get your opinion on that area of P-Burg. What type of tenants rent there? What's the crowd like?

Mark Langdon thanks for the pro tip! You're right, some of the homes have been on the market for quite some time. I certainly don't want to be paying those holding costs. I guess the exit strategy of selling the property is only as good as the temperature of the market. A friend of mine just sold his grandparents house in the same town. They received a full cash offer. Hopefully this trend will apply to my property as well.

@Mark Langdon Looks like your coverage in NJ is pretty substantial. I guess thats what 20 years in the business gets you!

Have you invested in Gods Country? aka Warren County? 

I'm seeking networking opportunities and thought you or perhaps a colleague may invest out here in the boonies.

@Samuel Abraham I've been trying to close on a foreclosure for 8 months now.

My recommendation is to search for an agent that has experience with foreclosures. If you can find one that has experience working with the bank that owns the property that will help as well. This is a crucial step that I missed and as you can tell by my first statement, its punishing me!

@Mark Gee The property looks fantastic, I wish I had the funds to do business with you!

I'm curious to learn more about your foreclosure acquisition strategy. I've been pulling teeth trying to get a foreclosure from Wells Fargo (8 months now). Granted I engaged with intentions to buy the home as a primary residence so I'm trying to get WF to cover some repairs. 

I'm in Warren County and there are a ton of foreclosed properties up here. What do you find are the most important steps/actions to successfully acquiring a foreclosure in a timely manner?

@Carlos Araujo Whats your strategy? Single Families or Multi Families? Do you want to live in the property while doing the rehab yourself? Do you want to buy the investment property and rent it immediately? Theres a lot of variables that will determine the answer to your question..

To @Eric P. point, make sure your protecting yourself from surprise costs and really crunch the numbers. 

A 203k loan may be up your alley so you can build the rehab cost into the loan - though I'm not a lender and don't know the specifics. Make a couple phone calls to outline your options. A phone call never hurts!