All Forum Posts by: Michael Leffelholz

Parking and storage is a nice amenity but you need to confirm that the town will grant the necessary building permits to add such a structure. Best of luck.

Michael

@Corey Robinson Welcome to BP. You will learn a great deal from this site and there are many knowledgeable people willing to share their experience. Best of luck.

Michael 

@Harry Zhou the bank will typically have a list of their requirements as part of their application process?  They will want to see two years of your tax returns, any related k-1"s, a personal financial statement (usually their form), 2-3 most recent pay stubs, 2-3 months of bank/investment statements, copy of purchase contract if applicable, copies of leases. I have typically scanned and emailed this info to my lender with attachments clearly labeled. Any requested flow-up information is delivered promptly. Best of luck.

Michael

@Sean Peters Could you possibly condo the building but not have to sell all the units to recoup the equity you invested. Then you could still rent out the remaining units and have monthly cash flow. That would give you the best of both worlds. If not I would agree with the other posters and take the $400k today.  Good luck whichever way you decide to go.

Michael

@Joey Chan Welcome to the BP. There is an amazing amount of information available to help you. Best of luck with your real estate endeavors.

Michael

I hope that defaulting the loan was not the strategy being recommended by your attorney. If it was I would suggest finding other counsel. I agree with the suggestion of getting a good umbrella policy. It should give you the additional protection you need. Best of luck.

Michael

@Chris Wallace I'm sorry to hear about your difficulty. I'm in the camp of asking friends and family. Other than a HELOC which I assume is unavailable it's probably your your fastest and cheapest option.. Perhaps a hard money loan. Cash advances from credit card should be last resort in my opinion. Best of luck

Michael

@Hank 

@Hank Parater you may want to try Liberty Mutual. They did a circa 1900 investment property (duplex) for me. Another option is Andover Company Best of luck

Michael

I don.t see much value  in providing an analysis with your offer.  The analysis is more important for you to justify in your mind why you should pay what you are offering. The seller would likely disagree with  your analysis anyway. You will want to have the info in your mind however as you negotiate. I would include in your analysis a vacancy and credit on the restaurant income. An appraiser would certainly do so in their valuation of the property. Best of luck.

Michael

@Frank Gucciardo I am not sure if I missed it in your #'s but what are you budgeting for vacancy/credit and repairs/maintenance and management. With the unit mix of studios and one bedrooms you should expect a more transient tenant base and the costs that go along with the unit turnovers.  While the restaurant seems to be established those types of tenants Generally have a high failure rate.  If all looks good after taking these things into consideration then I wish you best of luck with the acquisition.

Regards

Michael