All Forum Posts by: Nick G.

Thanks for the feedback @George Despotopoulos after reviewing some term sheets, it looks like community will be the way to go on this. I've owned for 10 months, did some renovations and stabilized.

Does anyone have a recommendation for a lender in St Pete / Pinellas County to do a cash out refi?

The property is rental duplex in St Pete.

Thanks

@Henry Wolfe what about 0% interest credit cards? I would only do this if you have a good ability to pay off before the 0% period expires, but you could always use for rehab then refinance and pay off.

Also look at personal loans from companies like sofi or discover.

I’ve seen some other properties like that in St Pete, and I think those numbers were a little optimistic as well.

Like other mentioned here that’s not a true multifamily but a boarding house, so your tenant base would be that demographic.

Also these older properties in St Pete cost more to run and insure, along with deferred maintenance being common on some larger items like sewer lines.

@Alex Smith nice numbers on this one! I’m curious also where in Jersey. What is the tenant demographic if you are buying at that price point?

I think it depends what stage you are at, just starting out I would be looking for other options than liquidating the 401k. 

House hack with a small down payment if you have good income, use a 0% credit card for any rehab costs as long as you have the ability to pay back. 

If you decide to go all in on RE and looking for passive income to provide retirement income, then I wouldn't be scared to liquidate my 401k to get into the right deal. Doesn't sound like you are there at this point. 

Hey BP, 

Does anyone have a contractor in the Kalamazoo Michigan area that they would recommend?

Looking for bids on unit turns - 2br/1ba units about 800 sq ft - vinyl flooring, new counters, paint, etc. 

Thanks!

 Not to my knowledge. Each bank is separate and has their own relationship with you, based on that they will extend credit accordingly. You can have card or lines with multiple banks then source funds from multiple for one deal if the numbers make sense. 

@Thuy Pham-Satrappe most banks will let you re-allocate credit lines to from one card to the other, I have done this with AMEX, Chase, Citi & Barclays via secure message or phone. The one thing I found they will not do is move credit lines from business to personal cards or vice versa. 

@Steve

@Steve Hall I am not a 1031 expert by any means, but from what I've found I will still be able to quit claim into a single member llc that is a disregarded tax entity, then any future sales will come from that. 

Not delusional by any means here, some H&W make great teams, sorry about your divorce.