All Forum Posts by: David S.

Hi Aristotle,

Can you send me info on the 53-unit to [email protected]?

Thanks

Hi Clint,

I would be interested as well. Can you send me any details you have?

Thanks

Hey Jon,
Thanks for the analysis - it confirmed my analysis as well (I've been doing plenty of reading on BP). No way around the rehab expenses. I just figure if I go ahead with this I'll have to refi to get the rehab money out of there.

My only question on your numbers is how do you figure 6% for the financing? This would not be an OO triplex - all rentals. Is 6% reasonable for that kind of property?

Thanks

Hey all,

I'm looking at a HUD deal right now and my bidding deadline is for tonight. It's a triplex listed at 132k (my bid would not go above 105K, which probably would not be accepted but we will see). It probably needs between 35-45k rehab. Waiting for comps to be pulled but based on what I've seen I'm comfortable putting it at 200k. Total monthly gross projected to be between 2,600-3,000. I am not super familiar with this area but I am comfortable with it. It's near a rough area but this is definitely a better part as it is a couple minutes from public transportation train (Greenville part of Jersey City for those who are familiar). However, in my research I came across a couple of issues that is holding me up mentally. I spoke to a couple of brokers and one broker said that there is a large supply of apartments on the market and combined with a large supply of short sales in the area, it seems that is hurting the rental market further because prospective tenants, with relative ease, could get into a house through various programs for financing.

I would like to hear your thoughts on the above. The deal is certainly not exceptional. The taxes for this 3 family is about $6,600 I think (Jersey.....). Is this something you would stay away from except if it exceptional?

Looking forward to the BP input.
Thanks,
DS

Hey Joey,
I think you would have to file amended returns. As of now thru April 15, 2010 (or Oct 15 if 2006 went on extension), you would be able to amend back to 2006 tax return. The rule is that the amendment deadline is 3 years after return due date (2006 return would have been due Apr 15, 07 or oct 15 on extension).
Let me know if that makes sense...

Hi all,
Being in NYC, it is tough trying to get into real estate profitably. Is anyone landlording in Newark, NJ?
Thanks

Thanks for the info guys.

Jon, I guess it would be easier because I would just be looking to refinance my purchase price and I guess ideally rehab costs, if applicable. I would not look to leverage it off a new appraisal.

Hey all,
I am working on my first deal and this question keeps nagging me. In some situations I have the ability to pay cash for a property - either with partners, HML or personal funds. Ultimately, I obviously want to be leveraged and not employ a lot of cash. Assuming the property is in rentable condition sometime after I buy it how much resitance would I encounter to refi and get the cash out ("cash-out REFI?"). I don't want to pay cash for something and then have a big problem getting it out of the property. Please clarify for the newbie. Thanks!

Hi all,
I'm new to REI. I want to try investing with a subject-to strategy and hold the property for rental and long-term appreciation. I came across a multi-family (2 possible 3 with some work) that has 2 mortgages on it. The person is represented by a realtor, and I assume once I throw around terms, the realtor might get nervous and not deal with me. They also might not be willing to share how much is owed on each mortgage. What is the best way to go about obtaining this information. I don't want to waste 3 hours of my time going to see the property, etc... if i can very quickly assess if this deal is at all possible with some questions. How would you approach this with a phone conversation or email?
Thanks for your help. This is a geat forum.
Dave