All Forum Posts by: William Coet

I've read that Miami condos are overbuilt and therefore will not experience very good appreciation.  I know Miami has a lot of room for expansion, but good waterfront near the city is limited.  Also, has the recent building collapse affected the market?

I'd like to hear from those with experience in this market on this subject.

Would like to hear from folks who are currently doing STR in Miami.  Especially downtown or condos. 

The good, the bad, and the ugly.

Is there a specific contract or language in a contract that can prevent the seller from backing out during due diligence?

I want to make an offer on a piece of land contingent upon the approval of a project.  

Thank you

When looking at a property for development a due diligence period is common.  Is there a specific contract, or items in a contract that can keep the seller from backing out during this period?

What is the best way to lock a seller into a potential sale while due diligence is completed?

Thanks

What others are seeing for down payments, interest rates, and loan terms for residential multifamily under 4 units?

Thanks

In the following two options which is one offers the larger return on investment for a loan on a rental:

Option 1: 20% Down ($22,200)- 5.25% APR, 20 Year Loan Term ($88,800 Loan Total, Total Loan Cost $143,678).

Option 2: 25% Down ($27,750)-3.25% APR, 30 Year Loan Term ($83,250 Loan Total, Total Loan Cost $137,344).

Originally posted by @Account Closed:

I checked with two large drywall and plaster distributors this morning and neither ever heard of button board. At both companies, I think the Village Idiots answered the phones since when I asked what type board is used for plastering walls it was like I was an alien from outside our solar system.

Thanks for the update.  The product appears to be based on the same concept as plaster and lathe; the holes allow the plaster to form a "key" on the top side preventing the plaster from separating from the surface.  Obviously, drywall with joint compound has stood the test of time at this point, but from heavier skim coat applications, perhaps the "button board" is a good idea.  Any further info would be appreciated.

Originally posted by @Account Closed:

Originally posted by @Jim K.:

Originally posted by @Account Closed:

I was always under the impression that when you put plaster over drywall you are supposed to face the dark side of the drywall to the outside???

There is no plaster over drywall here. You are once more revealing just how little you know about this work.

That is worse!!! You put an inch of drywall mud over the top of drywall???' Hope someone doesn't jump on the floor upstairs!

You are probably right and I don't know what I am doing. That entire ceiling patch is no more than a 4-hour job. Hang the button board, slap some 20-minute plaster on it, dry it with blowers for 24 hours and paint the ceiling. The huge difference with my work is; you will never every be able to know when a ceiling was patched because if we can see where the patch was we will tear the entire ceiling down and make it perfect, or we will skim-coat the entire ceiling. I am definitely not a fan of putting that heavy texture on any wall or ceiling and for every rental unit we own, including our office building built in 1904, we plaster every wall and ceiling as smooth as glass.

Can you explain what button board is and where it can be purchased?  Is it known by another name?  I did some searching and couldn't find anything about it.  I'm always open to new ideas. Thank you

Originally posted by @Nick Belsky:

@William Coet

For a conventional loan, that would be high on the rate.  The closing costs are maybe a tad high.

For a DSCR that is high a high rate and a tad high on closing.

For an Asset or Bank Statement, that is about right.  

Non-QM will ding you for low loan amount and increase your rate.  $150k is a common threshold, although some lenders will go lower without a penalty.

Cheers!

Thank you Nick,

How can I determine what type of loan this is?  

@Joe Villeneuve

From your first post, can you elaborate on the difference in the way the newbie landlord dresses as compared to the experienced one in your area?  I'm guessing there are regional and local differences to this as well.