All Forum Posts by: Pixel Rogue

Took a little while, and they are now installed. Here is hoping they last and last Thank you. 

Converting 3-handle showers to single-handle showers. These are rentals, so looking for your advice. Units that will last, hold up to tenant use; ideally spot free.

Not sure if to stick w/simple single operation style (on/off), or go for the dual handles that operate temperature separate from water flow. Looking for a model that will hold up to tenants that over clean, and those that never clean. Model that is not too fussy, easy to open up and repair when needed. The building is slowly being upgraded to luxury style apartments (well, luxury for the area, not luxury by real-estate terms). So many of them appear to also be plastic painted to look like metal.

Anyone gone through something similar and happy w/what you installed? Also, any particular remodel cover (escutcheon) plate you've been happy having installed?

TIA.

Thank you Chris...

Rebooting thread:

I tried to get foreclosed once, as a complete novice and ended up learning a little (but mostly a waste of time).
Delaware County, PA (so hello to the other Delco folks here (aka Steve Babiak) 

We were already somewhat familiar w/the house we wanted to buy (ok buying it as is w/o inspections etc etc). 

The property, however, was underwater. The owners were a couple who paid a bit too much when they purchased. They took out a second loan... then the couple split up and abandoned the property. It sat for ages, weeds growing on the inside...true fixer upper. 

The bank had more money vested in the property via loans than the property was worth. The attorney would bid the upset price (above market, foolish to pay). Then the property seemed to get listed again weeks later... rinse and repeat. Eventually gave up attending the court sessions for the attorney to wave a paper and the property locked up again for period of time. 

Newbie questions:

1) Outstanding Debt
Listings show debt. many show what appear to be primary (large number) and secondary (small number). Even w/those numbers listed, some are saying have a title company (and/or lawyer) review as there may be other leans. Wouldn't any leans need to be listed on a basic sheriff sale? 

2) Strategies
Any strategies to minimize wasting time on a property the bank will bid upset price? Maybe wait a period of weeks/months for change to the numbers, or a lawyer sitting quiet instead of bidding upset? 

3) Title / Legal Review
Short of leans on a title, what other key gotcha's are you looking for prior to bidding? Naturally do the homework, be prepared to accept as is, have a basic understanding of its market value and such... which factors would be required to hire a professional (as the point would be to keep costs as low as possible)....(and then everything is made worse if you are paying professionals to research, when the bank lawyer bids upset already.)

4) Stayed / Continued 
Frustrating when the property of interest keeps hitting a stayed or continued status, lawyer always bidding upset price. What is the right way of thinking about this, the stayed and continued? How do you work w/in these factors w/o driving yourself crazy?

5) Funds
If you are only interested in 'one' property, well you can have the certified check ready to go. If you have interest in more than one (but only buying one of options), are you expected to have separate certified checks for each property of interest, and just hand the one over? Any other methods where you are not preparing so many certified and draining resources when you are only buying one? 

Hello all.

I have a second loan on an investment property. Interest rate is considered pretty high at this point (6.5%) and am aiming to get it into the 3s.

Option 1: Refinance with the bank ~ though the amount isn't huge, policy will likely require appraisal etc etc. Bank has not been 'keen' on the refinance of their own loan.

Option 2: There is an unused HeLOC on primary residence. Interest is good and easy to lock in. Very comfortable writing off the second w/the Heloc, but the concern then comes with taxes (both annual tax deductions for interest, and in the even the property gets sold it might look that amount on the second loan does not exist and that amount (that moved from one loan to another) would be considered profit and taxed accordingly.

Any other options anyone can think of that would not require a full refinancing? Oddly enough I am refinancing that same property however given how that bank (different bank) is refinancing the costs would be much much higher for a cash out to roll them together.

TIA for any ideas or thoughts...

Yes, considering selling all as package and purchasing a complex (20+ units under one roof). Anyone have experience on how to manage a management company? Everyone knows your best source of revenue are your 'existing' customers ~ would not want to start a relationship w/PM and get milked. I do have high standards which I know will cost more and I'm fine paying for quality service, but also sensitive to repairs that take a long time, expensive turn-overs etc etc.

Anyone with good or bad experiences using PM? When the time comes to trade up the property will likely be 1+ hours away so I would be depended on the PM.

Another option is to have someone run it onsite. (?)

I have a little help for snow/grass and some of the painting. Other than that do 95% percent of everything myself (wife now helps). Some of the buildings required updating or rehabbing... etc... buildings are looking nice now. But always stuff to do, and if it isn't at the properties themselves, boroughs, inspections, letters etc.

Might be right on the sfh. The thought of a home turn over (painting cleaning of much larger space) or roof leaks etc... sometimes seems daunting when I currently have 1 roof for 4 units at least it is spread out.

Yes, I agree the package would need to be there. 20 units would be 8 more than I have now. TREND only allows up to 10 units (I think)... where are larger units listed or sold? Imagine a fair amount might happen in associations and local groups. Not ready for a realtor *LOL*.

1 quad purchased in 2002...and now nearly 100% upgraded. Apx. 200 equity.
1 quad purchased 2006... tinyl amount of equity (used some equity for 3rd quad).
1 quad purchased 2006.... small amount of equity.

Certainly open to the larger complexes and would love to get something at 40 units and those economies of scale. Correct on the 100 ish per door. Rarely see larger buildings for sale ~ imagine they are sold on a different network/circle. Expect something that large might put me in less desirable areas.

So lenders do a 75% LTV on smaller (quads and under) but was not sure on larger investments... though many lenders tightened to 70%LTV as I learned refinancing lately. Found larger loans more challenging in the terms are much shorter, interest higher etc.

If you don't mind me asking, how many units do you have? Have the tenants placed by the PM been quality tenants? How hands on have you remained?

Yes, open to selling as a package to roll into something larger. In discussions nearly two years ago, the multi-family realtor I work with suggested selling individually in terms of higher net sale, as those looking for a package are also looking for a deal. The other side it would be challenging to sell all 3 within the 1031 time frames and identify replacement options.

Financing would remain tricky mind you, as the larger buildings in the nicer areas are more expensive than what the quads will net when all is said-and-done.

How many units think are needed to break into the economies of scale for value of PM?