All Forum Posts by: Rachit M.

It’s difficult to navigate. I liked the old BP where it was easier to navigate on the specific topic you were looking for. 

Do you have a loan on this property? I would call your lender as soon as possible and see what is feasible. I imagine many banks are willing to work with their borrowers in these unprecedented times. They most underwrote this property (since its commercial) with certain assumptions and imagine they made you make a emergency fund for times like this. I would try to see if you can avoid using this for the emergency, but see what they are willing to do. 

I'm also not sure if it makes sense to work with local government on property taxes delays as well as insurance companies on premiums. All-State is refunding for non-use of cars by a percentage for their customers. 

Just saw this article. Looks like everyone in NJ landlords are affected by this suspending evictions/foreclosures for up to 2 months: https://www.nj.com/coronavirus...

Andrew, you may need to bring in a experienced investor that deals with MF that can sign off on the non-recourse loan that has the net worth equal to the loan amount and 10% liquidity if I remember correctly. 

Talk with a mortgage broker that deals with Freddie Mae (if I remember correctly, Fannie may be more experienced if you are just getting started). 

Great news! 

I have heard of Cobalt were good in this area. I meant to tell you during our meetup. 

https://cobaltatl.com/

@Allison Clark look at Niche.com. It looks like it is a 54% of the market rents.

Cozy.co hands down. Been a great experience so far. Millennials love it and don't have to deal with checks, etc. 

@Patrick Flanagan is this near TCNJ? I know a local investor that went there said you want to be within the block or 2. Otherwise, it becomes difficult to rent out (if they are your target market). They recently made few new dorms there so I would look at the projections and growth of that school.

Hello BP,

I am in the process of buying with my business partner in our first buy and hold. The seller has been super slow on requests to get things and causing delays in closing. We asked them to do fixes on the house and it has taken so much time just to get quotes. Do we have any leverage other than cancelling the contract? Our RE lawyer can't seem to get anything out of theres and is dragging their feet. Its been a disaster and my mortgage company keeps tacking on the loan extension fees.