All Forum Posts by: Raul R.

@Llewelyn A.

We are doing fine also in the Bronx Im in Riverdale next to Westchester. I’m a board member of my Coop keep close eye on our sales and rentals. Our rents are steady absolutely no decline on rent $$$ same with sales.

I work in the city go back and forth from UWS and midtown although I can work remotely I still go to office a lot. I went to Time Square last week for the first time since March it reminded me of the Time Square from the 80s all that was missing were the Peep Shows was sad to see. Walking thru UWS and Time Square yes I can see and feel the impact of Covid walking thru my neighborhood in Riverdale I don’t ..

@Diane Heidke

I own a few condos in NC, to answer your question if the numbers work out buying a condo could be a good way to start out. Make sure you understand the difference between a Warrantable and a non-warrantable condo i was clueless at first and learned the hard way.. That will make a big difference on how easy it will be to find financing

Best of luck

@Ashton Levarek

You need to locate serial number on your HVAC unit, you will need to interpret the serial number. Typically you dont need a decoder ring but depending on manufacturer you might..

@Matt Camilliere

Ideally I want both but if I can only pick one in our current environment and my current situation I would want appreciation to increase my equity much quicker..

Cash flow is great but if you have a bunch of tenants without jobs or stimulus checks your cash flow will stop or decrease and if your State doesn’t allow you to evict your options are limited..

For me having a lot of equity / high appreciation is a great insurance policy it provides options during hard times. My reserves are good but I know if I lose my high paying W2 job I can sell some of my properties if needed. This is why obtaining good assets is so important provides options.

Everyone situation is different if I had a low paying W2 I would have a diff opinion..

@Darrick Lowe

It is rare but transferring title might triggered due on sale clause if you are concern about liability I would suggest talking to an asset protection attorney they can review with you the best options. There are multiple options you can go with, insurance , umbrella, trust , LLC etc or a combination

In general banks don’t like lending conventional loans to LLCs you will get best rate under your name..

@Corine Rosado

Had same idea but quickly found out inventory for small Multis is very low in both markets. It’s still a very good markets but very competitive

I hate to suggest this but in your situation you should consider cash for keys.. Thats a long time you've been without collecting rents, I hope you have other units to at least be able to break even.. Unfortunately too many tenants in cities in CA & NY are taking advantage of current situation even when they do start evictions who knows when it will start I expect the process will take longer to complete..  Best of luck

@Myles Taccini

Regardless the bank will need HOA financials if you are looking to get finance/ a mortgage..

Biggest reason they get a bad wrap is the HOA, they are notoriously difficult to deal with. My personal experience why I now avoid Condo is financing. They can be harder to get financing especially if it's a non -warrantable condo. Make sure you know the difference between warrantable or non warrantable I learned the hard way...

Some lending Products like HELOCs and Cashout refi have become a little harder to find at this time but they are still available.. I just did a cash out refi but my Properties are in NC send me a DM and I can provide you with my lender contact and with more info.. Some banks might also be reluctant to lend under $100k, I had a couple of Condos worth under 100K and it took me a while to find a lender to do cash out..

Raul

@Lisa Forde

Your tenant is in a tough industry but I agree w the other comment.. Only thing I would add is it wouldn’t hurt to educate your tenant about the SBA programs available for small business. I’m friendly w my local Pizzeria owner and we like talking biz. I informed him about the PPP program and EIDL and I was amaze he was clueless that they existed his an older fellow I told him he needs to have a discussion w his CPA or accountant I got a feeling from his blank stare he doesn’t have I believe a lot of small biz owners aren’t saavy with what’s available..