All Forum Posts by: Salvatore Lentini

Welcome Brady. This is great site and you'll learn a lot if you dedicate time to it. Let me know if I can be of any help. I started out wholesaling, then flips, then started buying single family rentals (SFR) and now I've been buying apartment buildings and commercial.

Let me clarify... I'm not saying I personally believe or don't believe we are the peak but I have been seeing others on here saying it.  I am a buy and hold guy so I'm not necessarily concerned about short term fluctuations with my MF properties (not completely true since I buy with cash and then refi so short term fluctuations can affect me if a MF rehab/turnaround takes 12-18 months) but I was just curious for those that DO believe we are at the peak....  What's next?

then what's the next asset class that has room for growth?  Where's a good place to find this kind of data/research?  What does history say?

I have other SFR with 30 yr mortgages and an apartment building with private money that we're rehabbing and looking to refi out in a few months.

Anyone have any suggestions of national lenders that will do blanket loans at decent rates/terms/LTV? I have 2 SFR in PA and 3 SFR in OH that I own free and clear and am looking to refi.

Thanks!

Hi Nick-

It's not just distance but the grade of the land between the apartment building and the gas station and also its elevation.  I bought one across from a gas station and prior to getting the Phase 1 in talking with the owner of the Environmental Services company he said he was confident based on the grade of the land, there would be no issue (because any spill/leakage from the gas station would head in a different direction - away from my building).  Also, look into getting a "modified Phase 1".  The company I went with had a name for it but (Site Review/Site Assessment).  Basically you pay a lower fee and they do all of the initial research work they would normally do and if nothing suspicious shows up then they don't continue.  Best case scenario you save some money (in case you don't end up buying the building).  Worst case, you end up paying the full Phase 1 fee.  The owner of the company, based on the initial results they found, assured me that based on his experience there was no need to go any further.  And that in his opinion, he would confidently buy the building himself without concern of any environmental issues.

Hi Gregory-  I will gladly share the specs if I get it under contract.  It's an off market deal and I signed a confidentiality agreement.  I'm actually looking at 2 properties this seller owns (the other is an office building) and may buy both as a package deal.  They are in a nice area of Bucks County so the sticking point is price.... isn't it always :)

Hi Matt-  I invest in the Philly area. I have an apartment building and just put a bid in on a property with a bunch of retail on the bottom floor and 20 apartments above.  If you give me more details I can help.  And I can put you in touch with a good commercial mortgage broker.

Sal Lentini

Hi Jason-

What are your general terms when acting as a funding partner?  I rehab single families and keep as rentals and also flips (I've done 12 in the past 2 years).  I am rehabbing a 16 unit apartment building and currently looking at a few larger off market apartment/commercial properties.  I currently have 25 rental units.  I'd be interested in talking further.

@Pete Ackers

Make sure the price is based on current rent roll.  Landlord sellers always say "the rents could be higher",  Really?  So why haven't you raised them?  Don't pay for what the rent can be, pay for what it is.  If you're the one doing the work to raise rents, deal with potential vacancies because of it and/or having to renovate to get those rents...then you should be the one to benefit from the increased value YOU create.