All Forum Posts by: Salvatore Lentini

80LTV is off the table for now, especially if it's a cash out refi.  If you need to do the refi within the next few months you're better off doing it now at 75LTV at these rates because even if 80LTV comes back your rate will probably be higher and the market value of your property may have dropped 10%.  Then you'll have waited for nothing.

@Joshua Kim reid - reach out to title companies in your area.  Some realtors view real estate attorneys as competition because they both can help with deal closings.  Also, be sure to attend local real estate groups and there are probably a few attorneys that attend and are members.  If you don't know how to find a local real estate group message me.

Just curious as to how others on BP are feeling about the market?  Personally, (in the commercial space) I've started to notice sellers have become more flexible and brokers are hungrier in the past 2 months.  I'm actually getting brokers reaching out to me on deals (because of the lack of activity) instead of me hounding them.  Rates are high but if you can make the numbers work... it looks like there might be some deals to be had as opposed to the past few years where every deal had crazy competition.  I'm in Philadelphia suburbs.  It hasn't been pronounced but just starting to notice the tide turning.  A vibe. How about you?

@Alex Bekeza - I may be sending the buyer your way if his current broker can't make this happen. 

Lima One Capital is now saying that AMC has to send it to the borrower?? Not sure what their motive could be to make this this difficult.

It would be great if someone there could step up and fix this so I can sing their praise.  At this point I'd shout it from the rooftops!

@Kristen L Garner - would the new lender need to have it sent or "released" from prior lender in order for it to be considered valid?  I was buying a commercial property (personally) last year and when one local bank didn't work out (and we had already gotten the appraisal through them), when we switched to financing with another local bank the appraisal couldn't be sent from the old bank to me and then to the new bank.  The new bank said they had to get it directly from the prior bank without it "touching" my hands or from the appraisal company directly.

@Robert Neely - please message me directly and I can give you the borrowers name, full address and whatever else Lima needs.  Buyer is working through a broker.  What needs to be done to make this happen?  Because tomorrow it will be one week since it's been requested.

I was once in your position.  You've read some real estate books, sifted through real estate forums, watched videos but it's been months or years and you haven't done it yet... tell me why and I can point you in the right direction. I'm nearing 200 rentals now but I spent years on the sidelines "wanting".

I've done single family, multi family, commercial and triple net. So what's your biggest challenge with getting started?  Let me hear it :)

Has anyone had problems with Lima One Capital withholding AMC appraisals? My buyer was not able to get approved by Lima because the per unit didn't meet there minimum ($50K per unit on a 6 unit property) even though Lima One knew this info when the buyer applied. Purchase agreement was for $285K on a 6 unit. It appraised for $290K and then Lima One Capital said "Sorry it's under our minimum". Buyer has a new lender that will do the loan but needs the appraisal. Since it's an AMC appraisal that was paid for by the buyer it's theirs. Lender requested it a week ago and Lima One has still not sent it. I can't even imagine why they would do this. Any ideas? Anyone else experience this?

For all those that are new or have been on here for a while lurking, reading, learning...

What is your #1 challenge getting started in real estate investing?

I'm closing in on 200 rentals and am happy to help get you past that 1st mental hurdle.  So let's hear it!

@Taylor Campbell - I understand why, living in Hoboken why you'd want to invest out of state (I used to live there and it is expensive).  But you can certainly find some areas around there that are just beyond Hoboken that are a little less in demand and will make it easier to cashflow.  Investing out of state (not a nearby state) where a plane ride is needed to visit your investment is not advisable in my opinion.  I've done it.  It can be good and it can be bad solely due to the fact that you are relying on property managers and in general good property management is hard to find.  I wouldn't do it unless you have experience locally first.