All Forum Posts by: Sol Naim

 Who cares about zestimate. Its worthless and never used to evaluate pricing. 

 Hey Sol, 

A few questions, 

1. Do you own a primary residence? 
Yes

2. How many properties do you own?

Two including primary 

3. How many units in the complex are investor owned, how many are owner occupied?

That I dont know 

4. What is the monthly taxes, insurance and Hoa
3550 rent monthly
HOA $396 monthly
Taxes $8473 - $706 monthly
Insurance 1,100 - $91 monthly
Net monthly - $2347
Equity Estimate - 860K

5. What is the current monthly lease? 

$3550

6. What terms are you looking for? Max cash out? 30 year fixed? Bridge loan?
450K cash out, open to 30 year fixed or 3-5 year arm depending on rates

Hey @Sol Naim, your post is missing some info - is this for a primary residence or investment property? What type of property? Are you looking for traditional or non-traditional options? Happy to connect. 

Hey Sol, I'm in FL and likely not licensed to help you, but I wanted to ask if you could provide more detail on what your request is. Is this for your residence or a rental property. Is it in your name or an LLC's name. Is it a single family home, multi-family, etc? What is the value, how long have you owned it, what is owed, and what is your credit score? Is there anything else we should know to provide you with advice? I think if you answered those questions, people will be able to zero in on who can and can't help you

Both properties were a part of a 1031 exchange. We sold a 4plex for 900k and bought 2 4plexs. 

1st Property.

4 units. Sale price $840k appraised for $930k

%25 down - $210k

Rate is %6.25 adjusts after 6 months.

Monthly payment plus tax and insurance = $5,081

Current rents: UnitA - 0, UnitB 4950, UnitC $923, UnitD $1303 Total- $3,176 / NOI - $38,112

Rehab Budget:

Move out costs: $15k

Structure/safety: $15k

Cosmetic: $40k

Overage: $7k

Total: $77k

Cash Out Refinance: 

Depending on what the rates are in 12 months of course. I based this off of %7.5

New Value, $1.1M, %30 LTV, New Loan Amount $770k

Payment Plus Tax and Insurance = $6,399

Market Rents: UnitA $1800, UnitB $1800, UnitC $1800, UnitD $2375 = Total - $7,775/month/ NOI $93,300

Cash flow after utilities and management is $775

Cash out = $123K