All Forum Posts by: Salvatore Trapani

@Jerry Brecko to expand a little on what Russell said; 

If it's a short sale, the current homeowner still has possession/ownership in the property but you would still need bank approval on a purchase price. Your offer and contract would be between yourself and the homeowner contingent on a short sale approval from the bank.

A benefit with dealing with a short sale is the ability to view the interior prior to presenting an offer, purchasing using conventional financing options and making arrangements with the current occupant to make sure they vacate appropriately.

If it's bank owned, then it would not be marketed as a short sale and therefore your offer and contract would be direct with the bank.

Cons with bank-owned may include the inability for interior inspections, needing to self-finance or using hard money to close within 30 days and the unknown of dealing with squatters.

I'm currently managing a commercial (15-unit residential) building in the Bronx, NY that is held under an LLC by a 100% sole-member.

The member is looking to fully transfer the corp. stake to a family member, making that person 100% sole-member.

Ownership of the building remains the same (as the LLC), but it's members are changing.

Is there a tax consequence involved? Is this still considered a sale with required transfer taxes?

@Donald Butler - I'm a Broker on LI. What areas of LI are these properties located? How small/large are these homes? $1,000 profit per house rental seems to be on the smaller side considering they're mortgage-free. Even a $200,000 valuation seems low.

With FHA mortgage programs available for buyers with low-poor credit and a lower down payment requirement with lower interest rates, you may find it hard to assume somebody would take on your seller-financing opportunity.

Assuming your suggested proposition; PP $200,000, DP $30,000 Loan Amount: $170,000 - you're only looking to profit about $10,000/year on interest, with that amount decreasing each year (as the principal payment increases each month).

I'd love to discuss this further. If you have any questions, feel free to DM me.

Currently Approved Short Sale (OFF-MARKET)

Single Family - Detached

3 bedroom / 2 bath

23x100 lot

approx: 1,048 sq. ft. GLA

Approval: $350,000 (Non-Negotiable)

Repairs: Approx: $50k

ARV: $490,000-$530,000

**PRINCIPALS / INVESTORS ONLY**

Good Morning BP!

I've been a Realtor and investor for the past 8 years and have recently been contacted by an out-of-state building owner to take over for her current property management company. Although I've managed my own properties, this scenario entails managing 3 separate buildings of roughly 100 total rent-stabilized units.

How would you transition the tenants from the previous PM to my company?

• Do you mail introductory letters with questionnaires to learn what can be improved?
• Do you conduct a door-knocking/introductory walk-through of the buildings?

Best Property Management Software?

Thanks BP Family!

Sal

Good Morning BP!

I've been a Realtor and investor for the past 8 years and have recently been contacted by an out-of-state building owner to take over for her current property management company. Although I've managed my own properties, this scenario entails managing 3 separate buildings of roughly 100 total rent-stabilized units. 

How would you transition the tenants from the previous PM to my company? 

• Do you mail introductory letters with questionnaires to learn what can be improved? 
• Do you conduct a door-knocking/introductory walk-through of the buildings?

Best Property Management Software?

Thanks BP Family!

Sal

Hi Nicholas,

I'm a Realtor in Queens and investor myself. If you come across properties that you don't have buyers for, please reach out to me. Would love to do some business together.