All Forum Posts by: Taylor Shapiro

Can anyone recommend an online excel-type tool that would allow me to plug in financing terms for an apartment building to see what the loan paydown would be for each year? Ideally it would show interest percentage and principal percentage to the exact dollar amount of every month and/or year. 

Thanks for getting back to me. I need to check in more often!

@Rajeev Kotyan thank you for your insight. In this case, I'm talking about the gains from the sale to be done as a 1031 exchange. 

@Dmitriy Fomichenko, @Dave Foster, Let's say I make $100K after the sale of these two flips, $50K each. I contribute $50K to a K Plan and am left with $50K. I don't need the remaining $50K to live on so I'm left with a chunk of change that will ultimately be taxed if left unchecked. 

Is it possible to roll the remaining sum into a multifamily, tax deferred? 

How can I minimize taxes on the remaining $50K?

Hi guys and gals,

In the next month or so I'll be selling 2 flip properties- a single family and a 4 unit. I plan on opening a solo 401K to defer some taxes, but as I understand, annual contributions are capped at $50K (+/-). 

The plan is to buy a small multi with the remaining profit. My question is, is there a way for me to move this money into a multifamily while deferring taxes, similar to a 1031?

@Curtis Bidwell congrats on the deal! Quick question though-

Why are you estimating the CAP rate to go from an 11 to a 9 CAP after interior repairs are made? I don't follow. Can you explain?

Thanks @David Roqueand @Chris Lengquist. The guys that beat my offer had until today to get the contracts sent in. As of this morning, no paperwork had been collected. I'm trying to get my ducks in a row if and when it comes time to negotiate the closing. 

Appreciate the feedback!

Hey all,

I recently put an offer in on a foreclosed apartment building. The LA called me up a few days later asking for highest and best and mentioned the deadline was the following day at 1PM. I went out on a limb and asked him what I needed to come in at and we eventually settled at a price that worked for the both of us.

The following day (deadline) he called me and said my offer was the highest and best but the bank doesn't allow agents to represent themselves when purchasing REOs in this particular case. Since I am licensed, I would need to forfeit the commission completely or have this LA represent me. I'm new to the business, but having purchased 4 REOs this year so far, this is the first time I've ever heard this. Is he pulling my leg? Do I ask to see it in writing?

Two days after deadline he calls me again and tells me that he's received an offer that's "unbelievably higher than mine, like $40k higher". He goes on to say that it's probably someone from NY who wants to lock it up and then renegotiate the price back down. Either way, the offer was accepted after deadline. 

Can/Should I complain to his broker that he's accepting offers after deadline? If the buyers don't come through and I get to close, do i ask him to show me why I'm giving up commission?

I don't want to shoot myself in the foot by calling and complaining to his broker at this time. 

@Eva Arnold, I began investing on my own this past year. Bought my first single family flip in December '14 and my second one in January '15. I have a 4 unit multi that I'm rehabbing now with plans to cash-out refi or sell and another single family flip I'm buying this Friday. 

I started with less than $300.00 to my name and $20k+ school/car debt. 

At the risk of sounding too cliche, "If I can do it, so can you!".

Find a great deal and you'll be able to find the money. Make it happen.

@Michael Noto great buy! Thanks for sharing your experience with the rest of us. 

I have 2 flips we're working on in Bristol at the moment. By mid year I'll be making plans to purchase my first rental.

You mentioned you've seen a lot of 2,3,4 and 6 unit buildings in the area. Is this New Britain-only that you're talking about? What can you share about the rentals in the area?

Just spoke with a guy yesterday who has a duplex near CCSU. 3 BRs on both floors that he rents out for $500/room. His loan was for $140K. Looks like a good area for rentals.  

Best of luck!

Thanks for the replies fellas

@Account Closed , do you mean ask for a bank statement showing $200K from one investor even though I'll be using funds from 2 separate lenders?

@Wayne Brooks would this still be considered a "financed" offer if I did what's mentioned above?

I have private money secured from two individuals, each loaning $100,000. The funds are disbursed via a LOC.

Considering my rehabs will be funded by both LOCs, how do I come up with a POF to provide banks with my offer on REOs?

2 separate POF letters with each offer?

Have attorney vouch for the available funds?

Thanks