All Forum Posts by: Scott Wolf

@Juan Mora, I did not fully read all the comments, so I apologize if this has been said.  Not sure why anyone here is telling you not to sell the condo.  If you were renting it out, I'd try to do a 1031 into something with positive cash flow.  Also, you could have paid off the 30 year loan at a higher rate while still cash flowing positively.  It doesn't hurt(or cost anything) to call a lender or two and see your financing options, perhaps you can go from the 15 year to a 30 year. 

If you enjoy being a landlord, buy more property.  If not, find what you enjoy and use it there.  Stock market, private lending, house flipping.  $300K (minus whatever taxes) is a good chunk of change to play with.

@Peter Freleng, Michael Kaufman from MortgageDepot is great!  You should also check out Matt Porcaro (he's on BP) and google The203KWay

@Reynoldy Berquin, gotta reach out to local REIA's, there are FB groups, lower your fee to make the sale, etc. Keep networking!

@Thomas Jerome the property should secure a private lender.  The only person that would lend you money without a first lien might be a family member.

@Ahsan Khan, you can reach out to Michael Kaufman at MortgageDepot, but not sure any conventional lender can get it done without income verification.  Why are your 2019's not done yet?  If they're mostly filed, perhaps your accountant and the lender can work together for a solution.

@Matt Eade, $6.

JK, with zero information provided, it's hard to give an estimate.  Will you be getting an appraisal? Will there be 3 separate transactions? Are there existing mortgages, or will you be getting new ones to fund the buy-out?  Happy to help figure some of that out for you, but it's a tough question.

Also, why are you buying your siblings out now?  Do you all own it through  trust?  There could be tax implications for them selling now vs. waiting for the inheritance.

@Daniel Sabato, the way you're phrasing the question seems improbable.  That being said, some mortgages are assumable, so the great rate can be passed to the buyer, and can sometimes be a selling point.  This is typically on the commercial side.

Congrats @Logan Cannady where is the property located?

@Morris Pearson, while I think you have a good investment thesis, you're missing out on "highest and best use". Any piece of land in those cities will be more valuable as re-development for apartments/office/mixed-use.  So your numbers will most likely not pencil out to build a parking garage.  In NYC, garages are disappearing, as they are bought by developers.

That being said, speak with experts in your target markets, and perhaps you can prove me wrong!  I know of a functioning garage for sale for $6MM in Manhattan, if you have any interest.

Welcome @Jerome Jackson!  Where are you looking for your second buy and hold? Upstate is a big area.  I own in Hyde Park.