All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1797 times.
Post: Need Owners Title Insurance on new construction?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
I'm biased, but you're looking to save a one-time $700 cost to insure a $260K investment. Seems like bad math to me.
Post: Real Estate Lawyer in NYC area...................................
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Samantha Ward, for a closing, litigation, landlord tenant issue? I have plenty of contacts.
Post: 80% LTV Refinance on 3 family
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Ethan Max if it's your primary, it should be easy to do. Shoot me an email. and I'll connect you with a great mortgage broker.
Post: Help us get creative
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Mike B. & @Liz Benzschawel, the buyers would be responsible for taxes & insurance typically in a private lender(in this case seller finance) deal.
Talk with the current owner, if he has not demised the space, perhaps you can lure the previous tenants back quickly.
Post: Help us get creative
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Mike B., you've really answered your own question here. It seems like you think a regular bank would finance it if the commercial tenants were in place. If so, then use the seller to finance as a semi-traditional bank.
If the seller will finance it, then that's the route to do so. Ask for an I/O loan for 3-5 years with a ballon payment if you feel you can get a traditional bank to come in and refi him out.
Post: Can I go into a 1031 and live in it?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Mary Chen, yes. Just be prepared to pay your capital gains tax on it.
Without actual extenuating circumstances, the IRS will not let that go lightly.
Post: References for a Landlord/Tenant Lawyer and CPA - Prefer local __
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Nafees Nuruddin, for a LL/Tenant attorney, Henry Graham of Cooper Paroof out of Queens is great. PM me if you want his contact.
Post: Would you pay for a list of private lenders?
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
Originally posted by @Rick Pozos:
Hey @Dan Auciello the ONLY way you are going to find private lenders is by doing deals with hard money lenders first. You have to have a track record before friends and family are going to trust you with their hard earned retirement money or their cash on hand.
If you had worked hard to save up 250k cash in the bank, would you lend it to your cousin or nephew who one day said, "I think I want to be a real estate investor. Uncle, can you lend me half of what you have saved up all your life for?"
Maybe.
But he better have one hell of a deal. He better have a passion for real estate. He better know a little about construction. He better know other people who are involved in the real estate game that can help him along the way when he stumbles. AND he better have done this at least once or twice to prove that he can do it AND make money.
This is a phenomenal comment. I've consider private money lending for my friends, but only if the LTV is somewhere in the 60% or less range. Building up a track record is key!
Post: Westchester NY cashflow rental
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Adam Tan, while the idea of having a paid for rental is great, I'd search for somewhere outside of Westchester where your money goes further, you get more units, and have better economies of scale.
Not investment advice, but for example $800k will probably net you a 4 family at best. If you went further north to Dutchess County, you could probably get an 6-10 unit for that price, with a better cap rate, or you could even go out of state. If your goals are solely cash flow, I'd go somewhere outside of Westchester.
Post: Need Guidance for Down payment Loan
- Lender
- Boca Raton, FL
- Posts 1,917
- Votes 932
@Anthony Morales, why does the seller keep the deed until payoff? If it's seller financing, they should become the bank with a first lien position, title insurance etc. This doesn't feel right to me.
Additionally, if you have an appraised value of $245k already, you should be able to refinance the seller out in 6 months with no issues. Is this a flip, or a buy & hold?