All Forum Posts by: Justin Gross

By learning what I have from this site and books, I've realized that he doesn't know what he's doing. The more he was telling me about it the more I noticed how screwed he was. I did say the others properties are doing "fine" but not GREAT. I think that at this point he should be sitting back while cash flows in but he is constantly fixing them up. I was just trying to help him but he pretty much knew he was screwed before. Thanks for the help everyone.

From what I understand he is talking to the lenders through bankruptcy. He told me that if it goes through that his interest rate will drop to 5%.

Yeah I had a feeling he was screwed. He never really figures out his finances and just jumps into things. So what do you think his best options are? He is thinking of just giving it back to the bank.

My friend is behind on the payments but he is also filed chapter 11. He paid $1,800,000 two years ago. He put $500,000 down and $250,000 on construction and maintenance. He also put on new roofs. The units are split into three buildings. The vacant apartments need to be fixed up before he rents them out and doesn't have the money to fix them. The loan is at 6.8% for 10 years. He also just told me that the $10,800 a month includes taxes. Hope that helps. Sorry for not giving enough info. Just learning.

Oh yeah sorry forgot about the rent. He is getting $500 for 1 bedrooms and $600 for 2 bedrooms. Which he knows he can more. He is loosing it because the overhead was to high. Monthly mortgage is $10,800. It fell behind cause he got vacancies and didn't have the money to fix them up and rent out. He actually filed chapter 11 bankruptcy. He has 3 other apartment buildings that or doing fine.

A friend of mine has a 41 unit apt building in Tampa FL. 21 one bedroom and 20 two bedrooms. Was recently in foreclosure. It is currently 50% occupied and some of the units need work. He told me he owes $1,350,000. Looking for investor to short sale property. Currently has $750,000 invested and does not want to loose the property. Just looking at options right now. Maybe a private lender to make a new loan out plus interest? I'm pretty new to this and just trying to help him out and learn. I'm sure I'm leaving some needed info out so just let me know.

Thanks, Justin

Who cares what he looks like and how he dresses as long as his words are good and help. Great info. Love the shirt in the first video.

Justin

Unless I'm mistaking I thought I read in a book that HML's lend based on 70% ARV. That way you have some money for the rehab. But you have to have a credit score of at least 640. I'm I way off on this? Please let me know.

Thanks Justin

lol...sure dave. It's going to cost you $1 every time though. haha JK

Justin

Thanks for the info guys. I live in Hillsborough county and we can find those records online. I do agree though that since I am just starting out, going to the court house is my best option. Plus it's easier to meet people when you leave the house. :)