All Forum Posts by: Bobbi Casalino

Where I'm at today:

A) getting 1.2m cash-out of my 8 family in Brooklyn, at 5.75/ 30 year adjustable with $60k in closing costs (NYC Mtge tax is 2.8% so that's 33,400 right there). ** How's that sound? Are there better terms?

B) lending 500k of that 1.2m to the seller of:

C) a 2 family I'll be leasing with option to buy in 5 years for 1.5m. (We'll subtract the balance from the 1.5 - will bring it down to about 1m)

D) I will restructure the property from 2 to 3 apts, potential 9k/mo rental income after reno. 4 mos with no income?

E) thinking 4 mos and 300k for reno

F) I will have 700k to lend (PML) and invest

I'd really be grateful for your feedback, suggestions and recommendations for NYC attorneys and other. As complex as this deal is, the most difficult thing is finding capable, smart people, esp, an attorney. Hoping to find an attorney experienced in 

        1) Executory/Lease-Option, 

        2) Mortgage/Promissory Note, 

        3) Private Money Lending

. 4) LLC

Thank you for the input. Where I'm at today: 

A) getting 1.2m cash-out of my 8 family in Brooklyn, at 5.75 - 30 year adjustable $60k in closing costs (NYC Mtge tax is 2.8% so that's 33,400 right there).  ** How's that sound? Are there better terms? 

B) lending 500k of that to the seller of: 

C) a 2 family I'll be leasing with option to buy in 5 years for 1.5m. (We'll subtract the balance from the 1.5 PP- will bring it down to about 1m)

D) I will restructure the property from 2 to 3 apts 

E) thinking 300k for reno 

F) I will have 700k to lend (PML) and invest 

I'd really be grateful for your feedback, suggestions and recommendations for attorneys and other. As complex as this deal is, the most difficult thing is finding capable, smart and trustworthy people. I don't know how to start

Hi. I’d be grateful for some insight on a current purchase. Im planning for 200k Hard costs on a $1.5 pp

Team/Planning/Construction

I want to avoid having to acquire permits as much as possible to transform a 2 fam to a 3 fam. I’m not an architect or a GC so I have a plan but don’t know what’s feasible

If I dig out the basement, I'd have a nice duplex plus the 2 other apts which could fetch $120k/yr more or less

Financing

I was quoted 5.5% with .75 fee to cash out refi (which I haven’t ever done) an existing property.
Considering forming syndication. Any suggestions?

My priority is to not waste time = no cashflow. I have a pretty good idea of what I want but I need to know if it’s feasible

I’d love to hear your experiences and insight. Thank you very much 😊

Hi. I’d be grateful for some insight on a current purchase. Im planning for 200k Hard costs on a $1.5 pp

Team/Planning/Construction

I want to avoid having to acquire permits as much as possible to transform a 2 fam to a 3 fam. I’m not an architect or a GC so I have a plan but don’t know what’s feasible  

If I dig out the basement, I'd have a nice duplex plus the 2 other apts which could fetch $120k/yr more or less

Financing

I was quoted 5.5% with .75 fee to cash out refi (which I haven’t ever done) an existing property.
   Considering forming syndication.  Any suggestions? 

My priority is to not waste time = no cashflow. I have a pretty good idea of what I want but I need to know if it’s feasible

I’d love to hear your experiences and insight. Thank you very much 😊

Hi. I’d be grateful for some insight on a current purchase. Im planning for 200k Hard costs on a $1.5 pp

Team/Planning/Construction

I want to avoid having to acquire permits as much as possible. I want to learn what’s possible to transform a 2 fam to a 3 fam so I’m looking for an architect or a seasoned GC who has that knowledge and the team to get the most bang for the buck. 

If I dig out the basement, I'd have a nice duplex plus the 2 other apts which could fetch $120k/yr more or less

Financing

 I was quoted 5.5% with .75 fee to cash out refi an existing property. Considering forming syndication.

  Right now my priority is to not waste time = no cashflow. I have a pretty good idea of what I want but I need to know if it’s feasible

   I’d love to hear your experiences. Thank you very much 😊

Hoping to win on terms with this one: PP: $1.5m. Needs gut reno -new elec, plumbing, remove interior staircase/ add exterior stair, remove hallway walls which are structural/ load-bearing, etc  ($200-300K) AFV $3m. The location in North Brooklyn is "A" and appreciating, tho in the next few years who knows, but who cares? Im buying to hold. Rental income should be 120,000/yr.  Buy with 400,000 DP with cash-out refi from my 8 fam. (What int rate are you all paying?) Then pay Seller 8,000/mo for 5 yrs. I plan to cash-out refi once I am able to (is that 3 yrs? 5 yrs? or based on equity?) and pay off seller... unless they'll want to finance me and collect 5-6% interest-  Depends how much interest rates will have dropped by then and what my cash-out refi rate is. 

I follow Pace and Jerry Norton like crazy. How are the bones of this deal? My brain is exploding trying to piece it all together, never having done it before. I welcome your insights on the deal and recommendations on how to determine what can be reconfigured and at what cost, the permitting process in BK and your experience digging out a dirt basement in order to create a duplex (basement is 100% below ground level)

  Thank you

@Pooja Gupta I bought a great 3 bedroom whilst my daughter and 2 friends attended college in East Falls, nearby. I know that some students want to move in early and others stay and work locally over the summer.  Beside that, Manayunk is a very cool town. I checked AirBnB and my feeling (though I'd not yet had to have done it) is my 3 bedroom can get 140-180 a night- though idk for how many days... And, I've been offered 15-20% over purchase, April 2020. I'm a big fan of Manayunk; it's awesome. I hope it doesnt gentrify too much =)

.   Presently, I'm trying to figure a way to reconfigure my 1 family into a 2.  

.  Best of luck to you!!

Hi Nich.I read with interest information you provide. I've sifted through, but not found insight into this present issue. A house I stand to buy is owned by one person, wholly, after her husband passed. She has 3 kids and 4 grandkids and now her health is waning. In order avoid paying $350K upon sale (on a 1.5m home in Brooklyn) which was purchased in 1967, what's the best way? To title the property to a Trust (with owner, as 1 of the trustees, so that upon her death, the other trustee(s) absorb her share). If titled in a trust, can they sell and avoid cap gains while she's still alive or must they wait? (They really want out asap)

.   Thanks =)

Does this make sense:

Take 1,200,000 out of house #1 (100% equity)  QUESTION 1: How? Home Equity Loan? 

Buy House #2 for $1,500,000 on Installment Plan (1,000,000 down, then remaining 500,000= 4,167/mo. x 10 years) ** No Installment Plan treatment. The other 200,000 for reno. This official 3 fam is being used as 2 fam; needs reconstruction. Must add kitchen

2 months reno. Based on comps ARV $2m. Cash out refi

.    Additionally, i can add a floor- a 4th apt. which would add 2500 rental income.  But I know nothing of the laws, costs and time involved. Im sure it's the right move, but I have no idea how to begin.

. My goals are to acquire property (STRs next; asset protection; LLC or SDIRA *if appropriate; strategic tax planning)

.  I will so greatly appreciate your help. Hoping to know if Im on the right track. Please free me from Analysis Paralysis

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Hi. Does anyone have a FP that knows the laws, loopholes and how to apply them or better yet, advise you based on present and intended situations? I'm looking for a Mark J. Kohler (KKOS) or Clint Coons (Anderson Advisors)- someone that sees the big picture re Estate Planning, Asset Protection, Business structures and tax Advisement. Does there exist such a beast? I'm in NY.  Thanks!!