All Forum Posts by: Nicholas Weckstein

Darwin Crawford so basically it will be some what "easier" to get a loan structured out at something like this 1.25 DSCR 25 year amortization 75% LTV 7.5-8.5% interest And a 10 year balloon ? My understanding is that it would be a balloon payment with interest only at the agreed rate. Then upon the end of the balloon period payment is due in full. Now let me ask you. Is it harder to get Commercial financing VS multifamily. I've done multifamily and the DTI thing is what's halting me from doing it again. I have the 25% down. Great credit Landlord experience And if I can find a property that will perform well....am I good to go ?

Dan Schwartz hm that's pretty cool. When he told me that CEO is going to pay his rent I said to him what CEO is gunna pay your rent ?! Lol. I never herd of these types of organizations. See for me I know that even if they pay this month. Or the next 6 months. He will be an issue again. Best to just rip the band-aide off and move on.

Chris K. Thanks for the info on them. I feel in easy about filling out their W-9 and giving my social security number. I think getting this head ache of a tenant out is best. Yes I wouldn't forcibly remove him but I have a feeling that it would come to the sheriffs doing so. He's always late on rent. Has no money, so when I evict him he most certainly won't find some where to go. But I've been nice and patient for months. I think regardless of this company paying....he's gotta go. I may just have to deal with the cost. Get a better tenant in and get a few extra dollars for rent. Any advice on the eviction process ?

I have a tenant who is a real thorn in my side. I inherited him. He is always late. Doesn't drive because he couldn't afford to keep his **** box on the road. He owes the utility company money. He lost his job last month and has been MIA since when he paid me his past due rent for July on the 22nd. Since then he has not paid his rent due on the first of august. I've served him a 10 day notice to quit. He finally is answering and telling me about this organization called the CEO office in Wilkes barre PA. That they offer assistance and will pay his rent. His eviction notice is up on Monday. He sends me a form to fill out to send to this CEO office. It has a W-9 on it and wants a bunch of personal info. Any suggestions ? Evicting this guy is going to be a pain. He has nothing. No money. His crap car is in my parking lot. If I evict him I'm going to have to have him forcibly removed and then get all of his crap out of the unit.

Mauricio Alvarez have you tried finding properties that are in need of renovation in those areas ? Seems you are decently close to the money needed. Assuming your financing if you needed 600k, to get in that extra 100k would require another 25k out of pocket. Other options are house hacking which would require a lower down payment or simply just finding another area.

Everyone's information on this post was great ! Thank you all. It's one of those things that even your most educated calculation could be wrong. Maybe a lot of luck involved in it too I guess. I'm going to continue to try and buy ahead of the curve.

@Daniel B wow ! That's insane. I would have been just as skeptical as you though. Have you heard anything about Nicaragua ? Their saying it's the next place to invest. For me I can't ever invest in a place that I can drive to within a couple of hours.

Thomas S. yeah that I know. Appreciation is great but cash is king as they say. The area I primarily invest in. Won't se any appreciation in my opinion but I cash flow nicely. Can get cap rates of 10% or more fairly easily. My strategy is as follows. If I buy a duplex for 50k and rent it out for 1200 total. I'm looking at cash flowing 500-600 a month after everything is considered. I calculate how long it will take my profit to pay me back the initial investment. Once I do that. Even if I sold the house for 40k I can still consider it a profit.

Conor Freeman thank you for weighing in. I always read things about 10-20% down. I guess you'd have to know some one to achieve that. And the numbers would have to work. The property is in north east PA. Any recommendations on commercial lenders ?

Matt Katsaris I've never really looked much into it. From my understanding i would need a bigger portfolio with more equity in order to get that