All Forum Posts by: Dominic M.

@Jake Arnold call as many lenders as possible in your local area and ask them. Look for local portfolio lenders, credit unions and small banks and just have a conversation.  

On a side note, if you quitclaimed to an LLC I would make sure you have the correct insurance and what the impacts are if you have to change your insurance.

@Tara Faulks

I'm on the same boat as the others here. Cash out refi will likely leave you with negative cashflow. Your ROE is low and you probably have more equity from principal paydown over the past number of years. 

If as @Sunny Suh says above is true I think the HELOC gives you the best of both worlds. Hoboken is a great location and it is virtually impossible to buy a cash flowing property in the area, or at least, I can't find one. To me, the location is too good to give up and if you can use a HELOC you have a win-win. The 1031 would also work well but if you don't have 3 properties you really want then you can be left with an investment you regret, or on the flip side take a hit on the capital gains.

I agree with a lot of what Curtis has to say here but we need more information for context ... Of course we want to increase rents but during a pandemic you're weighing up greater risk all bundled with future uncertainty. A business model that can't be fluid and adapt quickly, to me, is a failing model. I love the quote to increase the rents, go for it, stand firm, and think about.. if a quality paying tenant with a track record would be more valuable than a 50 dollar bump in rents during a pandemic? 

I would audit your current tenant: did they maintain the property? did they always pay on time? what is their working situation? What's their financial situation? Then weigh up if an extra 50-100 dollars a month worth the transition?  

@Marc Cohen forgot to tag you.

Hi Marc, 

I am very familiar with Towson as I studied at Loyola Maryland which is pretty close. The area surrounding the Mall and restaurants etc. has seen growth. There has been new commercial spaces, restaurants and the movies renovated not too long ago. The "spine" of the area I would say moves through York road. I have previously lived in close proximity to Towson and Baltimore for a number of years. If you want any more information or to go into more specifics shoot me a DM. 

@Tarica Davis

Remember if you are wholesaling then you are in contract with the seller and will be assigning the contract to an investor. Keep in mind the timing of the sale. 

If you find a seller but they will only sell at a higher price that you can't wholesale to an investor, then probably don't move ahead. Look to list it instead. 

Also, as an agent you have a fiduciary duty to your clients so there could be some conflict of interest in this strategy. I would speak with wholesalers and agents directly as I am neither. 

@Tarica Davis

I am not a licensed realtor or wholesaler. Regardless, why not do both. 

If you are knocking doors to wholesale properties then the conversion rate inevitably is very low and it is very much comes down to a numbers game.  What if you can increase your odds? 

For those that are on the fence and won't sell at a low enough price to wholesale then as an agent you can switch into listing their property for sale through your broker.