All Forum Posts by: Kenneth Ryan

Thanks @Jason Hsiao for the input. The property is actually in West Adams west of La Brea and south of the 10. Would love the chance to discuss/analyze numbers from objective 3rd party like yourself if you're up for it.

I just got an offer accepted for a triplex in Los Angeles near Culver City. The house is listed at $880k and I am looking to put down 10%. The property currently has 2 long term tenants in 2 of the units paying a total of $2600. I plan on spending about $20k to the convert the 3rd studio into a 2 bedroom 1 bath. That is, "get rid" of the attached garage by knocking down the adjacent wall and using the square footage for the 2 bedrooms. I intend rent out the other room for $1600-1700/month.

After speaking to a lender, I've been pre-approved for an FHA loan my monthly PITI would be ~$4800. If I can manage to rent it out (and I've already gauged interest by creating FB/hotpads/zillow rental postings) I only have to cover the remaining ~$500 which I don't mind (effectively the monthly mortgage insurance premium).

I am trying to decide if this is a worthy investment. Specifically if the loan pay down that I "earn" from the tenants justifies me putting down about $120,000 (i.e. 80k down + 20k rehab). What is the best way to calculate this ROI since this property isn't cash flowing I am more interested in buy-and-hold, loan pay down, and long term appreciation.

Any thoughts are much appreciated

I am in the process of purchasing a triplex in Los Angeles that is fully occupied. I intend on financing through an owner-occupied loan and thus must abide by the owner-occupied restriction. From my understanding, there is an eviction moratorium currently in place in California and with the incoming Biden administration I anticipate this will be further upheld and/or extended.

A few questions regarding this edge-case scenario:

1) When the deal closes, I would need to occupy one of the units. The eviction moratorium currently does not allow me to execute an owner move-in eviction. It appears that my lender will still finance the deal, what do I do?

2) Is this an 'edge-case' scenario of sorts that would allow me to get around the owner-occupied restriction, at least temporarily? (note: I am not asking for ways to skirt this restriction, rather I am trying to understand my options)

3) Should I contact a lawyer before this deal closes?

Reposting from Multi-Family and Apartment Investing Forums.....

Does anyone have experience with agency lending that can provide insight into this type of debt? What was your experience with attaining this financing? Easy? Hard? Long?

Additionally, I was recently emailed a link to a brokerage site that led me to TapCap Co. They appear to be a brokerage site in NYC focusing on agency debt. Has anyone heard of them? Thoughts?

https://hello.tapcap.co/

Currently working on my 2nd multifamily property out i and stumbled onto this brokerage site. Does anyone have experience with agency lending that can provide insight into this type of debt? What was your experience with attaining this financing? Easy? Hard? Long?

Additionally, I was recently emailed a link to a brokerage site that led me to TapCap Co. They appear to be a brokerage site in NYC focusing on agency debt. Has anyone heard of them? Thoughts?

https://hello.tapcap.co/

@Wesley Weber If you're interested in non-recourse agency (fannie mae/freddie mac) loans for your commercial multifamily properties, I'm more than happy to connect you with a member of my team here at Greystone Labs. Send me a message!

Can anyone recommend debt brokers you've used to obtain your financing?