All Forum Posts by: Frank Robinson

Thank you, Stuart. The biggest focus of mine would be on just having one tax lot and maybe cheaper financing. What lender did you use to get a blanket loan on the property?

Does anyone have experience converting a multi condo unit house to simply a multi family property? If so, what is the process like a condo association from multi tax lots to a single tax lot. Looking at a 5 unit condo property that should really be a 5 unit multifamily.

Hi, would love everyone's opinion. I own 7 multi-fam rental properties that have an aggregate value of ~$4mm. Current debt against them is ~$2.8mm via individual recourse investment property mortgages. Because these are personal and not commercial investment property mortgages, the structures are very attractive - 30 yr fixed rates that are around  3.5%, 20% down originally, with no prepay penalties, reserve  requirements, etc. The properties currently CF ~10-12% on my equity into them. What i'm struggling with is whether it's worth trying to do a  non-recourse portfolio rental loan that combines all these into one  loan. advantages are mainly that i get to wipe off the recourse nature  off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually. I have a full-time job outside these investments. My primary focus is accumulate rental property over time for passive income growth and earlier retirement (I'm in my 30s)

2 questions:
1. What would folks do in this scenario? Keep the recourse low-rate fixed structures given properties are generating enough CF cushion to protect against a rainy day or refi with a portfolio loan to get rid of the recourse nature of  the properties?

2. Would you direct the excess CF generated by the  properties to pay down the mortgages ASAP to create more cushion or not  given today's high inflation and relatively low mortgages rates?

thanks!

Hi, would love everyone's opinion. I own 7 multi-fam rental properties that have an aggregate value of ~$4mm. Current debt against them is ~$2.8mm via individual recourse investment property mortgages. Because these are personal and not commercial investment property mortgages, the structures are very attractive - 30 yr fixed rates that are around 3.5%, 20% down originally, with no prepay penalties, reserve requirements, etc. The properties currently CF ~10-12% on my equity into them. What i'm struggling with is whether it's worth trying to do a non-recourse portfolio rental loan that combines all these into one loan. advantages are mainly that i get to wipe off the recourse nature off the record, can structure a 10-year IO period and ARM after that; however, the cost to complete is meaningful - 1% origination fee, $2-4k closing fees, new title policies cost of $15k or so, higher coupons of 4.3% +/-, prepay penalties and non-assumable, probably more difficult to selloff properties individually. I have a full-time job outside these investments. My primary focus is accumulate rental property over time for passive income growth and earlier retirement (I'm in my 30s)

2 questions:
1. What would folks do in this scenario? Keep the recourse low-rate fixed structures given properties are generating enough CF cushion to protect against a rainy day or refi with a portfolio loan to get rid of the recourse nature of the properties?
2. Would you direct the excess CF generated by the properties to pay down the mortgages ASAP to create more cushion or not given today's high inflation and relatively low mortgages rates?

thanks!

you will get hit with a property tax transfer. I've looked into this and own 4 rental properties in Philly, all in LLCs. suggest you purchase the next one in the LLC. the only bank i know who allows this at closing and not via quit claim deed thereafter is TD.

Hi, we recently bought a multi-family property we are renovating. After installing vinyl plank flooring on the 2nd floor, we realized that the included underlayment doesn't provide enough cushion and a lot of foot impact noise is heard down on the 1st floor. Aside from redoing the floor and installing thick rubber noise barrier, which will be very expensive, what do folks recommend on solutions to decrease the impact noise heard on the 1st floor?

I read about soundblocking drywall and greenglue, decoupling, resilience channel ceiling installation. Does anyone have any experience?

Easiest solution may be to just install an additional layer of soundblocking drywall on the existing 1st floor ceiling, but don't know how effective it will be

awesome, thank you!

Thank you. the link you sent is for appealing to BRT. I have already done that and BRT has denied the appeal. So what are my avenues next?

Valuation is not FMV and that is not what I argued. I argued their valuation is not uniformly applied across the properties in my area as required for Pennsylvania Constitution.

So, I appealed by properties appraisal to BRT based on non-uniformity since it was appraised more than 80% above comps. The property was actually appraised 80% more than the one I own right next to it that is exactly the same. BRT denied the appeal.... which boggles my mind.

How do I appeal the BRT's decision?

Thank you

Hi, would love to know what others' experiences have been like with Philly on this. In Fall'19 I filed an appeal of my 2019 taxes. No hearing has been scheduled yet and it's early 2021. I have since appealed my 2020 taxes too in Fall'20 and also no hearing has been scheduled yet.

Is anyone else having the same delay issues? Seems kind of ridiculous of a delay with respect to 2019 appeal even in the light of Covid.

Can something can be done to expedite the hearing? I'm now out of pocket for 2019 and 2020 taxes.


Thank you,

Eddie