All Forum Posts by: Fred Shandler

Probably an easy answer to an easy question, but -
When I begin to call banks and inquire about their lending capability, would I begin my conversation by asking something along the lines of: "I'm an investor and am looking for an LTV based mortgage?" Is that a correct way to phrase the question? Any other suggestions?

I ask because the two times I've attempted to talk to separate banks, they were almost baffled by what I was looking for.

Thanks,
Fred

anyone have an idea on this?

Thanks,
Fred

Although I have never purchased a property from him, I have someone who sends me an email with a new property (every couple of weeks). Naturally, many have understated operating expenses and overstated cash flow. But there are some, however, that work. If the numbers check out, they may be worth looking at.

Ok, so lets say the owner is willing to finance only for 12 months (at which point the property would then be conventionally financed). When would the property be moved into an LLC? In other words, if the eventual mortgage is going to be personally guaranteed (and not financed through the LLC), doesn't the prop need to be "outside" of the LLC, then financed, then moved into the LLC?

Is this a case where the property needs to be moved it into the LLC when originally acquired, then removed for purposes of financing (after 12 months), then moved back into the LLC again once financed?

How does what Mark is trying to do, differ from what many other people here do -in terms of quit claiming to his LLC? It looks like this is something has is done often, why is he seemingly unable to do this?

Is a loan that is first obtained personally, then quit claimed, considered commercial?

What about finding a small, local bank that lends based on LTV? Also, is the loan still considered commercial if one obtains it personally, then quit claims it to their LLC?

I just received another offer that seems good.

Two house deal (neighboring houses, one 1 fam. one 2 fam.)

One fam. rent: $550

Two fam. rent: $1,200 ($550/$650)

Total asking price for both: $42,000

Would you analyze these properties collectively, or individually? I ran some numbers by arbitrarely stating that the 2 fam. is $30k and the 1 fam. is $22k and under those numbers, I think they work.

Two Fam:
NOI: $600
-P/I: $189
-$101 (additional high taxes)
=$310 ($155 per door)

One Fam:
NOI: $275
-P/I: $139
-$52 (additional high taxes)
=$84

Is this a fairly accurate assessment?

Thanks,
Fred

Thanks for the responses guys. The taxes (unfortunately) are accurate and consistent with others (NY State property taxes are tremendous).

The one caveat is that the owner is offering 30K financing. Does that change the complexation of this deal in anyway?

Based on your experience, how do/have you negotiated with wholesellers, recognizing that their selling price is essentially almost fixed?

A wholeseller contacted me with this deal. This is the way (I think) I see it -correct me if I'm wrong.

Asking Price: $39,900
Rents: $485 each/$970 total
Taxes: $2,516 (YIKES)

NOI: $485
P/I: $252 (30 years @ 6.5%)
-$112 (for additional ridiculously high taxes)
= $121 or $60 per door

Unless I'm looking at this incorrectly, I think the most one could pay (for ample cash flow) is $28,000:

NOI: $485
P/I: $177 (30 years @ 6.5%)
-$112 (for additional ridiculously high taxes)
= $196 or $98 per door

Am I correct in this assessment? Any input would be appreciated.

Thanks!
Fred