All Forum Posts by: Hamlet J.

Hello Cameron, 

I am interested. can you send me a PM

 Hello Amaan, 

I agree with Collings. House hacking is the best option for you since you'll be in grad school. Start slow. REI is a marathon.

Hamlet

Hi @Arjay Estrella, 

I believe that if they are taking good care of the property and they are punctual on the rent payment, it is ok just to leave them alone. They since to be good people.  

Just leave them alone and move to your next adventure.

Hamlet

CT investor

Hello @Alex Molina

I believe that Connecticut does not have a standard rent increase rate established by state law. Usually, the rent increases are typically determined by the landlord and tenant agreement or governed by local ordinances and rental regulations in specific municipalities.

I personally like to increase it to %3.4, but for my loyal tenant, I go %2 every year. But this is dependent on the market. I invest in Waterbury, CT and it is lower income population. 

Use your judgement. 

Hamlet

Waterbury investor. 

Hello @Kevin Naimoli, 

I totally agree with @Jenny Zhang about the complex this deal is. 

I believe that you have too many challenges to consider. I will try to give you some advice on each one. 

1) challenge: You mentioned how the property is in a C-Corp with 3 years remaining on the transferred agreement. Thus, he cannot sell it to you until the end of the 3rd year

     Answer) Can you become a limited partner just for the Property with the right to purchase it at now fixed price at the end of the 3rd year? However, given the complexity of this deal and the various legal and financial considerations involved, it is advisable to consult with professionals who specialize in real estate transactions. Reach out to an experienced real estate attorney and a reputable financial advisor to help you navigate the complexities of the deal, review contracts, and provide guidance on structuring the transaction.

2)Challenge 2: His mortgage balloons mid August for 850K.

This is easy. It can be refinanced or restructured with another company or the same one with longer terms. 

3) Challenge #3: You don't have all the money for the downpayment. 

Answer) Can he seller finance it to you? In addition, you can research traditional mortgage lenders, private lenders, or even potential partnership opportunities with investors who may be interested in this type of property. Discuss your financial situation with a mortgage broker who can guide you on potential loan options based on your qualifications. 

4)You sound like you don't have the experience. 

Answer) Maybe you could explore the possibility of partnering with experienced investors or real estate professionals who have the necessary resources and expertise to manage such a project. A partnership could provide access to funding and knowledge-sharing while mitigating some of the risks associated with your limited experience.

Hamlet

@Remington Lyman

Hello Lyman,

Can you send me the group link please?

Hamlet

Hi @Ahamed AM Ali

Columbus, Ohio

Hi @Katherine Bremner, 

Since you have some cash-flowing properties, I think it is not a good idea to touch your 401k for now. Maybe, you can explore the option of cash-out refinancing on one or more of your properties. This allows you to refinance the existing mortgage(s) and take out additional funds based on the equity you have built up. Consider the costs involved in refinancing and compare interest rates to ensure it's a financially beneficial option. Another option for you can be cross-collateralization. 

For instance, you can investigate loan products that allow cross-collateralization, which could potentially combine mortgages and cash-out funds. This may provide flexibility in using equity from multiple properties to fund your down payment. Consult with lenders who offer such products and evaluate the terms, interest rates, and associated risks.

Remember, each funding option has its own advantages and considerations. Thus, I know that there are a lot of items to consider, but if you can try not to touch your 401k until it is REALLY necessary. 

Best wishes in your Journey. 

Hamlet

Investor in Connecticut. 

Hi @Dylan Fils,

I agree with @Ned Carey. You cannot use a Heloc on your LLC investment property. However, you can use your house HELOC and write yourself a check and use that money for another property. Just be mindful that if the investment goes south, you might jeopardize your primary residence. Therefore, be careful with this strategy. Make sure that the cash flow can pay the HELOC back.

Hamlet 

M and J Cooke properties, LLC

Hi @Noah Bacon

I charge a $25 dollars initial application fee. After that, I require renters insurance just in case. But this is only me. 

Hamlet