All Forum Posts by: Omar N.

Jon--

You're 100% right about the order of refi and list. I wish I wouldve known before I listed. But once its on the MLS, the toothpaste is out of the tube.

Luckily the one year seasoning isnt an issue for me on this one. But either way, even if its rented, lenders dont seem to like the idea of pulling cash out in a refi. Which I need to do in this case.

But thats why Id rather try and find private money vs conventional. But how? Take out an ad in the paper?

Maybe this is a shameless bump but...I know I cant be the ONLY one around here that got into a flip, couldnt sell and needs to refi right now.

Is this discussed on another thread? If anyone has any commercial lenders they konw of that would do an umberella, a good way to hunt down private sources, please, Im asking, speak up.

This 'new economy' sucks. I just finished rehabbing two homes in NJ and I cant find any buyers. But thats not my issue, I expected that.

My issue is using any excuse to turn down my refis. Im so far down on my list of options that Ive posted on craigslist for someone to partner with me to help me refi so I can wait until a (HOPEFULLY) better Spring market. Glad the treasurey just spent $700Billion of our money to get that liquidity flowing.

Anyhow, Ive tried big banks, brokers, commercial lenders...I could use some concrete suggestions. Where can I find private lenders? Ive heard people comment on using them, but is everyone talking about wealthy friends and relatives? Does anyone know of any unconventional lenders? Any real help appreciated.

Manish--

For me that debate comes down to how paranoid you are vs how much extra work you want to put in. I dont know about IL, but in NJ you HAVE to have a lawyer rep you in eviction court if the property is in the name of a biz entity. Not cheap. And I agree with what Dan said, alot of extra work to file the taxes for seperate entities every year. Its and relatively cheap to set this situation up, but more of a pain to maintain.

BUT, if you can forsee a scenario where you may ever get sued, its nice to not have all your eggs in one basket.

Another piece to that equation might be the size of these investment props, ie are they 5 units, or single family.

That was my first question when reading your post...where are you. In my area (metro NYC) the rental market is picking up steam. Just my observations, not based on data. The winter is a hard time to find tenants b/c people dont like moving in the cold, judges dont like evicting or foreclosing during the holidays, etc.

Not that you want people who have foreclosed/evicted are ideal tenants. But that might be the other part of this problem: quality tenants. In screening prospective buyers Im hearing alot of stories about credit taking hits recently. Good luck in that area. It sounds as if it will be tough sleding.