All Forum Posts by: James Thiel

HI All,

I am considering investing in a MFH syndication with a proven operator doing a value-add project. My initial thought is whether I like the way they structure investor returns.  They have an 8% preferred return with a 4% accumulation/annualized appreciation.  I normally see similar preferred coc returns, but tend to see a split (60/40, 70/30, etc. in favor of investor) of any cash flow overages. Has anyone seen this structure before? Obviously, it will depend on project performance but how might it impact returns compared to the typical % of overage structure? Maybe better, maybe worse? Depends I know, but hoping some folks can share experience/insights on this.

Thanks!  

@Shonda Johnson I know it's been 2 years since you posted on this topic of NWAC, but I find myself in the exact position you were in.  I paid $100 deposit toward doing their $600 3-day weekend training, but I have decided this is not for me.  Several months have gone by since I made the deposit and I had kind of written it off as a donation.  However, they keep emailing me about a new training event coming up and ask if I am still interested in attending.  So, now I feel like telling them I am not interested and asking for return of my $100 deposit.  I am curious, if you recall, did they give you back your $100 deposit when you asked for it?

@Sean OToole Thanks Sean for the response, and I appreciate your honesty.  I will pm you, as you offered so thanks for that as well.

@Christopher D. 

I have experienced the same issues in both SD County and LA County that they do not disclose owner information, pretty sad.  However, for LA County, I actually drove down to the county offices and found that they do not even disclose owner information (for absentee owners) at all!  This is not simply an online vs. in-person issue.

Just wondering for all you SoCal investors, where are you able to get this info?  Is Property Radar the only solution?

Hello Everyone, 

Can anyone recommend a bank with good cash out refi lans/fees for rentals? I have a rental in CA with low LTV and one in Idaho with high LTV. I want to take cash out of the CA and use it to refi the Idaho down. Both are on adjustable loans currently and I want to rate/term refi to 20 year or 30 year fixed.

The one bank I have already that can do it is quoting $12K in loan costs for both!  This seems high to me.

Thanks,

James

I am in need of some advice and thought I'd run it past the BP community.

I have several rentals, two of which I need to take some action on.  

1) I owe $142K and value is $335K, so solid equity and low LTV.

2) I owe $208K and value is $230K, not great at all.

Both are on adjustable loans and have been for years, but it's worked to my advantage due to low rates ... so far. Part of me wants to get them both into fixed mortgages just to be safe, but I would also like to take money out of #1 and invest some more.  However, my real problem is that I am CF negative on #2 by $230 because the rate adjusted 0.5% this year, but more because my interest-only period expired and I had only been paying the interest for years.  I know lame.

My options are take out a HELOC on #1 (I've found one bank that can go to 65% LTV), which gets me $75K if I wanted and go buy more properties, and do nothing on #2. Or I can do a cash-out refi on #1 to maybe 55-60% and use the money to refi #2 down to 75% LTV. I'd then be CF positive on both. Problem is closing costs for two loans.

Another option is sell #2 now and basically break-even, but I'd lose my original down payment.

Could also 1031 #1 using full gain of $150K to a multi-family or some other properties, again doing nothing on #2 but hope to get more cash flow on multi to offset $230 negative CF on #2.

Wondering what others might do with this scenario? Also, any lenders out there that refi to higher LTV on rental properties?

Thank you much!

@Pratik P. Thanks, I am doing that today to see how it all works.  I'll let you know.  Yes, also need to find buyers, as I am just starting out.  Thanks again.

James

Hi Everyone,

I did some "walking" for dollars in my neighborhood and came across six properties that are vacant.  I also drove around and found a dozen properties that looked pretty run down.  My problem is that I can't find a resource to now track down the official owners and their mailing address.

LA County does not provide name/address information on their website and San Diego County told me that I have to come into the office.

How is everyone doing this?  I've heard people say "Have a title company do it for you", but why would a title rep do this for me if I am not an agent?

I found a blog on BP from a while back by Chris Feltus, Driving for Dollars Bible, that gives good info., but in his examples the local appraisal district gave name/mailing address info on their website, which isn't the case in LA and SD counties.  So, now what?

Any help is greatly appreciated.

Thanks!

Thanks @Rhonda Shrum and @Peter Vekselman.

Appreciate the help immensely.

Hi Everyone,

I am starting out in wholesaling and I have figured out how to get the lists I want, but I don't yet have a direct mail piece or lead website (landing page).  Would anyone be willing to share with me some examples of direct mail they've used?  I am hiring a graphic designer to do some for me. 

Thanks!