All Forum Posts by: Jimmy Rim

The problem with this strategy in NYC is that 80% LTV on a condo will not cash flow here. When you get to around 50% LTV you'll start to cash flow and that doesn't take into account any vacancy, repairs, etc. This strategy will only work in areas where the cost to rent vs buy is in equilibrium.

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Thanks Matt, as you said, I'm realizing that NYC is not a really landlord friendly city so that's the reason I'm planning ot buy future properties in greater NY. (NY, NJ, PA, CT, Delaware etc.) Sounds like you do have tons of experience, would love to connect someday. Thanks,

Originally posted by @Matt Hurley:

Cash is king, a Cash out Refi could be recycled (in decreasing amounts as you noted) property by property. You could start with the high value 5 borough properties and move out to Jersey/Delaware with the lower 6 fig houses.

I’m a former rental manager and AirBnb Arbitrage investor in NYC. Do tons and tons (and tons) of research on what you can and can’t do in each building. If you’re shooting for long term rentals, read every single line of your condo associations (or co-op) agreement. Be familiar with NYC’s housing laws. Many have extremely strict rules when it comes to short term and long term rentals. A client of mine got burned big time when an airbnb Renter turned sublettor at one of his apartments decided not to leave. Ended up paying $20k+ in legal fees and back rent because he overcharged him $50/mo. over the rent controlled amount. So, research your butt off!

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Thanks for the great advice, Cameron. Will try to build some relationship with local banks.

My goal? I guess it would be generating cash flow? (not for my first investment in NYC bc that's more an appreiciation play)

Thanks,

Originally posted by @Cameron Tope:

Jimmy,

Yes, you are correct. You can do a cash out refi at usually 70-80% LTV.

I have BRRRR'd many times to buy more property and the most important thing is having a great relationship with a local bank.

With a great banking relationship, I would BRRRR and continue to buy great rentals.

What are your real estate goals?

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Hi all,

I recently bought a $1M condo in NYC full cash and plan to buy more real estate properties in the greater NY area by loaning against the condo and repeating it. What would be the best financing strategy? I hear the pros and cons of refinancing vs. HELOC vs. Home equity loan etc. and am a bit confused.

In theory, if I can get an 80% LTV, my understanding is that I would be able to buy

-800K + 640K + 512K + 409K + 327K + ......

by repeating this. Let me know if I'm missing something and general advice would be helpful too. What would you do if you are in my situation?

Thank you all!

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All Forum Posts by: Jimmy Rim

Jimmy Rim has started 1 posts and replied 4 times.

Post: Refinancing/Cashing out a property I recently bought in NYC

Post: Refinancing/Cashing out a property I recently bought in NYC

Post: Refinancing/Cashing out a property I recently bought in NYC

Post: Refinancing/Cashing out a property I recently bought in NYC