All Forum Posts by: JJ GONZALEZ II

andrew thanks for the reply, perhaps things in Texas are different. in the lovely state of florida, only small banks will give loans on an LLc and not many of them. Mortgage brokers all turn them away because they cant sell them to fannie and freddie. So you are stuck with paying higher fees and higher rates. I did put the property in the name of an LLC because its a short term rental so liability is a concern. But you cant get more than 1 or 2 local banks to quote on a loan or a refi and they know they have the market to themselves.

I must be missing the point on this. I bought a rental in florida in the name of our llc. so are you saving that I should have the LLc write me a note and then I take that to the bank to refinance. so dont you also have to put the property in the name of the LLC. if so where is the protection ??

Has anyone had success in do a refi on an investment property in the great state of florida that is titled in the name of an LLC. I have had brokers and banks tell me to put it in my name than after they do the refi put it back in the name of the LLC. Doesn't that open me up to having the bank call the loan due, and it just sounds ILLEGAL AS HELL

Congratulations Christian, very exciting to be entering the real estate world.  I live in islip but I don’t invest in New York.  The taxes are far too high and the cap rates are too low.  Ohio, texas, Kansas, Indiana are all far better with much lower prices and much easier entry points.  Good luck

JJ

Chris thanks for the wonderful reply, can you share with me how much of your own money are in the deals and what your coc and roi have been.

Very impressive, so to get to 50,000 a month in passive income how much do you have to put in yourselves.  Having syndications are nice, and jv also good, but to get to 50k a month you have to invest a few million bucks of your own, I assume you don’t have the few million at this time.  I like these stories but I would really appreciate hearing how much you have invested and what your return has been, if you are the GP then you get the usual 1% and 2% and a split at the end, GREAT but that is a long way from your set goal

I have read the discussions about having a license to some states, can anyone tell me if New York is a state that requires you to be licensed to assign a contract

Charles I live in suffolk county and I am also looking for wholesalers

Amy you are spot on.  Multi family however has created it’s own hell on earth.  Don’t take this the wrong way but everyone with an Ira or 401k is not an apartment syndicator.  Too much money chasing too few deals.  Every one of the goods deals involves multiple rounds of bids, and then we come to the BEST AND FINAL.  The brokers are enjoying this of course because their commission goes up.  And think about it, everyone is looking for an off market deal so whoever has the pocket listing can decide who to show it to.  You might never know about a great deal in your own back yard because the broker is just plain lazy.  And yes brokers I know you will say that you are protecting your clients and making sure that the buyer can close, so that is why you only show the deal to a handful of your favorite buyers. 

In a nutshell Amy good luck in breaking into the club, I hope you have deep pockets are a strong list of backers .

Thanks Jared, we have a commitment for 75 ltv