All Forum Posts by: Josh Eitingon

@Veronica Perez, I also like the plan. Honestly, I don't know why more first time home buyers are not using an FHA loan to buy MF property. It makes all of the long term sense in the world. Just be careful to not over pay today as the leverage will be high and there are cost associated with FHA loans are higher.

@Brian Fosmore, the financing piece it's a question that's tough to answer.  No one really know what the lending environment will be like 5 years from now.  10 years ago it was incredibly focused around asset based lending.  After the crash, the individuals net worth, credit, score, liquidity were then put front and center.  We are now somewhere in between.  I like to think it shouldn't be an issue for you especially once you have held it and can show stable performance for a few years.  You can also always bring on a partner then to help with the loan (if needed)

Best of luck,

Josh

@Josh C. a few questions asked but, I would suggest your purchase the property in an LLC. That gives you and your investor some additional protection even if you sign on loan docs, etc. personally.

The structure that I use for multiple reasons is an LLC for each property as the purchasing entity. Then, a managing LLC which have a level of ownership in each purchasing entity.

Happy to provide more detail if you are interest.

Best of luck,

Josh

@Kevin Darrell, I'm not a believer in start in your own backyard.  I certainly get the rationale behind it but, being from the NY Metro area the barriers to entry are so high with the cap rates so low that it just does not make sense for me.  

That said, without a solid property management team don't jump into anything too quick outside of your own backyard.  I really heavily on mine and would not be able to be in real estate without them.

Just throwing in another perspective :)

@Drew Mim Mack, I would suggest spending the time to really dive into the private money world. Understanding debt, equity investments, and committing to networking.  Being able to syndicate money really allows you to scale and grow your investment business (and transition into apartments.)

Also, a long beach ny-er.  Welcome!  Agreed, long island can be a challenging entry level market for a number of reasons.  I'm a big believer in live where you want to live, invest where it makes sense.  Enjoy, the info, lots of good educational resources available through BP.

Not always the case.  Never hurts to pick up the phone and make a call to get the story and details.

@Stephen Akindona

Currently own 196 units, started 3 year ago.  I've partnered / syndicated on each of the deal.  Re: Financing, there has been a different story for each.  One was distressed and the bank was willing to hold paper as a part of negotiations, another seller financed, the others I partnered utilizing strong net worth of other individuals while they could leverage my track record to be able to get conventional debt.  

Hope this helps!

Lots of factors to take into account.  Including risk of the property, purchase price, upside, the list goes on :)

My 20 unit's NOI is around $40,000, that said a 20 unit in NYC could have an NOI 10 times that.

Hey Andrew,

When I clicked on the link it took me woodbury.  Free for you as a first time attendee.  Let me know if you have still be unable to register.

Thanks,

Josh