All Forum Posts by: Ken Naim

@Simone Gabrielle Most of the time just tell them you aren't renewing and they will move as the courts are pretty good over here and tenants know it. As long as you can get atleast one unit vacant you can do the work and once it is done, either another will become vacant or if a tenant is good and willing to pay the increase, move them in there and so on.

@Lakshman K. My first was built in 1899, i was rehabbed and added onto over the years. The most recent rehab was 20 years prior to my purchase and it was an REO, so it needed a lot of work immediately and over time. Still a good investment but have to buy at the right price

@Manda Gouvion I was in college with no money, watched one late night infomercial which i ordered and within weeks I was looking for my first rental. This was in the late 90s.

@Jason L. Yes, florida rates are nuts again this year, all my properties have seen 20-50% increases

@Montgomery Dennis Yurchison o have a great commercial real estate in palm beach county for you if needed.

20k*12 is 240k per year. a 24% cash on cash return is very difficult but not impossible. A 24% total average annual return is much more doable but it includes money from the eventual sale that is not spendable during the course of the investment. The most likely way to achieve this is to invest in commercial real estate with a significant value add, multifamily, self storage, industrial, mobile home park etc. but even then it has to be an exceptional deal to get that kind of return. To really get that type of CoC you need to find a great deal and passive investor(s) where you get a percentage for putting together and managing the deal and a return for investing in it. Say you find an $8 million multifamily property and you and an investor invest $1m each, you each get %40 for your investment and you get 20% for putting it all together and managing. You put $2m down and borrow $6m, use the $400k left over to renovate and upgrade the property which is your value add to increase the NOI to a point where the cashflow after paying the debt service it reaches $400k/year, 60% of which is yours or $240k. this is at least a 2 year process and not easy but achievable if you put in the work.

Sell the cars and get 2 used cars for cash, build you your real estate investments and use debt as a tool for making money not buying depreciating assets. In short order you'll be able to afford any luxuries you want.

@Adriese Williams looks great. Congratulations

@Demetrius Charles without more information it is hard to give you a good answer. Are you looking for a financial solution or emotional one to help you address the fear?

Share your concerns and we can try to help you through them.

@Brandon Pain Farrukah is right a HML is totally a fine way to go in this situation. If the property were much more expensive, say 5 to 10 times as a much, a bridge loan might be a possibility but they rarely lend under $500k or $1m. Seller financing, heloc on a personal residence with equity, get an equity partner with cash or a line of credit. My first 4 deals were financed using credit cards but that was 20 years ago and the cards have wised up to some of the strategies.

Don't lose this deal. Figure out how to make it work, even if you only get a piece. A piece of a great deal is better than 100% of nothing.