All Forum Posts by: Ley Nezifort

@Frank Geiger Hahaha , classic!

Fellow Landlords, 

             Given our tenants are our main customers, and the fact that the holidays seasons are approaching. I was curious to know how creative you all get when it comes to treating your customers for the holidays? How do you treat your tenants? What gifts do you give them? (if any)         

Hello Brick City Landlords, 

    I’m in need of a handyman for a couple rentals in North Newark. I was curious how you guys go about finding one to work with ? 

Thanks 
        

@Lynn Jeffrey Well Welcome to the cool kids table haha. Congrats on making the decision!

@Erik M. Well it depends, but I’d say generally yes. There are a couple of options I can think of.

1- You can refinance your current FHA into a conventional if you have enough equity in the deal (20% minimum).

2 - Freddie Mac also offers 5% down conventional loan that you can use for multi families up to 4 units. So you can try to get that directly without having to refinance your FHA mortgage.

@Travis Lucy Apart from what’s been said above, if you’re really worried about interest rate going up, then you should try to lock in fixed rate mortgages.

@Ryan D. Luckily for us the previous owner had all the permits pulled, so our goal is to go off those plans. Thank you for pointing out the missing details around the refi, I'll certainly want to keep my eyes on the DSCR cause I know a lot of lenders won't go below 1.25%.

Lastly, yes you guessed correctly. This is right around the Norris Square area. 

@Linda Jumat Just to clarify, CPAs are not restricted to practice in a specific state. It’s very common to live in one state and hire a CPA who live in a different state.

@Joseph Firmin Thank you for the input! We accounted for vacancies in a the cash flow projections. But I agree, leagal/accounting fees should be increased.

@Tom S. May I ask how would you get your money out using that route ? Would your initial down payment be locked in the deal since you’re not refinancing ?