All Forum Posts by: Louis Zameryka

@Chris Herrera

Thanks Chris. The tour went well. I learned a lot and feel like the seller liked me as a potential buyer. Now I need to run the numbers. With interest rates high but sellers still asking for high prices and cash buyers all over the place... it seems like cash flow will be razor thin on this one...

@Chad S. I’ve felt that way too. Especially trying to get my first deal the last 12 months.

In fact I was working the math on a 4-plex deal tonight that just might cash flow based on current rents if I approach the offer correctly and get the right financing... and I live just outside of NYC. So buying anything is a high price.

I’m a rookie though and there is a chance I mess up with my numbers or my execution and I go from $100 cash flow a month on $6300 in monthly rent income projected to -$200 a month until I can raise rents at the end of the leases but...if I learn some stuff in the process and lose $2400 over the next year... it’s like I paid for a cheap seminar where I got to get my hands real dirty too.

...that being said... if any more experienced investor wants to mentor me quick tomorrow before I make an offer tomorrow night or Monday please reach out.. I’d love a pep talk and some advice.

Tomorrow I am going to tour a four unit all are one bedroom one bath.

I’m a rookie and it’s a for sale by owner I will tour it with one of the owners. I’m in New York so it’s an old building and it’s occupied. Based on the listing price I think cash flow would be extremely slim or maybe even negative with the current rents and current tenants.

On my tour tomorrow what should I be asking and what should I be looking for?

Anything that is a must ask or anything that is a red flag?

Or any advice on opportunities to look for while I tour the building?

Thanks in advance for helping this rookie.

@Yu Liu I’m really happy. Its cash flowing. It takes none of my time thanks to the pmc and the value in general has increased by about 25-30%

Looking for advice. I’m new at this.

I have owned a condo in Orlando for the past year. It is a cash flowing STR. The recent sales of the same or similar condos in the development are now selling for much more than I bought mine for.

However the recent changes to second home mortgages probably mean I will need to have a 75% LTV instead of my current 80% ltv.

Based on comps, if I refi to get cash out I will get approximately 50% or my cash invested up front back. (down payment and closing costs)

Should I refi now to get that cash back?

To add further detail:

I don’t explicitly need the cash.

My mortgage rate is likely to be 125-150bps higher if I refi.

Condo will still cash flow at the new mortgage payment even with the interest increase.

Thanks for your advice.

Did you ever find anything in Newark OH? 

@Remington Lyman I’d love a piece of a 50+ unit in Columbus too

@Kuriakos Mellos

I did it but just for a simple syndication to give it a try. I’m happy I did because it gives me about a 4% coc (after the interest on the loan) and the syndication just refi so I get back 1/2 the loan value and can put it back which of course improves my syndication return. All while the stock market is terrible..

@Batool Haider can’t go wrong with Orlando. It’s dependable and lots of companies you can hire to clean and manage.

@Chris Levarek

I also keep a close eye on the Pocono market and I’ve not pulled the trigger recently because

1) prices have skyrocketed

2) dependable labor is very scarce

3) supply has skyrocketed 

4) lots of changing or pending changing str ordinances. I'm concerned that without an ear to the ground I could buy in an area where sentiment against STR is about to shift either at HOA or Town or County level.

So I’m sort of now waiting to see if

1) high mortgage rates cool off the prices or competition

2) if any novices lose their shirt due to projecting too high occ and avg rate and need to sell thus improving the value I can buy at.

I was looking in this market in Sept 2020 and in hindsight should have purchased asap.