All Forum Posts by: Louis Zameryka

@Jason Shackleton thanks for the advice. Would you choose a small multi family(2-4doors) in my situation or large multifamily as part of a Jv or syndicate?

I can put a mortgage on a second home which I own free and clear. I’ll get $400k at 3.85%

I’m a newbie and interested in multi family. How do I invest to be sure the investment can pay the monthly mortgage payment for me? Ideally as a lp with the ability to learn from the GP??

Are their deal structures that for example would pay me out 8% a month to cover the mortgage payment with some extra for cash flow?

My current salary cannot handle another mortgage payment so I need the deal to cover it about 60-90 days in.

Advice is appreciated.....

I am looking to buy a duplex as an investment property. I do not really have the cash for the down payment at the moment but I own a second home that is free and clear. I’d like advice as to how I should pay for the investment property. Either cover the down payment on the investment property mortgage via a heloc on the second home or cover me buying the investment property outright via a mortgage on my second home?

Any advice on the smartest way to structure the purchase?

Thanks

@Doran Summers thanks for the question. Both properties are paid off.

He basically needs to renovate the primary residence but does not have the roughly $200k will likely take. Also to retire he needs the income from the rental to supplement his pension.

Any other thoughts?

Hi Everyone, 

I am asking for some help from the amazingly knowledgeable people of Bigger Pockets. I would like to help my dad retire, becuase he also needs to take care of my grandfather and soon my mother. I think with some expert advice he can pull it off based on his current real estate situation. Here are the detials. 

He is 65. 

He currently works and can retire with a union pension but it ain't great. I am trying to help him find a way to get the $ to renovate his primary residence, while ideally also improving the cash flow on his rental property or at least not reducing the cash flow becuase he will need it to retire comfortably. 

He owns his primary residence. Approximatley valued at $525k, but it is in need of a pretty substantial updating for him and my mom and grandfather to keep living in it the next 15-20yrs. Roof, siding, heating and then a bunch of cosmetic such as 3 bathroom remodels. It is a 3 bed 3 bath on Long Island. Fully paid off

He owns a 2 family house, it is rented but the rents are below market becuase it also needs updating. He does not have the $ to renovate and get it to market level rents, or doubts he does. That house is probably about $675k value now and if rehabbed closer to $795k. Market rents should be about $2300 for the 2 bed and $1750-1800 for the 1 bed.

Are their any refinance methods he could/should employ which might also be tax protected in order to accomplish the goal of renovating his primary residence while maintaining substantial cash flow on the rental property? 

Thanks for any advice. 

@Steve Walczak Thanks Steve. Also I used to live in Maspeth, Fresh Pond and Gates. I miss Rose’s Pizza!

@Luke Carl @Cliff H. at what point did you start using tools for messaging and as a pms? I have one seasonal unit in NY for the summer and am about to buy one year round rental condo in Orlando. Should I stick with self managing right now just directly on VRBO, Airbnb and Booking or already pick up something like MyPorter to make my life easier and maybe more profitable? 

Thanks in advance for any advice. 

@Flavio Zanetti  I chose Vista for 3 reasons. 

The down payment on a home in a premium community and the hoa fees seemed to result in poor cash on cash return

The unit i found was priced at a price i think can appreciate in time, the homes seem to have no appreciation potential i saw based on their price. 

I love the Vista Cay location becuase I like Universal better than Disney (and we will use the unit some time) and with Epic Universe opening across the street in 2025 along with Sea World to the south and the convention center to the west it seems like a great location. The rules in Orange County also lead to a limited supply of vacation rentals. 

I will likely by more units if the price is right. 

For the other more experienced investors on this forum thread, do you see any significant flaws in my reasoning? 

@Paul Sandhu

Ha. Sounds like an epic crew for a boat trip.

I just bought in Vista Cay. The unit I bought only listed for about 10 days or less, and had 4 offers (3 at asking and one cash slightly lower than ask) I like the price I got on my unit becuase it should appreciate when Epic Universe opens, but still the next 6-12months will be tough for cash flow. My hope is after Epic opens I can achieve close to $300 nightly rates or more for 2-3 years at a constant occupancy and see the unit appreciate. Let's see.