All Forum Posts by: Robert Granara

slinger, i too am in your same spot...i have a HM rehab loan almost ready to go but just need to line up the exit refi, bc i plan on holding onto the property as it will provide excellent cash flow ...

i have also been told the local banks are the way to go...i have 2 calls in and have spoke with two local lenders probably call more this week...

one lender (i have used them 3 times this year for other deals) is my best bet and even though they know me and know my history and experience they are "on the fence" about this type of financing...they have not ruled it out but the broker said yesterday "i wil run it my sr. management"...doesnt sound too good...

this would be my fist HML too...keep you posted...

i am somewhat surprised by this...i bought a 3 family in august for $215K put about $30K into it...i just rec'd an offer for $300K

this wasnt my primary plan when i purchased it...but that changed once i realized i couldn't do another deal unless i free'd up some cash...

i listed it and first person to come through gave me just about what i was asking for...he will be buying as an owner occupied and the rents will cover his mortgage, taxes and insurance

now of course im wondering if i priced it right...but the more comps i look at the more confident i am

in eastern mass the only areas that will cash flow are in the tougher cities with higher crime...i find that cities have nicer parts and thats where i focus bc tenants will seek out those better streets/areas...
in these tough cities my strategy is to rent soley to section 8 tenants in these areas bc the section 8 rents are more than market rents and these tenants tend to stay much much longer...i have never missed section 8 rent in 5 years, even during evictions!

hello, im doing my research on the 1031 exchange...

my #'s: i purchased a 3 family for $215K and owe $209K...i put $30K into it and have it under agreement for $300K

when the atty sets up the 1031 and we close on the property what amount goes into the 1031 account?...is it just the gain of $55K or do all the proceeds $91K ($300K sale price - $209K mortgage)

thanks

keith, i did what your talking about...i was able to buy 3 three family properties this year...it is working out because i bought for cash flow...my equity in my own home was not working for me at all

but it all depends on your risk tolerance...make sure your #'s work...for example my numbers: i make over $1500/month per property i bought this year...if i could buy more i would but right now ive used all my equity up to 75% on my primary home...

landlording is not easy either, just get ready for the roaches, bedbugs, overflowing toilets, fights between tenants, trash, etc...even w/ all of that its still worth it imo...

good luck....bg

i have been looking at a lot of multi's lately...thats what i focus on-3 and 4 family properties in one city north of boston...been an investor for almost 7 years here, and a few years ago i never thought id have the opportunity to buy another multi for good cash flow...

then as we all know the downward spiral started...i started looking again about last year once these properties started to make sense on a cash flow basis...at this time there were zero buyers out there bidding on these types of homes in this particular city...

now over a year later every decent multi-family (3 or 4 units) has several offers coming in...and in most cases its over the asking price...im glad i have been buying this year as each day goes by i can feel the bottom coming in this market...it all comes down to cash flow

i truely feel we've seen the bottom at least in this city that i call my market...the bottom for almost a year now is $200K for a 3 decker (at least the decent ones that only need minor cleanups)...
not expecting a huge pickup...but if my feel that this is the bottom is correct that would be sweet...

anyone else seeing this out there?

turns out my DTI (debt to income) is too high to qualify for the conventional part of loan...

on to the next idea...probably need to bring in partner at this point...

thanks for your input jon...rents would be around $3600-$4000

not too sure about this but here goes, tell me what you guys think...fees are way too high for my liking, but is there any other way to do zero down investment property?

this is what the company i calling a hybrid loan, part conventional part hard money loan...

round about #'s...purchase bank owned 3 family for $200K...need to appraise out at $310K

75% LTV = $232500...points $18,000 closing costs $5000...walk away w/ around $10,500 for repairs (which it needs more probably $20,000 total)...so actually i'd need to come up with some cash for repair work

i dont mind paying the points but $18K?...isnt this absurd?

forgot to add...the loan would be a 30 yr fixed at around 6.75%

susan, thanks for the reply

ive never heard of this possibility before- so bare with me...if i could find this "MONEY MAN" and got a loan on the from him for the repairs and down payment (hopefully a 10% down investor loan)...we'd be talking around $40K...this $40K loan could be interest only at say 10%...also the deal would include 50% appreciation to the "money man"...so basically this money man gets 10% return on his $$ plus 50% of any future appreciation

this "money man" would have no responsibility whatsoever...i would do all proprery management, dealing w/ contractors, screening tenants, dealing w/ tenants etc...i would also retain any and all of the cash flow

how does this sound?...good or bad?