All Forum Posts by: Mike Curadossi

Yes that is correct.... I have other properties I would love to get a second on top of to give me more buying power.... I have one right in downtown Plymouth and another in Dennis with about $600k in equity... But I have mortgages currently on them. 

Hello All,

I am paying off two properties in the next two weeks and looking to get about a $500k LOC over them so I no longer need to use hard money for some of my deals. I then will refi out of the LOC into long term debt.

Any of you out there work with any great lenders in the Plymouth, MA area?

Thanks in advance!

I recently purchased and renovated a rooming house and 4 apartments on the Cape. It was my first experience with a rooming house doing weekly rents instead of monthly. I found out while doing the zoning opinion from the bank that even though the town had been issuing a legal license for operating it for the past 30 years, that it was in fact being operated illegally? So I am in the process now of getting it legalized (had to hire an architect for floor plans, engineer and an attorney) Hoping all goes well because the place is an absolute cash cow. I purchased property management software and all my tenants pay rent online now. Wasn't going to go there every Friday to get cash and chase people for money. It's a lot easier to manage that I thought. Just really have to make sure you don't rent to a bad egg because it can ruin it for all the good people you have living there. Pilgrim bank financed the property for me since I had a prior relationship with them with other rental properties. DM me and I can give you their contact info. Definitely check with the town and see if you can keep it as a rooming house before you purchase it. Because if its being run illegally, the zoning opinion when you get financing will flag it with the town.

Hello Everyone,

So I just lost out on a great 3 family because I couldn't make a 1031 exchange work with the sale of one of my existing rental properties in time.  It made me think of other creative ways to potentially buy so I don't miss out on another deal that would have positive cashflow of approx $2,500 a month.....

I was talking with a friend of mine that makes $400k plus a year and he was telling me he gets killed every year in taxes and needs a way to shelter income.  I have been thinking of this strategy for a while but not sure if/how it would work...

Here is what I am thinking...

Partner 50/50 with a high w2 income individual in and LLC.

Partner pays 25% down payment to purchase property and in return gets:

- Write off all expenses (including maintenance, mortgage interest etc)

- Write off all depreciation

- 50% of equity

I would get and responsibilities would include:

- manage property and tenants

- manage all maintenance and renovations

- do all billing, collect rents

- I would get 50% equity and all income from rents

The only downside for me would be that I would show a lot of income on the property that would be taxable, but who cares its money I wouldn't be able to have if I didn't buy the deal.  My partner would be able to claim all the write offs investors get from owning property and lower his taxable income while having the future benefit of equity growth, mortgage pay down and appreciation.  If we get a decent amount of these, we could get his taxable income way down.  Not exactly sure what his return would be percentage wise but this completely hands off investment may be worth it to him?

Thanks in advance for the help.

Mike

Thank you!

@Seth Parmelee

Seth- Do you have any experience with these and could recommend a type to use?

Hello,

I just purchased a 11 unit rooming house and was looking to get away from the keyed entry for the main doors to get in and out of the property.  There are 4 doors total.

I am just nervous that current tenants could make copies of keys without me knowing and give them to friends/relatives/ boyfriends/ girlfriends etc.  I plan to have security cameras around the property but I will really only check them if I hear of an issue.  I also want to be able to either collect the only key they have and/or be able to de-activate their key if they were to "lose it" or when they move out.  I think this will make the tenants there feel more safe too. 

Anyone currently use anything they like and that is reliable?  I will have an on site manager but I don't want them to have to be making a new card or something every couple of days because the bar code got smudged or something. 

Thanks!

Mike

Hello All,

So, I may be looking for a Unicorn here, but does anyone know of any lenders that will do 75 - 80% LTV amortized over 25 or 30 years with a fixed rate for investment properties? I have refinanced 4 properties so far this year using the BRRR strategy getting commercial loans that are 5 year ARM's amortized over 25 years. I have another 5 that I am working on now that all need to be refinanced in the next 3-4 months and I would love not to have to get a commercial mortgage on them if I could get a fixed rate with a portfolio lender.

Do any of these banks exist? 

A lot of the portfolio lenders I have reached out to only go to 60% LTV and most won't do anything other than your primary residence. I already have 4 residential mortgages and know I can get up to 10 and plan on doing that but would prefer to do them with a bank that doesn't sell them to Fannie Mae since I plan on doing more of them and don't want to be forced to get commercial mortgages once I have 10.

Thanks in advance for your time and advice.

Mike

@Charlie MacPherson where is the meet up located?  I currently go to the south shore reia but that is held in Wareham so I am assuming you started one with the same name but meet somewhere else?  When I google it I only see the one I currently attend.

Darren,

Thanks for the response.  Does it matter if it is a Fannie/Freddie backed loan? Not sure if they set the guidelines or not?