All Forum Posts by: Michael Elfant

I am looking at acquiring a rental property in the lower roseville section of Newark.  Can anyone tell me what they know about that area and which areas are seeing growth vs areas not to touch?  

Thank you in advance.

Mike

@Chris Mandle I sent you a msg.

@Account Closed I'm interested in hearing more.  Let's connect.  

Hi All,

My partner and I have about 16 buy and hold properties and have maxed our limit in terms of conventional fannie mae/freddie guidelines.  We are looking to work with a local bank lender that holds the loans on their books and will allow us to operate our business and add additional properties to our portfolio.  

We don't want to pay hard money rates as our credit scores are very high and we are strong, seasoned borrowers with lots of experience.  We are looking for a financing PARTNER more than anything.  

Please let me know if you can help.   

Thanks,

Mike

Thanks @Tom S.

Hi All,

Has anyone been able to secure a line of credit with a portfolio of investment properties.  I would imagine that the lender would want to refi you and be in the 1st position as well as the 2nd but at this point i'm just trying to figure out whether it's possible or not.  Here is an example:

Let's say I own 5 units.  1 is my primary and 4 are rentals.  I want to take all 5, refinance them into one loan and then take out a line of credit against that one loan.  Has anybody done this?

2800 sqft bi-level home

SCOPE:

Refinish floors

Open kitchen wall to dining room/living room

Rip up carpeting 

Take down wall paper and refinish/paint all walls and ceilings

Add/Switch out 16 high hats

Update all GFI outlets, switches, dimmers, etc.

Fully demo and refinish 2 full bathrooms

Hi All,

I am looking to invest in a project where the best use would be to bump out the back of the home and then add a 2nd level. My only experience is in building a brand new home with a new foundation.

I am having a hard time understanding the order of events on an add-a-lvl as it seems more complicated than a new build.

When should I demo and am I just bringing the entire interior to the studs?

Do I pour the footings/crawl space foundation first prior to demo.

I assume that I should open up the back of the house after I pour the additional foundation and then frame from there??

When does the current roof get demo'd and am I just leaving the 2nd floor system intact and framing from there?

If somebody can clearly lay out the order of events on a project like this I would greatly appreciate it. Including mechanicals, insulation/sheetrock, etc..

Thank you so much!

How do you guys go about finding day laborers and how do you know they are capable?  Also, what is the going rate per day in the northeast nowadays?

Hi All,

I am looking to invest in a project where the best use would be to bump out the back of the home and then add a 2nd level.  My only experience is in building a brand new home with a new foundation.

I am having a hard time understanding the order of events on an add-a-lvl as it seems more complicated than a new build.

When should I demo and am I just bringing the entire interior to the studs?

Do I pour the footings/crawl space foundation first prior to demo.  

I assume that I should open up the back of the house after I pour the additional foundation and then frame from there??  

When does the current roof get demo'd and am I just leaving the 2nd floor system intact and framing from there?

If somebody can clearly lay out the order of events on a project like this I would greatly appreciate it.  Including mechanicals, insulation/sheetrock, etc..

Thank you so much!