All Forum Posts by: Michael Elfant

@Anthony Standard i'm looking for the same.  Please let me know if you find one!  Thx

@Lauren Perini what town in bergen county?  I grew up there and have some buy and holds there as well.

Thx for the amazing advice @Benjamin Lapidus.  

Thx @Scott Meitus helpful.

Hi All - I have experience buying and operating individual rental properties but am now attempting to figure out the mechanics of how I can syndicate a larger multi-family deal.  I have a few questions that are listed below.

1. Is a preferred equity structure optimal for these types of deals and if so what % interest as well as how much equity do you give up to your Limited Partners?
2. What is the threshold in terms of $ amount for a property to be characterized as a commercial property from a lenders perspective?  
3. Is it possible to obtain a construction loan in order to rehab the units if you are not buying the property outright for cash?  ie; 20-25% downpayment
4. I'm located in the Northeast (NY/NJ) and would love to hear about up and coming areas within these two states or maybe in surrounding states like PA/CT, that are gentrifying, where the cap rates still make sense from a cashflow perspective. 
5. If anyone can recommend a good real estate attorney with experience in structuring these types of deals in NY/NJ it would be much appreciated.

Thanks,

Mike Elfant

Thx @Dan Mackin

Does anyone know of a good lender that might be able to help me obtain a HELOC on a property with a good amount of equity in it? Also, maybe speaking to a mortgage broker makes sense as opposed to calling each bank one by one? Thx

Hi All - I own 5 properties in total, one of which is my primary residence. I'm looking to obtain a HELOC on my primary and the lender that holds the note (Wells Fargo) declined my loan application for a HELOC because I own "more than 4 total properties that are financed." Is this a universal rule or is it just a Wells Fargo's guideline? All of the rental properties are occupied and covering costs.

Thanks,

Mike

Please PM me if you know somebody!  Thx

Please PM me if you have a referral!  

Thx,

Mike