All Forum Posts by: Nick Adams

@Chris Seveney I hope I’m wrong. I have 4 GCs who have provided initial figures. They’re now working on minor revisions. Hoping to choose one by the end of next week.

Yes, all the plans are finalized. If you happen to have any recommendations for a GC in Northern NJ, I’m all ears.

Thanks for the note.

My wife and I own a medspa. We are also minor RE investors. The two have converged. We were looking for 3 years and finally found a commercial property that would serve as our new location, but the RE investor in me requires that it be able to stand on its own two feet feet from a RE perspective. However, the cost of construction is double where it was 2-3 years ago when we started looking at properties.

It’s important that the company it’s not looted to justify owning the building. We bought the building right, the company is successful, but the $800k buildout now looks like $1.5M.

Any suggestions would be welcome.

@Gerry Lopez Guys, I have to respectfully disagree.  I have one Memphis Invest property in my portfolio and it has been one of the most profitable properties with BY FAR the least amount of headache.  The cash flow has been what I expected (just okay), but the appreciation (unrealized, I know) has been great per Zillow, Trulia, etc.  

I did have one month of vacancy due to eviction, but they took care of everything.  They got the deadbeat out and replaced her with a higher paying tenant pretty seamlessly. 

Being that I am not physically in the market, I am looking to sell my property to truly valuate the investment, but once I do I will be replacing it with two more.  

Best one I have come across so far in NJ... Google 'Toppo Law Firm'.  I believe the website only mentions litigation, but it's a husband and wife team (both attorneys) who have helped me on multiple transactions and contracts in and out of real estate.   

David Weintraub do you know anyone in your area who has done the BRRR process and then gone the airbnb rental route?

@Andy Xu I same across this looking for the same thing.  Please let me know if you have found someone reputable.  

@Pete S. @Alexander Ross I don't really understand the banking logic behind willing to offer a 0% down mortgage, but being unwilling to go beyond an 80/20 LTV on a HELOC. I assume it's because the HELOC would be 2nd in line in the event of a foreclosure, but if a bank is willing to invest outside of traditional mortgage regulations it seems to reason they would do the same on a HELOC.

@Pete S. I spoke with Huntington Bank and they run the same criteria as B of A. No cash out or Physician HELOC.

@Pete S.  Thank you very much for the info.  I'll give them a call.  I'm curious if they offer a refi program that cashes out.  I will let you know when I speak with them.

Does anyone know of a creative way to refinance into a physician loan? My wife is a physician. We bought our house a couple years ago with no knowledge of this product. We have since gotten into REI. Accessing some of the cash we used as a downpayment on our home would enable us to purchase multiple rentals. However, the bankers I have spoken with say the only way to take advantage of the product is to sell our house and use the physician loan on a new primary residence. I would really like to avoid that. Any advice would be great in this area.