All Forum Posts by: Nik S.
Nik S. has started 17 posts and replied 447 times.
Post: Buying my dream home or investing in multi family housing .

- Ohio
- Posts 454
- Votes 227
Depends what stage/age you are in life. Typically it makes sense to buy a multi to add to your growing portfolio / wealth. I'd say dream home if you have a terminal illness, you're up in age or if you just want to live YOLO.
Eventually that multi helps pay for your dream home.
Post: How much percentage of salary should be saved monthly?

- Ohio
- Posts 454
- Votes 227
@Sahil Agnihotri
If you can save 50% you’re doing good. Subjective of course.
Post: Weird question, is this a bad idea?

- Ohio
- Posts 454
- Votes 227
@Jim K.
Man I’m dumb, I can’t comprehend. Feast or famine. Get yours :)
Post: Weird question, is this a bad idea?

- Ohio
- Posts 454
- Votes 227
Welcome to reality. My first investment ever purchased was a 47 unit apartment package. I hired a PM and was on site everyday cleaning up, painting, talking with tenants etc. Also working 6-7 days a week at a family business. At that time I was 26yr old, I drove a Mercedes as my daily driver (I enjoy automobiles). All the tenants wondered who I was as I told them I worked for the owner. They loved me. They wanted me on site, just to even chat. I heard all kinds of stories, I got to see a life that I wasn't exposed to. I was one with the people regardless of what I drove.
They would ask me what to do to get them in a better situation like myself. How to get them out of their terrible minimum wage job etc. I never felt any sort of resentment.
Now, I never go to any of my properties as they are professionally managed. I don't have to deal with any tenants at any properties.
Now friends and random people come up to me (they see the cars I drive and word of mouth) and want to know what I do and if they can meet with me to help them strategize so they can find financial freedom at a younger age.
The world is only getting crazier and maybe even shorter? Live it UP. Make smart decisions and enjoy the fruits of your labor regardless of who is watching. Oh ya and pay your bills and save up!
Post: Weird question, is this a bad idea?

- Ohio
- Posts 454
- Votes 227
This type of post frequently makes an appearance on BP and I get it however I disagree.
Have you ever thought it would motivate your tenants? Maybe they can be like you if they get into RE and drive a Cyber truck.
The new vehicle (regardless of $) can continue and strengthen your motivation (works for some, me being one of them).
Life is too short to worry about what others think, especially tenants. Obviously you’re working hard considering you have rentals so treat yourself to your personal desires. There’s nothing wrong with it assuming it fits your budget.
Post: Any luck with the refinance applications

- Ohio
- Posts 454
- Votes 227
@Rajneesh Jha
I wanted to do it with the bank that already had it on their books! I assumed it would have been easier due to great history, guess not. Once I close on the next property I plan to ask the same bank who is doing my recent deal. Thanks!!
Post: Any luck with the refinance applications

- Ohio
- Posts 454
- Votes 227
I was refinancing one of my properties (50 unit). Bank ordered appraisal and appraisal came back as expected (started process middle of March). My financials on the property are strong and clean. Occupancy is 97% and bank has had the property on their books for 6yrs. My liquidity is strong. I was doing a Cash-Out refinance at 68/32 LTV. So that's the icing on the cake for them......9 weeks later they said due to the pandemic, they are unable to do the refi right now. I have several other business accounts with them as well. Talk about a waste of time. They did say they will assign the appraisal to the next lender. Oh and they fired my loan officer who was working with them for 14 years. :-)
Also I am closing on a 54 unit next week so financing IS available. Commercial financing is much different than residential so can't really compare lending between the two.
Post: Calculating a real commercial loan

- Ohio
- Posts 454
- Votes 227
@Brandon G.
Yes and no. Depends on your asset and situation of course. I am refinancing a commercial 7 year loan now with the same bank who issued the loan. I could have sold the asset but I want to keep it and pull out some cash so I had to refi and get a new loan against the property (paid off previous note in doing so).
Post: 2008 vs 2020 - apply lessons learned?

- Ohio
- Posts 454
- Votes 227
@Frank Wong
Cash IS king but so is leverage. Having the ability to build real wealth thru leverage is much more attainable then storing cash. The best of both worlds is to have leverage but proper reserves to cover in “crisis”.
Post: Negative affects of forbearance?

- Ohio
- Posts 454
- Votes 227
I don't think there is an official answer yet as no one really knows. I personally am on the same boat as you as I have commercial loan payments being made every month. I plan to make my payments regardless of what rents come in and deal accordingly.
I wouldn't be happy when I apply for my next deal and my lender brings up that I "missed" a few payments...My commerical lenders are slammed with SBA/PPP loans right now.