All Forum Posts by: Patrick Edelin

Fantastic find Marlon.  You all leased up or is that in the works?  I'm looking for multi-fam in the Lansdale area but not likely to find such a screaming deal.

Hi @Taylor Philley.  To be honest, I'm somewhat market agnostic but for my first it makes sense to be local.  How's the Texas market for ALF's?  This purely an investment play or are you interested in being more involved?  Gene and his son were great and the event was super beneficial.  Certainly kicked things into high gear for me.

Several years ago my grandfather (doctor) came up with this hairbrained idea to start an assisted living business because he didn't like the options that existed locally for my grandmother suffering from dementia. I figured I'd go along (since he was paying) and flew out to Phoenix to take Gene Guarino's course. My grandfather sat through the ALF managers course at AACC and successfully secured his managers license. Last February we were under contract to purchase an existing ALF (owner financing) but the deal fell through for several reasons, including covid-19 and my grandfather's health. I'm starting to pick this thing back up and am looking for folks interested in possibly partnering up. Would love to sit down and discuss over a cup of coffee (or several).

Best,

Patrick

Interesting topic.  I'm in the same boat on a 2.5 mil property.  Seller wants 250k down, 130k annually, and will carry the note for 20 yrs.  Liquid is tied up so I'm looking for the 250k and was thinking hard money.  Sounds like my only "alternative" option would be to go back to the seller and try to get him to carry an additional 250k.

I too am looking to get into the ALF space.  My grandfather and I (retired doctor and lawyer) will be running the business together but won't be operators.  We are working with a consultant on staffing and regulations.  We've been looking into acquiring suitable properties with our agent but the issue we're running into is the licensure specs (Maryland) contemplate owning/leasing the property before applying for a license (background - grandfather started the process 8yrs ago but deal fell through - given his professional status he was able to waive many of the licensing hurdles so not concerned about hiccups in the process).  License process can be lengthy so swallowing carrying costs could be heavy.  Any creative ways to kick off the licensure w/o yet holding property?

Thanks @Michael Campbell. After speaking w/ a few lenders, it's a no-brainer going w/ the FHA streamline given my timeline. Saving almost $500 in monthly mortgage payments w/ $2k out-of-pocket. Now if I wanted to pay the thing off I'd move it to a conventional.

Refreshing this post as I'm considering this option w/ my current servicer. Purchased 8yrs ago fha at 5.875 for $310,000. Monthly payment w/ taxes, insurance and MIP is $2350. Streamline refi offer 4.25 will reduce payment to $1882 (including taxes, insurance and reduced MIP). Obvious question is does this seem like a good move? My wife and plan on selling in 1.5-2 yrs. Can I shop around or does streamline (no doc) only work with current servicer?

Many thanks all for all the replies.  It really helped me to settle down and look at things objectively.  @Rob Gillespie  I hear you man.  I've got too much going on to worry about the everyday minutiae of tenant behavior.  We'll settle up when the lease expires.

Pardon the interruption but I wanted to pose a question to my BP brethren.  I've searched high and low for an answer but could only find related topics on maintaining the external presence of a property.  My wife and I rent out our 3-story townhouse and we have four post-grad female tenants and a property mgr handling the rental.  The unique part of the situation is that the property mgr uses my contractor as a servicer who happens to be my friend and he has recently sent me photos of certain living spaces that can best be summed up as NASTY (e.g. master bathroom tub looks like it hasn't been cleaned since the beginning of the lease six months ago, the bathroom sinks have caked on toothpaste and the toilets have incredibly dark rings, etc).  Is this something I should address this with my PM or should this be out-of-sight out-of-mind until judgment/security deposit day (my PM was able to secure double-security so we have about $7500).  Appreciate the insight.

@Jacob - I LOL'd when you mentioned stretch because that is exactly what needs to happen with our carpet.  And great overall insight.

@Clifton - Nice reminder that it's important to take a step back and survey the entire forest.  Still working on overall RE goals.