All Forum Posts by: Robert J.

Hello,

Im looking for some advice on how to obtain a lending for a condo purchase in NYC.

My business partner and I run a start-up C-corp based in midtown. We are looking to purchase a condo and rent it to our C-corp. We are ending our current office lease this year. The Condo would be used for my partner to stay in eliminating hotel costs.

Our plan was to form an LLC partnership. Im a US citizen, and my partner is based in the EU. Partner can provide upfront capital and I can guarantee the loan.

My issue is trying to determine a budget for starting the condo search.  My partner can come in with up to 500k upfront capital. Im trying to figure out the price range we should be looking at.

-How can we determine the loan amount we are capable of getting? I understand that most brokers will loan up to 70-80% LTV.

For ex:  say the condo is 2mm. 80% is 1.6mm.  Leaving 400k upfront + closing costs 6 months bankroll etc.  

But how can I be sure we can actually obtain 1.6mm loan? 

Thanks in advance for any guidance!

purchasing first residential with a partner - who to talk to?

Hello, Im looking to purchase my first home together with a business partner. I'm struggling with who I should be consulting (real estate attorney, mortgage broker, tax advisor )

For context, my business partner and I run a c-corp in the USA. For the past 10 years we have been renting an office. My partner is not a USA citizen, he comes in quite often and stays at hotels. Our business generates roughly 5mm revenue annually. Currently our office rent is 12k per month.

Since COVID we have gone fully remote, resulting in not needing our offices. We are now looking to purchase a residential sfh together. For me to live in and him to stay when visiting. Our plan would be to rent a portion of the home to our business and kill our hotel expenses.

My partner is able to come in with upfront capital, and I'm in good shape for a mortgage (200k salary, good credit and no debt) and our company can cover a good chunk of the monthly expenses based on repurposing our office rent.

I feel we should be able to pull this off, but I'm struggling with how to structure this. Create an LLC, do a joint tenant venture, what type of lending we need etc. I know we need a good real estate attorney, broker, and tax advisor, but where do we start?

I'm trying to establish a budget starting with how much we can get in lending. 

Any advice is appreciated

@Caroline Gerardo thanks for the info. In this case my partner would be the sole owner?

Hello, I am looking for some input on how to structure the deal for my first residential home purchase.

Details:

-Parties are myself (US citizen) and my business partner (foreign national)

-We have another company that is not real estate related. My partner travels to the US often.

-We are looking at residential SFHs in the 1mm range. My partner will be providing the upfront capital. The question now is how to secure the lending. For example, 500k upfront capital, and 500k lending needed.

-I will live in the home, and we will rent out a portion to our other company for my partner to say in when in town. Avoiding the need for hotels.

-Our plan is to establish an LLC partnership.

Initially, I assumed we would need a commercial loan for this purchase. However, Im running into issues with A- Lending to an LLC with a foreign partner. and B- lending to an LLC for a residential purchase.

Another option presented was to simply take a residential loan personally. And add my partner to the Deed. This would give us more favorable and easy-to-find lending.  

Questions: 

-If I go the residential route. How would my partner provide the upfront capital? Would this need to be a "gift" to my personal account, that would need to sit in my account for a period of time before shopping loans?

-What is the best way to get my partner's ownership % established in that case? Add him to the deed. Or transfer the deed to the LLC after the purchase?

Any input is greatly appreciated. 

does anyone have recommendations on local lenders to consult in the NYC/Astoria/LIC area? Thank you in advance

Thank you for the insight !

Hello,

Looking for some advice on how to approach a multi-family purchase in NYC. Parties involved:

-Myself: $160k income, $50k to put down, credit score 720

-Business partner: Not a US resident. Ability to put down $800k range

-Our C corp: We have a company generating about $350k/month for approx. 4mm annually.

We are looking at multifamily townhouses. Price range $2-3mm. Idea would be one floor for myself (living in full time) another floor for him when he's in town visiting. 

We originally looking into mixed use buildings, with the hope of renting the commercial space out to the company to help cover monthly expenses. However we are now looking at multi-families as they are bit cheaper.

I understand that since its a multi-family, we would need to secure traditional lending. With my current cash avail for downpayment I would not be able to secure enough lending on my own.

Looking for any advice on how to go about structuring this purchase.Is it even possible?

Thank you in advance!