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All Forum Posts by: Sid K.

Sid K. has started 4 posts and replied 22 times.

Hi Folks - I am looking to do a cash-out refinance on a couple of my investment condos , around 75% LTV. My usual lender isnt doing cash-outs on investment properties as of now.

Any suggestions on lenders that do this ? Thank in advance.

Post: Providing a personal loan - Lien question

Sid K.Posted
  • Investor
  • New York
  • Posts 23
  • Votes 24

Hello - I had a quick question on a situation I am dealing with. I am providing a loan( personal) to a colleague. I want to make sure the loan has some kind of collateral. My colleague is ok with his property being the collateral. My question is whether I can put in a "lien" on the deed / title of his property as a collateral for this loan ?

Thank you.

Hello - My usual mortgage guy is retiring , so I am looking at finding another mortgage team, and specifically looking to do the following transactions in the next 3-4 weeks. Credit is excellent.

1) Purchase of an investor Condo (Central NJ) , Purchase price $175k, 25% down.

2) Cash-out refinance of 4 properties : 3 investor condos(Central NJ) - all assessed at $200k each , 1 single family home ( Poconos PA) - assessed at $235k . Looking to take 75% cash out.

Please PM me if you are interested or have recommendations.

Post: Condo Investing| Your thoughts?

Sid K.Posted
  • Investor
  • New York
  • Posts 23
  • Votes 24

I think i answered a similar question yesterday. I have 10 doors, 3 of which are condos. I think condos have a place in a portfolio, especially a community with a financially strong and efficient HOA. Yes you dilute NOI , and lose some control , but it also offers limited capex , lower maintenance hassles and lower cost of acquisition as compared to SFH.

10 doors, 100% rents received. Stay safe and healthy

Stay calm, Keep cash handy, Keep a long term perspective

Post: What is a small win you had in real estate investing this week?

Sid K.Posted
  • Investor
  • New York
  • Posts 23
  • Votes 24

Went under contract on my 10th door. Hope to list for tenants next week.

Post: Anyone deal solely in condos?

Sid K.Posted
  • Investor
  • New York
  • Posts 23
  • Votes 24

@Kirk R. As I mentioned in my response to @Rebecca Bautista , the HOA covenants ,fees and efficiency are something that should be researched well prior to investing. I have three condos in a NYC suburb , and they are managed by a very efficient HOA that allows rentals(long term) as well. So my experience has been positive .

Post: Anyone deal solely in condos?

Sid K.Posted
  • Investor
  • New York
  • Posts 23
  • Votes 24

I have been investing in condos for some time. As long as you do the right research , they can be fruitful investments , especially for new investors. Some thoughts on pros and cons - 

The pros are that condos are usually lower cost than SFH , you really don't have to worry too much about upkeep because most areas outside the 4 walls are taken care by the HOA , and the benefits that come with a community - pools, other amenities etc.

The con's really are around the HOA. If the HOA is efficient , then things work out fine , but if they are not then you dont have too much control on the laws and covenants , monthly HOA dues may be high, assessments may keep coming up etc.

Generally speaking like-for-like I prefer SFH to condos . Thats doesnt mean that if a good condo deal presents itself , I look the other way .

@Alex Olson - Appreciate your thoughts! The condo is in central jersey . The rents are strong and this will be my third condo in the area. I agree there are some risks and also dilution in cashflow because of HOA , but these are class A areas with around 7-8% cap rates - so as a part of a broader portfolio, I felt comfortable with a 30% mix of such investments.

@Patricia Steiner - Thank you , I do feel it is a good finance deal , especially given that it is an investment property and a Condo. I am probably going to check 10/1 or 7/1 ARMS to see is the interest rates are better.