All Forum Posts by: Syman Scarpellino

Hey BP, 

You guys have been a huge resource for me. Thank you again BP community 

I am closing escrow on a triplex here in California. All of the units need to be remodeled. 2 of the 3 have tenants who have lived there over 2 years. 

Should I sign new month to month lease agreements (to insure I receive rents for the next two months) then send them a 60 day notice? 

Or just skip right to the 60 day notice? 

Thank you again !!!!

Hey BP, 

closing in 27 days on my first hard money deal. Six month minimum, 30% down, 11% interest only. Loan will be for $245,000 (in California) 4/1 in poor repair with a second parcel fenced flat buildable about half acre. 

I’d love opinions on my deal, but that’s not why I am here. 

I am curious what to expect when it becomes time to refinance out of the high interest loan? 

Specifically how does LTV work?
let's say appraised ARV is $500,000 and I am invested $350,000 (full purchase price) + $60,000 (renovation)

Do I have to leave 20% in like a conventional loan? as in my renovation dollars will be stuck in the deal? Will I need to bring more dollars to close if I end up invested in the property 85% of ARV? Help my with my most preferable exit strategy

Lastly, how challenging is financing out of hard money? 

(Help with low down on multi family) 

Hey BP, 

you guys are my go to for information and guidance. I’ve gotten myself into a little bit of a bind. 

I am buying a property with hard money for $350,000 (100k down), will require 50-60k in renovations

decided to throw an offer on a multi unit property $70k under asking. $570k to 500k,  my agent told me they were getting desperate. I never thought I’d get an outright agreement at that price. 

But now im facing needing 100k for hard money + 60k Reno and another 100k for the down payment on the multi. I’ve talked to two lenders who quoted Fannie/Freddie guidelines of needing 20% down minimum for a 3 unit. The property is a duplex, 

with a unpermitted 3rd unit with only wood fire to make it more complicated

can anyone suggest how to maneuver this bind I’ve gotten myself into with less capital? I’d love to hear from other investors and LOs 

Hey BP, signing my first lease with a tenant out of the area that I am managing. What platform do you suggest to facilitate edocs and sigs? I am out in California. The tenant is out of state from now until the 10th of next month. Her lease starts on the first. She is well qualified and I want to move forward but have no experience with digitized leases 

Hey BP, been working on a off market deal for the past couple years. We finally agreed to terms and had a attorney draw up the paperwork. (Luckily both parties signed when we did) 

I contacted a few contractors to handle to remodel. One of the contractors turned around and called the seller and offered more than I did (shame on me for sharing purchase price I suppose). 

The seller clued me in to the offer asking if they could pull out and go with the higher offer. Which they cannot of course. 

My question is about the legal ethics of a contractor being asked for a bid and going behind the potential clients back to make an offer on a property using the info the client provided. 

I have email proof of the request for the bid , from the seller proof of the offer and even a text message apologizing for the lack of ethics. 

Do I have legal recourse? Should I keep a lawsuit in my back pocket to make him back off ? Now the seller will be looking for any small breach of contract  

Hi BP Community, 

I am a little hazy on tax code section 179. 

I am a reasonably high income earner (W2) and gaining momentum in the RE investing world. I am looking into getting my RE license and opening up a management company (mainly to manage my own properties) 

my fiancé is shifting out of her day job as a nurse and potentially acting as our management companies CEO for lack of better terms. 

If she drove a vehicle that weights the required 6000 lbs, and her “job” is managing investments, how will that impact my W2 taxes? 

My goal between deductions, taxes, improvements etc is to wipe out my 60-70k in taxes I usually pay, and achieve the illusive goal of not paying any taxes. Is that even possible for a W2 in my higher (relative) income range? 

Hey BP! 

I am a newer investor, bought about 1.5 million in rental properties in 2021 in Northern California. The dollars don’t go as far as I’d like, as many of you know. 

That being said, I now own a handful of properties that have appreciated a good amount since purchase and make a little bit of money every month. 

The market has priced me out, I am interested in moving my investing out of state. Like many, my primary goal is financial freedom and replacing the 9-5. I am a high earner and have some equity to burn. What would you suggest for income properties in other states? I’d love to hear referrals for agents and prop mgrs as well. 

Thank you all!

If you are interested in CA, dm me and I’ll tell you what I know about the markets I do feel comfortable in. 

Hey BP people, I am up to about 2 million in real estate debt. Numbers going up fairly quickly. At what point would you guys suggest going the LLC/Corp route and what would you suggest.

I've heard people say one LLC, individual LLC per property, SCorp the whole businsss, or simple umbrella policy the whole thing.

What’s your guys advice, or who would you suggest I talk to? 

@Nathan G.

Good insight. I haven’t looked into it much as I just assumed it would be best to keep it safety tucked away. I have one tenant in particular who has made his intentions pretty clear that he’s not going anywhere. Seemed like a waste having them money sit idle

Hey BP Community, 

My rental portfolio is steadily growing (still pretty smalltime), I am up to about $20,000 in tenant deposits. Thus far the money just sits in an account, as its not my "free and clear" money.

What do you guys think about Investing deposit money into the stock market? 

I am not suggesting putting all the money on a roulette table, or a meme stock like AMC or GME.

However, the idea of investing the money in a stable dividend yielding stock is an interesting idea.

Where would you guys invest it? Would you Invest it?