All Forum Posts by: Tom Camarda

Thanks Alex. Good chatting. Will be in touch.

Yep it was a lesson learned... That's the difference of buying off the MLS and and off market - as is from wholesaler... This was in the Cleveland area. Rents are low. Barely covers the prop taxes, utilities and the management fees which are not 10% but 75/ door minimum... it all adds up.

Hi Alex,  Saw your post. I have a small portfolio loan I'd like to cash out refi... Please see my post in Marketplace.  Feel free to call me at 323-573-4166 to discuss more. I reside in Los Angeles as well bt invest in TX and OH.

Thanks,

Tom

Hi Alex,  Saw your post. I have a small portfolio loan I'd like to cash out refi... Please see my post in Marketplace.  Feel free to call me at 323-573-4166 to discuss more. I reside in Los Angeles as well bt invest in TX and OH.

Thanks,

Tom

Greetings BP lending community,

I am reaching out today to find a lender that might want to help with a cash-out refinance of a small, 3 property portfolio loan. Current balance is 220K. Total equity in properties is about 420K. Currently paying 4.75% on a 5 year ARM, 30yr AM. Matures 12/21. Would like to have some cash on hand to buy properties in the coming months.

Ideally, I'd set that cash aside to put in reserve and then open a LOC (as well as a savings account with your institution) to go buy more properties... Interested?

Thanks for your help.

Tom

So the seller wound up pulling the property off the market. It was listed at 140K, I offered 130 and she didnt even counter just pulled it. It needed at least 50K in rehab... Too bad! 

Thank you @Patrick Oshea. Loads of great info there. I'll DM you for more info shortly... TC

@Patrick O'Shea Thank You! This is very helpful! Congrats on your recent purchase and I will keep you posted on this one. 

Thanks guys! Good advice all around...

Greetings BP,

I've been investing in single family and duplexes while working my "dayjob" shooting TV shows but I'm now eyeing my first commercial, 8 unit multi-family. The property is under-performing with only 2 of 8 units currently rented way below market value. Owner is in her 80's and wants out. In all, a great opportunity I think.

The listing price is already low, so does one risk losing this opportunity by making make a low ball offer based on the CURRENT rent roll of this property? Or better to be more competitive and pad the offer a bit? I will need as much of my cash as possible to start rehabbing 6 units right away especially before the winter rolls in (the property is in Ohio)

What kind of interest rates and terms can I expect to find on a property such as this? Who does one call for commercial Insurance? Same as residential?

Thanks in advance!