All Forum Posts by: Anthony G.

@Tim Milazzo Thanks for the response,  I definitely want to check out Stacksource when the time comes for financing, as I feel this is the type of innovation the RE industry needs.

@Joel Owens  I appreciate the detailed response,  you definitely gave me a few different angles to look at things from when it comes to syndicating a deal. You really captured the essence of my question and then what I would have to consider next. There was so much good information in your post,  I agree with you and I can see your point about why you would rather act in the capacity of a broker if the deal isn't worth all the hard work that goes with it.  My logic is if I can put a bigger deal together it would off set whatever extra equity I would have to give up until I become a proven entity in the space. I would be willing to put more of my own skin in the game then the standard 10% to make it work. If I can get a couple points more annualized on my money and have control of the deal this is exactly where Id like to be. If not Id rather invest smaller sums with other syndicators, or buy more stocks when the market finally takes a substantial dip.

@Conor Freeman Thanks for giving me some insight on what your criteria is as a lender that was very helpful and gave me a couple ideas of how I might pull a deal off. I have considered working with other syndicators to get started I may even consider it to gain some credibility.Thanks for the suggestions.

Hello BP Community,

Wanted to throw a  scenario out there, to see how realistic or easy/difficult it would be to obtain financing from a bank on a commercial multifamily property, or discuss possible work arounds.

Experience 

Owning and self managing a 4 unit residential property for a decade then gut renovating it to re-rent it for much higher. Licensed RE Agent in NYS, experience mostly in residential as well.  (Assuming none of this will transfer over as experience in commercial though)

Income 

Self employed in Construction/RE and rental income totaling around 100-120k net per yr, in the last 2 years. 2017 return estimated be 10-15% higher

Credit 

780+

Lets say I found a deal underwritten conservatively on a large stabilized MF at 10 million , with 25-30% down of my own, and investor capital, plus I was able to meet the banks DCR, liquidity & reserve requirements. Would I have trouble obtaining a loan of this size because of my lack of experience, or the fact that I'm looking to borrow much more than my own personal net worth, assuming the deal itself was solid, and made the bank comfortable? Are there any ways to make this scenario workable? Personal guarantee? Bringing on a key sponsor to meet the net worth requirement? I believe I read somewhere you can find an investor to sign onto the deal for a couple points in equity on a non-recourse loan to satisfy the banks net worth requirement, which would be a win-win, but I can't really see how the bank wins, or would let that fly, honestly that advice sounds like some late night tv commercial guru stuff, but I could be mistaken.

If there is any critical piece of info you think Im missing here, or any thoughts, advice, or how I should mange my expectations on something like this, that would be great, and I would love to hear from you! 

Thanks

Anthony

Hello BP

I have a tenant situation that has just start developing in the last 24 Hours...

The property is a four family located in New York City. I Have a great tenant that has occupied the property for nine years which is two years before I even purchased the property, she always pays the rent on time, and the repairs I've had to do to the apartment have been minimal, but she has a roommate that she is no longer getting along with and she would like to move her boyfriend into the apartment, but her roommate doesn't want to vacate voluntarily. The roommate has been current on his rent and seems like a nice enough guy except for a couple of disturbances to the other tenants in the building with loud music and excessive noise, nowhere enough for me to want to kick him out myself. Even though he is not on the rental agreement I know he has rights as a tenant. Personally I'm indifferent to the situation as much as I like my original tenant, I don't care who occupies the apartment as long as they are financially capable to pay the rent and doesn't destroy the apartment. Basically my original tenant has stated that if she doesn't leave peacefully and some legal actions must be taken in the courts she is going to vacate the apartment and leave the problem on my hands. I'm not a Social worker or a mediator. I just need to know what I should do if anything to protect my investment.

What is The most prudent thing I can do to protect my own interest? All rents are up to date, I just want to be proactive about the situation, if a bigger problem is on the horizon, I would like to keep the damage to a minimum and neutralize the situation as fast as possible.

Thanks in advance....

Anthony Giaconia

@Michael Seeker I couldn't agree with you more, I've been talking to local pros as well. I'm just trying locate more people from the area that I can do business with, whether they're agents, wholesalers, etc...

@Darren Sager Thx for responding to my post. I did that back in 2005 it's worked out great I still own the property to this day. I want to use a more aggressive strategy now, but for anyone just starting out reading this that is some great advice.

Hi Rose,

Good luck starting out if you come across any vacant residential properties in Philly you want to wholesale let me know

@Michael Seeker Thanks, for the quick response to my post, That's a good tip. I'm going to try it out. I think the feature that I'm talking about would be very helpful to all if it doesn't exist already.

Hello Bp Pro community,

I just upgraded my account to Pro to support what I feel is the best Real Estate Educational Website ever created. I'm looking to start investing in the Philadelphia Market by buying a Vacant MF and rehabbing and flipping or holding as an income property. I would love to do this in NYC (where I'm from and have worked in the RE field) but I don't have the high amount of capital needed to do a project here, so I need to build a Network/Team from scratch in the Philly area. As I was looking through the MarketPlace I started feeling overwhelmed by the amount of posts of services, or deals that wouldn't be of any interest to me based on the fact that their on the other side of the country, or involved in a strategy that I have limited knowledge. Is there any way to search the Marketplace in a way where I would just search for example... Philly wholesaler and than the marketplace forum would filter based on those services that I am searching by or possibly by region? I used the search box on the top right of the site and only get regular forum posts which are more educational and not someone offering goods or services. I feel like I'm overlooking something major but simple. We all lead very busy lives and if this is not a capability of the Marketplace forum and I have to manually go through pages and pages of posts in the Marketplace to find somebody's "haves" to my "needs" in the area that pertains to me, then it needed to be added...like yesterday. Any advice or know how or if I've overlooked something would be great. Condescending responses are ok!

Hey @Andresa Guidelli

Thank You for responding to my post. You are the right the best way to understand a local market is to walk around and get a feel for it. I'm going to send you a pm.

@Aaron Montague I got a good laugh with Starbucks gift card comment. True story. Although I don't know about lasting the whole month, in New York I believe we drink 3-4 x the national average of coffee, and large goes for 4 bucks.