All Forum Posts by: Peter Fokas

I know there are lots of articles about foreign investors buying up condo units, but was interested in getting more info on the multi-family market? Anyone currently invest/own in Miami area? Any up and coming areas? trends?

My 6 family insurance was 3100 last year and now increased to 3500 this year. What do you guys do in terms of trying to keep insurance premiums low as possible? Do you increase deductible?  

I will be attending with my wife.

http://www.nj.com/essex/index.ssf/2015/02/valentin...

Newark is offering properties for 1000 dollars on Valentines day with a few contingencies. Is this a good deal?

State laws also have an impact. Based on my understanding in NJ even if you have a MTM lease you still cannot end the lease without a good reason. 

The numbers sound good to me.Make sure you have enough reserve fund to cover the vacancy period you might experience in the beginning. I.e have reserve funds to cover 6 months of mortgage payments. You might not need it but good to have yourself hedged.

To get renters in asap perhaps do not wait for entire building to be updated. Focus on 1 apt at a time to get it renters in there  asap.  

Have not gone through the numbers in detail but you are saying 250k to earn 3300 per month in rent? Those numbers sound pretty good for NJ (contigent on location of course).

 What kind of area? How confident are you about getting that sort of rental rate? 

I doubt the HELOC lender will be following up to ensure you actually spent the money on home improvement. If it will make you feel better then use a very small % on actually doing some home improvement. Get a new light fixture for your kitchen..etc. This way you did not lie. I would think when you pull out money from the heloc you will initially place it in some checking/savings account. Who is actually going to directly provide a Heloc check to Home depot for purchases?

As for the second part you are right - the mortgage company will want to see you have funds and if they see any signficant cashflow inflows into your checking account that occurred in the last 3 months they will want to know where you got it from. That they do ask about.

How would they ever find out what you used it for?

thanks for the info. Wanted to also ask about Refrigerators. Its my understanding that landlords are not required to provide refrigerators hence any maintenance for the refrigerator is the tenant's responsibility.

Is that true?