All Forum Posts by: Yoni Benimetzky

Your first stop should be the bank you have your current mortgage with or just the bank you use for your normal banking. Since you already have an account with them things should move along smoother.  

I know countless people how have applied and it seems like very few have received any feedback from their banks. Obviously everything is backed up with the amount of applications but has anyone gotten any money? 

Hey Blake, sounds like you're very eager to jump in the water and that's great. 

I would take a few years of studying before doing anything. If you're lucky and you know someone who's in the industry, maybe offer your help free of charge. Shadow someone you look up to. And go to college to study real estate/business/economics etc all of those will help you create a strong foundation for your future career. 

Hey Ali, I live in Miami and Ive seen many short term deals come my way. At the moment the short term industry is struggling as you already mentioned. If you actually were able to buy something right now you'd be looking at an undetermined timeline to when things go back to normal and if you're able to hold on for long enough I believe you should be in good position to get something at a discount right now. 

Hey Nicholas, 

It depends on the year the property was built and where it's located. Older properties have cast iron plumbing which if well maintained are fantastic but the cost of repair or replacement can become very high. Outdated electrical systems are another big issue, especially if you plan on renovating. Termites, foundation issues, electrical, plumbing roof. Everything that needs repair has a number attached to it. You should be thorough with your inspection to get a grasp of what you're really looking at. 

In that case it really comes down to the economics of the deal. You can try asking for a discount but if there's no wiggle room you'll need to make sense of the extra cost. 

Sounds like you might have a lending issue. 

Your bank will probably not allow you to receive an additional loan and if they do your landlord probably won't want to be in second position behind the bank. 

If you default the bank would take the house and your landlord will only have a second position claim which isn't probably where he wants to be. 

I would suggest trying to raise the 20% downpayment if you don't have the equity yourself. 

Hey Kristen, 

What can the unit be rented for in its given condition? 

Only reason to hold longer is if you believe in further appreciation. Only thing is I would be skeptical on actual value right now since everything is sort of influx. Asking price and closing price can be pretty far apart right now.

Might not be a bad idea to do both. Rent the unit out now to try and cover expenses while simultaneously listing it to see if you can get the price to make you happy to sell. 

Hi James, 

I just waived late fees and instructed my property manager to deal with each case separately. I manage 120 units and so far have collected 80% of my rent. 

We had a 4 tenants email us asking for assistance and we told them to pay what they are currently able to. The plan is for them to make up the balance across the remainder of their lease. 

It depends on your experience and equity to invest. 

SFH is certainly easier to start with, the due diligence will be less intense, the lending & management typically easier as well.

You can learn the ropes on SFH and once you get comfortable start getting into multi family.