All Forum Posts by: Zulu Black

Hi everyone! I'm looking for insurance recommendations for a two-family property in upstate NY. My DSCR lender provided a list of insurance requirements, and one of them specifies that the insured name must be my LLC. Does anyone know of an insurance company that can accommodate this? Thanks in advance!

Hi everyone! I'm looking for insurance recommendations for a two-family property in upstate NY. My DSCR lender provided a list of insurance requirements, and one of them specifies that the insured name must be my LLC. Does anyone know of an insurance company that can accommodate this? Thanks in advance!

Thanks, everyone. I appreciate the suggestions, and I’ve decided that taking on all three properties might be a bit too risky. I’m going to move forward with just one and am currently exploring loan options. Do you have any recommendations for lenders with low or no origination fees?

Thanks

Hi all, I'm considering a portfolio of four single-family properties in New York, with the seller asking $1.27M. The gross income is $149K, and expenses are $55K. I believe these properties will cash flow well, but I only have enough for a 10% down payment. Does anyone know what kind of lender willing to offer financing with 10% down for this type of deal?

Hey all,

I'm in the middle of closing on my first SRO property in NYC and I'm in a middle of looking for insurance for this. Does anyone have any experience or recommendation where I could get my SRO insured? 

Thanks

Hey y'all,

I'm looking to close on my first commercial property in NYC and I'm hitting some roadblocks. Because this is my first commercial property, the lender views me as "high risk". They are requesting that I put a year worth of P&I ($60k) into escrow upfront. They will automatically deduct my mortgage from that account during the first year. That means I need to put additional capital into this deal. Capital that I currently don't have. I spoke with the seller and they agreed to "loan" me that money at 7% rate, pay back in 12 months. The property cash flows enough for me to afford this. My question is how should I approach getting this loan from the seller before I close on this?

Purchase Price: $1,000,000

Downpayment (35%): $350,000

Closing Cost (8%): $80,000

Rates: 8.5%   
 

I'm interested in buying a 4plex as a primary in NYC at 1.3m. However, I only have enough funds for 12% downpayment. I'm not able to go the FHA route because the property will not pass the self sufficient test. The current rent roll on this property is 9.8k/mo and each unit pays they're own utilities. I do have the opportunity to raise the rent to $12k/mo when I get the place. The place will not need any work done on it and is ready to go in day 1. My broker recommended me to get a Hardmoney loan as a 2nd mortgage is help fund the remaining 8% with rates 12% (2 years term, 6 month
prepayment penalty, so the monthly payment for HM is $1,040/mo. See table below:

I have another business that cashflows $7k/mo and I was thinking I could use that cashflow and use it to pay off the HM loan. What are your thoughts?

Hi Guys,

I'm looking to buy my first commercial property and wanted to get everyone opinions and thoughts if this is a good investment. The property is located in NYC and is in a pretty solid location. There's no real major rehab that needs to be. 

Thanks everyone. 

Hey guys,

I recently put down an offer for my first rental in New York. I would like to get some input on what you guys think of it. 

Selling Price: $310,000

Down 20%: $62,000

Closing Cost: est $10,000

30 year Loan at (est 4.5%)

Details: SFH

5bd/2ba (on CO its 4bd/1ba, they converted the attic as a bedroom and added a bathroom in the basement)

Total Rent: $3200/mo

Taxes: $7000/year

Insurance: est $1500/year

No rehab needed

No prop management. 

I recently put down an offer on a property and it was accepted. As I was doing my due diligence, I got a called from a seller (also a RE agent) and told me she does not want to work with my attorney because of a known rep of him slowing things down and somehow jacking up the seller side legal fee. She even threaten to cancel the deal even after the contract has been signed if my attorney starts his usual "habits". I am honestly quite shocked about this. 

What should I do in this situation? Should I consider switching attorney to make things smoothly? I've never worked with my attorney before and I haven't signed a retainer agreement with my attorney yet. Found him online with good decent review.