STR a suboptimal option in this market due to restrictive ordinances.Purchase price: $1,260,000 with 11% down @6.75% fixed 30 yrTotal Rehab costs (labor + materials) thus far: -$70,390Cashflow to date (NOT including Rehab Costs above): -$60,237Projected Cashflow: 3.1% with 3 LTR tenants Wanted the group’s expertise on options as I am considering parting ways with this property given the number of leaks that have come up in this relatively young property.1) In 2025, 1031 into another (potentially more units) multifamily at least 20 years old.2) Investigate leaks/Stabilize and proceed with original plan as LTR and accept uncertainty related to potential future leaks.3) Proceed as MTR (hospitals and NYC nearby) so that can intervene on issues during vacancy periods.

Hi, I accepted an assignment with them, Eric Anderson & Sean Harper, in June.

There are also deals that accept non-accredited investors, but they are harder to find.If you can bring in capital from others, you could potentially get onto the General Partner side of the deal which will provide you great learning.

I recently purchased a foreclosure where the occupants want to avoid being evicted. Would it be braindead to turn them into tenants or should we go ahead and evict them? 

Since I didn't have a way to get a rental permit for Property #2, I knew I wasn't going to be able to accept Section 8 tenants, even if I wanted to.Aside from all this, I was always told that I was not legally required to accept Section 8, so I was completely under the impression that I could tell applicants that I wasn't going to accept it.Out of all of my applicants, I'd say about 15-20% of them asked if I accepted Section 8 vouchers.

You gotta be ready to accept that, and building a system, and organization like James has to navigate crazy. 

The biggest problem is constant litter and dumping by non-tenants and petty vandalism.Even in this neighborhood, I believe that because we maintain our buildings well and are willing to do payment plans, we have four (of 8) tenants with B.S. degrees and a fifth in his 3rd year of a BS.

Which all investors are to a certain degree. id say you are your going to waste more money in additional interest payments alone vs paying a licensed architect never mind the exponetially maddening cost of wasted time/ additional interest payments die to a work stoppage, additional labor cost to redo whatever you have to take apart to add whatever building department issue you didnt do correct the first time. 

Hi All,I received an accepted offer on a property but unfortunately was not able to find the funding in time.

@Mike McCarthyHi, is the estoppel signed or filled out before or after acceptance of agreement of sale?