Looking for HM Loan in NYS

[Pete Fiannaca]

Hey BP Network, Hoping to get a few good leads here. I've got a problem, be it a good problem though. My wife and I finally took the plunge and bought our first investment property. Small single family. Closed on 7/28, rehabbed for 3 weeks and had it rented with tenants in by 8/1. Perfect first experience for us. The property is cashflowing $520 net, monthly. We had built up about 40k in reserves to handle the Down payment and rehab, most of which is now gone. Fast forward to today... I recently received a job offer that would move me out of Rochester, NY and towards Syracuse. With funds low, I'm afraid that I won't have the $ necessary to close on a new place to live. I'm looking for a HM lender that will do a 100% LTV on a multi family that I could househack (live in while renting the other units out). Maybe even someone who will go 110% to cover rehab, etc. Short term is fine 6-12 months. Anyone out there know of someone? Let me know! Thanks Pete

[Jason V.]

@Pete Fiannaca

Congratulations on both accounts Pete!

Not sure what line of work you're in, or what level you're at, but it is pretty common these days for companies to be paying for relocation and/or a short-term housing allowance for new employees who have to move. Maybe come right out and tell them why you don't have the cash for a down payment right now - nothing wrong with investing!

Another possibility - depending on where it is in Syracuse, consider commuting for 4-6 months while you save up money. It's not the most fun thing in the world, but you're probably pretty close to the Thruway Exit in Henrietta, and most of Syracuse is pretty close to an exit as well. I actually commuted 75 miles each way (from Wayne County to Brewerton) every day for about two years. It sucks, but it was the smart move for me in the long run.

If you'd really rather just refi the property, your best bet is to find a traditional lender who doesn't require seasoning (which is typically 6 or 12 months) - not necessarily a hard money lender (which are often non-collateralized loans.)

Just some thoughts - good luck!