All Forum Posts by: Andrew T.

Hi all,

Just bought a home in Buffalo New York. It is my primary residence. I got a quote on some landscaping but as I have never owned a house before I was wondering if anyone would be willing to look at it. 

Thank you!

How would it work though? Logistically would I put in the loan request get the funds then use that for closing and get my Earnest check back?

Hi all,

A bit of a strange question. So we are under contract on our dream home right now. We wanted a prolonged closing because we needed some time to move and the sellers were willing to do it as long as we put down a large earnest deposit. The contingencies were in place so I'm not really sure why that gave them security but it worked for us.

We put down a $20k earnest deposit.

Our closing costs are estimated to be about $23k ($665k house). I have been thinking lately about using a 401k loan for closing and taking the $20k for REI investment purposes.

I know that if you use the 401k loan for first time house buying you can stretch it out to 15 years (obviously I would pay it back long before that) but this would give me some immediately capital to deploy.

Is there any way to do this since the $20k earnest is already in escrow?

I am not asking if 401k loans are a smart move as I already planned on using it as short term money for REI but at 5 years $25k is like ~500/mo where if I do it this way I get access to the money at $200/mo or so.

Thanks!

@andrew postell thank you for the very interesting post and discussion on here.

I am a new investor planning on using a 401k loan and a credit line as short-term money for my first purchase and then refinance out.

If I understand correctly I could use these funds in my personal name to buy the property in cash... Then file a lien under my llc's name for the purchase price plus the estimated rehab (at 0 interest)?

If so then presumably I would be able to get an immediate refinance for up to 75% ARV?

Is that the gist of it?

Hi all,

So not an investment question. Currently designing a huge remodel for primary residence in Clarence. Our contractor uses an online company for kitchen design/cabinets.

We have not been impressed really. Does anyone have a local recommendation?

Hello all,

I have been lurking on here for the last month or so. What a wonderful wealth of information and helpful people. Wanted to post an introduction. I am currently living in Chicago but I am moving back to WNY this spring. My partner and I will start investing at that time. We will be living in Buffalo, NY but will be looking in Rochester, NY as well.

The plan is buy-and-hold investing with some BRRR if possible. We would like to start with some duplexes triplexes or quads but the end goal is larger multifamily.

I look forward to connecting with people and I can't wait to get started!

Andrew 

Hello,

My wife and I will be moving back to Buffalo this spring (June 2019). I have been doing a lot of reading on real estate and would like to start investing after we get back.

Primarily would like to focus on cashflow with buy-and-hold likely a duplex. We have been keeping up with the market a bit and have seen the dramatic increase in house prices over the last few years. 

I would like to invest locally as an inexperienced investor. Is Buffalo still a viable option for cheaper duplexes to generate some cash flow and begin to build a portfolio? I have quite a bit of time until we would even consider buying a rental property (have to close on our own house first) but would like to get all my ducks in a row so to speak.

Rochester and Syracuse would also be an option (did my medical training in Syracuse) but I know less about the cities.

Thanks for the help and all the great information on this site!