All Forum Posts by: Brian Napierala

I would get an umbrella policy for each of your investment properties.  For me, it added an extra level of security/ protection above the regular homeowners policy (injury, property damage etc).  People can be very litigious these days.  Of course, my insurance agent was also happy to carry another policy too :)

In regards to having signing a waiver, as a new owner, I would make the request.  Although, I don't know if they are required to sign.  Hopefully someone else can chime in on that one

There are plenty of lenders out there that would ignore your personal income to buy an investment property, especially if it was currently rented.  The either ignore your income entirely, focus on the current rents or market rents to qualify.  That may be an option that allows you to acquire the property, then make personal adjustments thereafter.  Let me know if you have additional questions

I had to deal with a similar situation.  I bought a house at auction, then when I went to check out the property, there was someone living there that shouldn't have been.  Long story short, I had to use the sheriff dept multiple times to get the property cleared, so I could go to work.  It can be done, be patient, and use the law to assist you.

   Try, www.mortgageelements.com

They have an tab for 2nds & Equity lines.  There should be several lending institutions, hopefully one can help.

You got it :)

I work as a private lender & over the last 12 mos, I"ve been dealing with a broker/ borrower combo in NY that purchased about 20+ properties in the Albany area.  I don't know if this is considered upstate, but all the properties cash flow and he has picked them up between 100-150k price range.  He is a buy & hold type of borrower and less flipper.  I always say 'buy what you like'.  Hope this helps

Usually a lender has an LTV (Loan to Value) limit. That limit can vary from lender to lender. My company has a 75% LTV limit, other companies may be more or less. Sometime the LTV limit is determined by how much they calculate you can afford. Another factor for multifamily property (5+ units), is the Debt Service Coverage Ratio (DSCR), which is a relationship between the payment for the property and how much income the property generates each month. For running numbers, I would recommend doing your own calculation based at 75%. It will give you a good idea for affordability, cash flow etc, then once you've spoken with a lender you can adjust from there if needed. Good Luck

Sounds like you've done an excellent job leveraging your HELOC. Private lenders can be an excellent source to acquire investment property. Terms can vary from 1yr I/O to 30yr fixed, some will allot funds to complete restoration/ home improvements. Think of them as a tool. The nicest feature, they don't use your personal income (DTI) to qualify you for their programs to acquire or refi a property. Feel free to reach out if you have additional questions

My family has had a place in Mammoth for years, different yet similar markets.  Summer months tend to  be light on the rental.  Winter is the time to 'make hay'.   One thing that was done a few years ago that helped was update the condo.  New carpet, fresh paint, new towel racks (a lot of little items), updated appliances (big item but needed)... and a new flat screen.  I don't know if this applies to you, but our place needed a facelift, but the property showed much better online photos and we were able to increase the nightly rent during ski season. 

Taking on an experienced/ seasoned partner is a great idea to help you qualify for the loan & get you on title.  Once you acquire the property, make sure the payments come from YOUR bank account and go directly to the lender.  This way, even though you may not be on the loan,  YOU will be able to document payment history & some lenders will allow this to prove ownership.  This should make it easier to refinance in the future.