All Forum Posts by: Brandon Cohen

Banks are tightening up requirements across the board for sure.  Wells Fargo is requiring a client put 25% down on a condo for primary residence!  Guard Hill is known to stretch a little.  If you want to DM me I can give contact info for someone who’s been helpful and creative in the past

I agree with above.  Alternatively, you can use an agent to see your home and get a referral fee.  I know a lot of folks that are strictly referral agents (people that have a great network and just keep the license to get fees) because they don't feel like/have the time to deal with selling.  

@Paul Jump the thought of owning a 24 unit building sounds great... but even though it’s a long game plan it may be a very long game.  Traditional lending will more than likely go away but I’m sure some portfolio lenders would be interested to have a building on their balance sheet.  

If the current opportunity is a good plan for you right now and the two 1 beds wilL make a quality layout 2 bed (as mentioned above some combo units are just awful), I would start with that and keep the pulse of your neighbors 

happy to send you a blank copy if you're interested.  let me know 

Hey @Scott Wolf does your broker not have one?  Each brokerage has their own, and will have more similarities than not but they are different 

Agreed with the sentiments above.  You’ll have an easier time finding a “deal” on a rental but overall the market has picked up.  I’ve been in a few scenarios with buyers in the last couple of weeks where there has been multiple offers.  Rates sub 3% are certainly a cause of that.  

@Matthew Fermino you shouldn’t have trouble finding a bank that will lend on a coop, unless it’s investor friendly and investor ratio in the building is high.  That said, Wells Fargo has been my go to referral lately because their rates have been great.  

My market is further upstate and I’ve heard the same.  I wouldn’t be all That surprised to hear that...though perhaps just work the hold time into the offer.  

It depends on what your immediate needs are.  Right now the sales market and rental market are both soft.  So if you’re able to hold for a few years knowing you’d have a tenant paying below market rent, you’ll be fine.  I’m biased to NYC as I live and sell real estate here, but I’m selling a lot of apartments right now to people that believe in NYC and know now is a great time to get a good deal.  
if you’d buy with the plan of living there yourself, it’s a no brainer. 

@Anders R. I’m a real estate agent in the city and live here too, and invest outside of the city (upstate). Buying a multi fam and living in one unit is a great way to offset your costs, but I can’t imagine you’d be covering your costs.  The opportunities are available to invest, just not directly around you!  Definitely do some reading on this site on out of state investing as is doable.  Feel free to ask me any questions as well.