All Forum Posts by: Bob C.

Yo. Southern Dutchess / Putnam flippah in da house

Thanks for the answers so far.

Thought I would add that she lives in Connecticut.

My girlfriend really needs to refinance her house/residence.  She's paying a staggering 6.25%.  

1) Her income has dropped to about 1/2 of what it was when she made the orig mortgage

2) The loan-to-value is very close (Balance of mortgage: $207k,  House value: $235k) About 11% Equity

3) She's not missed any payments

I know there are government backed refinance programs out there that would help, but her bank says she doesn't qualify.  They say that her loan is non-complying because the mortgage is a portfolio loan and there is not enough equity for a conventional loan.

Are they blowing smoke to keep that 6.25% note, or is there an option for her somewhere? 

Thanks!

I've decided to get my RE license so I can have access to the MLS, respond quickly to houses that come on the market, and sell my own houses. I'm not interested in doing any RE work other than for my own houses. As such, I'm looking for a "budget" broker I can work with. Someone who is interested in carrying my license for less than typical percent. Maybe a small shop who's looking for some incremental revenue.

Any recommendations?

keywords: Hudson Valley, Poughkeepsie, Dutchess

@William Barthelmeus 

I don't have any experience wholesaling, so I'm sorry I don't have any advice/suggestions.

re: "using a contract, or none at all" and your trouble finding an agency...

Are you trying to do this without lawyers on both sides?   Unlike other parts of the country, (to the best of my knowledge) you can't do a real estate deal without attorneys in NY.  This was one of my big surprises/disappointments when I started.

You read everywhere, "I write the contract on a napkin and then have my title co do the closing" ....but that won't fly here.

So, maybe you are asking the wrong question, to the wrong people.  If you ask a RE Attorney if s/he does double closings, assignments... I'm sure you will get "yes" to that (and may be just what you need here in NY).

Try Kim Ortega (owner) Marissa or Lauren at Regency.  They are a small shop and may be open to what you are looking for.  I use them almost exclusively for my deals.  Good folks.

845-471-8100

LOL, that's just what I thought of when you said "I don't mind buying in areas that are considered high crime" but then dismissed after reading "if they look to be turning around"

I don't see any potential or signs of upturn there. I could be wrong, because I'm not tuned into that and biased against that part of Orange Co. But no significant employer, no (easy) access to commuter rail to lower counties - doesn't lead me to believe there is hope.

Welcome neighbor!

I heard about "Is this a good time" opener for the first time shortly after graduating from college. One of my good friends got a job in a brokerage - cold calling. He was trained to start with that.  He said it worked, that folks really appreciated being given the choice to talk to him later, when it was a better time... that he was being respectful.