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All Forum Posts by: Chad Ellis

Chad Ellis has started 1 posts and replied 12 times.

Hi. You could probably find a bank willing to accept a smaller down payment, but I think your concern about having to put 25% down is probably a red flag for the deal. 
If the price is good and you’re ready to invest the difference between 25 and 20% shouldn’t be a big deal. 
Without further details I’d say you should hold off until you find a property you can buy comfortably. 

Post: HELOC on rental property?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

@Maria Guevara They'll do a mortgage for an LLC, I assume they'd do the same for a HELOC.

Post: HELOC on rental property?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

Hi Matt, 

Upstate Bank in Rochester will do a HELOC on an investment property.

Post: Why shouldn't I buy a hundred cheap SFH in a cashflow market?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

@Darius Ogloza Whereabouts in Rochester did you invest? Just curious because I’ve had multiple units here for 10 years and haven’t had a fraction of the issues you experienced. (Have never replaced a roof, have only replaced a couple water heaters, etc) 

Post: Qualified Intermediary — Rochester, NY

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

Hi everyone, 

Does anyone know a good person/company to use as a QI for a 1031 exchange in Rochester? Thank you! 






Post: Addressing Racial Disparity in Home Ownership/ Wealth?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7
Originally posted by @Kevin McGuire:

@Chad Ellis Wow totally my bad, I should’ve broken my post up into two different posts or clearer parts:

Post 1: Chad, agree 100%, you nailed it, that was my intention. You didn’t distract from my offer, you helped clarify it.

Post 2: WTF is going on in this thread?!

Please accept my apologies for what must’ve seemed like a rude attack on your person. It was in hindsight a poorly formulated post and thank you for pointing that out so that I could address it. 
Sincerely, Kevin

No worries at all. I’m sorry for coming back so strong—I should have assumed positive intent and read it again before responding! 

Post: Addressing Racial Disparity in Home Ownership/ Wealth?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7
Originally posted by @Kevin McGuire:

@Chad Ellis you said “level playing field”, and that indeed is my intention of offering coaching.

I don’t know if folks are still reading this far down in the thread, but here goes:

The original post asked, “What are you doing ... that effectively addresses racial disparity in home ownership?”.

Let’s say the topic question was instead, “What are you doing to address climate change?”. Why would you even bother answering, “I don’t believe in climate change.”? I mean really, why even post? It certainly doesn’t help folks who went to the thread looking for climate change solutions.

I’m not saying what you should believe, or not believe. Nor am I questioning your right to your opinion.

I’m saying that the whole purpose of the BP community, at least I thought anyway, was to be helpful. Disputing the very question is simply not helpful to those whose goal it was to seek solutions to the stated problem. Why would you go out of your way to effectively waste the time of your fellow community members? If instead you want to have a debate on whether “climate change” is real, or matters, that’s a different topic. Go start it. Instead what you’ve done is made those who came to this thread for its intended purpose to stop reading. I was frankly hoping for better from this community.

Hi. 

I wasn’t intending to distract from your offer to mentor and help people. I’m sorry if it seemed otherwise. You and I are on the same side, although I can’t tell from your reply if you realize that. 

My only intent was to give the “climate change deniers” of this thread a chance to see a real world application of the problem they claim doesn’t exist.

The original intent of this post was hijacked by people who—at best—need more education or—at worst—are purposely trying to argue against progress and justice. 

I know you’re one of the good guys, but telling me not to engage with people who are pushing false narratives because it wasn’t the original question in the thread isn’t helping anyone, and I honestly don’t understand why you wrote such a long response trying to chastise me. 

Did you read what I posted? It’s educational for everyone, especially those of us struggling to find the right ways to help.

Post: Addressing Racial Disparity in Home Ownership/ Wealth?

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

https://www.politico.com/news/...

I hope people might find this an interesting read. It’s long but provides a good example of what systemic racism actually is. It’s not about individual outcomes, it’s about power systems used in a way that puts specific groups of people at a disadvantage.

For every example of an individual becoming successful despite the odds, there are probably dozens of people who never had a chance, but who would have thrived with a level playing field. 

Post: Refi on homes under 100k

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

Try Upstate Bank. 

Post: Rochester - South Wedge

Chad EllisPosted
  • Investor
  • Rochester, NY
  • Posts 12
  • Votes 7

Whereabouts in the Wedge is it? 

I have two single families in the Wedge and rented them relatively easily this past winter, so either the price is too high, there’s something unappealing about the unit, etc. 

I have a two bedroom unit in a duplex in Swillburg (next neighborhood over) that rents for $850, so I would guess you’re getting beat on price.