All Forum Posts by: Christian Nachtrieb

Hi,

I'm an investor based in Boston and I'm looking to diversify my portfolio a little bit. Market's a little pricy over here and I like the Buffalo area quite a bit. Not **super** familiar with it, I'm originally from Albany, NY and have visited a handful of times. I like the Elmwood Village and Cold Springs area up near the park. Looking for a multi-family property either 2-4 units. Can anyone recommend an agent they know or have used in the past? Would love it if we can start a conversation.

Thanks so much!

Christian 

@Dion McNeeley That's interesting I didn't quite grasp where the lenders are looking at in terms of where your reserves are stored. Do you think a Roth IRA they take into consideration what your contributions are vs. the total in the account? In other words, those monies can be withdrawn without penalty or taxation, so that amount should be considered liquid I would think. I wonder about cash that's invested in a SPY or VOO index fund or something that's just sitting in a taxable investment account like Fidelity or TDAmeritrade or Robinhood or something.

I like @Chris T.'s idea. Chum it up with the landlord and ask him to send over a copy of the lease with all your names on it explicitly stating how much you each owe per month. 

@David MacClintock I went to college at SUCO. Basically all my friends want to invest and buy up their old off campus homes and rent them out to students, haha. 

@Greg Soon Gotcha. If I were you I'd get on the phone and start talking to as many banks as you can. Small credit unions and local places. I called 13 banks before I found my most recent lender and they are AWESOME.

Where are you based? A lot of it will be region by region, typically smaller savings banks or credit unions are going to be the way to go. Also, if I'm not mistaken, some WILL look at the rental income but only 75% of it if it's not part of your most recent tax returns. You might need to provide some documentation proving it like a lease.

Agree let's get more of an idea of what your plan of attack is

@Erik O'Grady That's awesome good for you. Feels good to be in that position where you can actually be ready to walk away. If they're desperate and they sense you're ready to walk.. game over. Nice job.

Congrats Erik! Love the low offer. I'm always afraid of insulting the seller and the agent. What did conversations look like immediately after.. who was the next to communicate and reach out?

Haha, they want the whole deal? Bring more to the table (my opinion). They're doing the job of a wholesaler. Almost all of your money is at risk here, you should make that clear. If you partner with them on this deal just because they found it they're getting WAY better terms than you are. Just my opinion! I'd tell them to take a hike.