All Forum Posts by: Colin Specter

Hi New Yorkers - first time buying a home in New York state. I have a SFR house under contract with a close date next month.

Question: I've asked my Loan Officer for an update on the mortgage and her response was, "We are waiting for the processor and the underwriter. They usually underwrite and approve the day of the mortgage contingency." 

Is that true? Do you really only know if the mortgage is approved on the final day your contract says you need it approved it by?

It feels like it would cut things incredibly close, say for example if you needed to ask for an extension on the closing date to find another loan product if this first one isn't approved for some reason. Would love feedback or ideas of other questions i can or should be asking this loan officer to instill confidence this is going through (before the contingency date). 

For example, in California you usually have conditional approval much earlier in the escrow process, so it's quite clear you are good to go before closing as long as the conditions have been met.. 

Thanks in advance for any responses or insights 

https://www.biggerpockets.com/forums/797-long-island-real-estate-forum - Yup! 

Hey Dawn, we’ve used www.getinspection.com Avi Korine is the head inspector. 

I bet @Brett Goldsmith  has some insight 

Hello, I am new to the Long Beach, NY market and I am looking at this market both in terms of a primary residence and an investment opportunity. 

I have noticed a number of duplexes and triplexes on the market and am considering a house-hack approach.

My questions: 

What are some of the pitfalls with owning in Long Beach, NY generally and owning rentals? 

Are there any special assessments / local taxes/fees to be weary of from Sandy or in general?

What sub-markets in Long Beach are most recommended (Lido, northshore, southshore, close to train, does it matter?) 

I'd love any of your thoughts / opinions on the market! 

Thanks,

Colin

@Cliff Harrison Have you had some experiences with TK? Your comment, "It's much more likely you will have a $1600 repair bill on your first tenant turnover." Leads me to believe you have, so I ask what, if anything you can do to avoid such an expense?

The TK providers goal is of course to sell you TK properties and will market them as a sure-thing, but how often do you think they are mostly selling Pigs with lipstick in a warzone or high-turnover tenant properties? 

Your statement, "The proforma expenses will be understated" Is this a common issue you've witnessed?

If so, what do you usually account for to make up for any fluff? 

Thank you in advance for sharing your experience/advice. 

Thank you @Tom Ott & @James Wise!

Hello friends, 

REI newbie here and I have been looking at the Cleveland, OH market for Buy & Hold multi-family properties (2-4 unit).

Some of my big questions are around the Cleveland economy and my lack of local knowledge:

Is this recent boom in Cleveland housing and rental demand driven primarily by the booming oil business? 

If so, what are the thoughts on rental demand if this next election shuts down this type of oil drilling?

What areas of Cleveland are most exposed to this risk and would be considered more speculative that I should avoid?

What areas do you believe will weather the storm?

Aside from oil, what other industries are fueling the job growth and potential long-term stability in the Cleveland, OH region?

Thank you in advance for anyone's input! 

Colin

@Sara Hodge Hi Sara, did you ever pick a TurnKey company to work with in the KC or Independence market? Did you pull the trigger on anything? 

Any experiences you can share would be most appreciated! 

Hello my BP friends! Super pumped to be here! 

Huge shoutout to my savvy BP friend, Brett who told me about this network- I am HOOKED!  

Intro: Currently living in NY and working in sales for the SaaS world in the East Village of Manhattan. However, I am originally from LA and looking to invest in both markets. 

Question for the buy and hold strategy gurus in NYC and LA, are the mainstream LA and NYC markets still ripe for purchase? Would you wait to get in? Or does it not matter as much if the strategy is buy & hold for 20-years? 

My goal would be to at least break-even for now and hold on for equity build. Thanks for your thoughts and welcomes ;)

Cheers,

Colin