All Forum Posts by: Dan M.

I don't know much about a community but if you have a facebook there is an ulster county investors page which is semi active. Id be glad to help answer any questions though shoot me a message or just post here. 

@Pete Wolven

I found this, looks like theres a meeting in October. This was posted just not in the Upstate NY thread. 

Hello Austin,

I would definitely ask the lender about the 2 line items for loan origination, though 855+855 = 1710 which is exactly 1 point of 171k. Why they broke it up twice is beyond me. I assume you have a 1 point closing fee. All the other junk fees your stuck with, there is no way around it. That's what it costs to get your money and the lender gets 900 dollars to fill out a template, another 900 to fill out an excel sheet, and pockets the spread on the appraisal. They have to make money somehow too. At this point either find another lender with lower fees or just deal with the costs of closing. They are escrowing taxes so you have to put that upfront as well which is sometimes standard. Everyone talks about the BRRRR noone talks about the extra closing costs.

Why not do an actual closing with an attorney? This way there will no be loose ends and title transfer will be clean, you wont even have to issue a quit claim deed. At closing, you will receive a check minus your expenses from the closing. 

Hello Justin,

What questions did you have? I could try to answer and I'm certain the community would answer if you posted them. 

@Pete Wolven there is a group that meets in Poughkeepsie. I thought it was an odd place for a meetup for Orange County. There was for a time a meetup in Middletown NY as well. I tried to start one during covid on zoom but didn't have too much interest /consistency. I have since moved away , but there were some facebook groups that might post a meetup, if I see one I'll throw it on this thread.   

Hello Isaac,

I think your about 5 years too late property values and taxes have skyrocketed. There may be an opportunity but it will be rather expensive as a point of entry. However it depends what lens you use. If Newburgh sees valuation like Beacon did there still could be opportunity, however like I mentioned the people betting on this already did it years ago. 

I think the cons are high crime rate and I imagine high turnover / non paying tenants. I hear the city is a nightmare to deal with. Just my 2 cents though, I haven't a nickle invested in Newburgh myself.  If you move forward on a property feel free to update this post I'm curious to see how it turns out.  

Thats a great price, good luck on the rehab! 

Bumping this in hopes of a reply. 

Id do more research on an LLC and decide, I highly recommend in a JV to create an LLC.

Maybe I don't full understand, but do you have the money or does he? Why do you/he have to use gift money? 

I highly recommend beyond the trust thing to spell out in black and white EXACTLY what each person is responsible for. Think of everything. Think about everything again and put that in too. Make sure the verbiage does not leave grey area. There will be a time in the future if you do move forward with this, 1 month, 1 year, 10 years from now, where one person is going to be upset because they are doing something that's "not their job". You can always get a new partner, you can't get more family.