All Forum Posts by: David Tecchio

@Mike P., any thoughts?

Hudson Heritage. Would love your thoughts. It will be just North if the Home Depot and it will be HUGE and the place where “the cool kids” will want to be. Marketing toward doctors, graduate students, faculty etc. A lot of commercial development intermixed. 

I would like to buy my first rental SFH in Poughkeepsie, NY near Marist College. The local medical center is building a 550 million dollar new hospital and transitioning into an academic center and is starting a residency program that will bring 200 new doctors into the area. In addition, in conjunction with Marist College, they will have a new School of Medicine that will bring 400 medical students, faculty etc to the area. Sounds great! However, there is a huge development now under way in close proximity to the College that will have 750 apartments, shops, a gym, etc. Is this a sign that my idea is a good one or that I am late to the party and the big guys will decrease my rental income because of us—oh and demand. My SFH would be within .3 miles from this development. Thank you.

Thank you both for the strategy. My rate on my HELOC is 5.5% and I only have 100,000 line currently. A mortgage would be about 4%. Would this suggestion still make sense? I am not sure I can build equity by upgrading it that quickly. If I can't, I will likely take at least 10 to 15 years to pay off the HELOC and rising interest rate risk may not make sense. Am I overthinking this?

I will be purchasing my first rental property and I own my primary home outright with no mortgage. The property costs $210,000 and my home’s value is 465,000. I am not sure what the right way to finance this would be. I could take out a conventional investment fixed rate mortgage that seems to have a slightly higher interest-rate than a regular mortgage. The other thing I am considering just taking cash out refi on my primary home to pay for the rental property in full and then subsequently expensing the mortgage on the rental as it will be used to fund my rental. If I did the latter, would it be two different closings and two different sets of closing costs? What would be advantageous and why would one choose one option or the other? Thank you very much for everyone’s help.

I will be purchasing my first rental property and I own my primary home outright with no mortgage.  The property costs $210,000 and my home’s value is 465,000. I am not sure what the right way to finance this would be. I could take out a conventional investment fixed rate mortgage that seems to have a slightly higher interest-rate than a regular mortgage. The other thing I am considering just taking cash out refi on my primary home to pay for the rental property in full and then subsequently expensing the mortgage on the rental as it will be used to fund my rental.  If I did the latter, would it be two different closings and two different sets of closing costs? What would be advantageous and why would one choose one option or the other? Thank you very much for everyone’s help. 

Not a lot of inventory in Poughkeepsie but many large apartment complexes being built. Will that lower rental rates? Many new medical residents coming each year for the next six years. 0 to 220 medical residents over the next 6 years. That is a lot of growth and a medical school is now being built.

Looking to buy my first rental property. I live in Poughkeepsie. Is the market too hot right now? Is it too late to get in on the Beacon, NY craze?