All Forum Posts by: Donald Lisiecki

Curious if anyone has found a way around this rule from the banks - Our bank will not allow us to use "gift money" for our 25% down payment on a conventional mortgage for an investment property.  However, my in-laws would like to invest in our business rather than letting their money sit in a low-interest account at a bank somewhere.  They want to give us the money we would need for our 25% down payment on an investment property and we would then pay them back over the course of the next few years.  However, the bank says we cannot use their money as our down payment.  Has anyone found a way to make this work?  It seems ridiculous that the bank can tell us we can't use OPM for a down payment.  

I could possibly be interested! I'm an investor in Buffalo. What is your asking price? Are you willing to share the addresses so I can drive by and check them out? Is seller financing an option you would consider? Thank you! 

Thank you for all your responses!  Your posts echo my thoughts, and that is comforting. 

We actually bought our first three houses from a different agent, but she did not have the investment real estate knowledge that we sought.  We then found our current agent who had property management experience and seemed to know more about the investing world.  Once she became our new agent, she showed us two properties a few days later.  We made an offer on one of them, and got it.  So, within a week of her becoming our agent, we had already bought a house from her.

We told her our plan of purchasing one duplex a year.  However, we did better financially this year than we anticipated and we are ready now for another house, eight months after our first purchase from her. 

I currently own four duplexes in Buffalo. I am looking to purchase a fifth and my real estate agent has been very slow recently. I asked her to set up showings on two houses that I knew were great deals that I found on the MLS. I had run all the numbers on both of them and knew they would both show very good cash flow. I made my initial contact with her for these two properties on 12/11. She set up the appointments for me for 12/17, but then canceled a few hours before the scheduled appointments, saying she was sick. I understood (even though I was surprised she didn't just pass off the showings to one of her employees so we could still see the houses) and asked her to contact me so we could reschedule. She contacted us again on 12/23, stating she would set up the appointment for 12/28. This date happened to be our one year wedding anniversary, and we already had plans. But we told her ANY other day besides the 28th would be great. She now contacted us today and asked us if we had plans on 1/2 to see the houses because she was going to contact the seller's realtor to set up appointments. We were frustrated about this extended delay, but we agreed to see them on 1/2. However, she contacted us an hour later and said both houses were under contract. We feel like we lost out on these houses because of this huge delay. Has anyone else experienced this from their real estate agent? Do you have any advice for us? Should we start looking for another real estate agent, or chalk this up to her being sick and being in the midst of the holidays? We are beyond frustrated. Does anyone have a real estate agent in Buffalo that understands the urgency of this investing business that we are all in?

Can anyone out there help me with portfolio loans (small banks).

Who, in the Buffalo NY area lends portfolio loans?