All Forum Posts by: Donnie Patel

Kevin, Thank you for your descriptive response and that is exactly came to realize and it is exactly where i am currently stuck at. so for me i have 2 choices 1) buy a crap property and rehab it in a bad neighborhood where my payments will be less than a civic 2) pay full price for property ( i need to save up then) loose a lot of cash 3) pay 50% down, ill loose a lot of cash 4) wait ... ill pay a tonne on rent 

Hence my dilemma. 

Hi All,

I appreciate your feedback on my questions. 

Present situation: I rent 2 homes & 1 office in NYC. Long story short - Live w Wife in one, In laws in other. 

Future: I think i can move the in laws to another location they dont need premium address + might be cheaper to buy a house then pay rent. Before i start investing in real estate, i should get my affairs in order

Problem: I own a business, that means I take minimal amount of salary and zero everything out at end of the year. I can put about 30% down if need be on a 350k home but the problem is big banks don't understand how small businesses operate. They do but they really dont. Hence the amount of loan i can get is limited. So while i can avail the heaven of tax benefits, i am screwed in other areas. This is my first house so on the books I am naive. I havent taken that much loans in life. let alone paid them on time.  to a bank thats bad :) 

What is the best route in your opinion to secure a 350k loan? Are there lenders who understand small businesses better or specialize in homes for owners small businesses? How have some of you done it? Some have said goto a Credit union but if they dont know me they wont give me anything.  

I feel stuck. your advice appreciated

Thanks

Donnie

Hi Everyone!! I am looking for advice. I own a business and I am self employed. I withdraw a very low salary from my business on annual basis. Also have many deductions to write off expenses. Its hard for lenders to sometimes understand on how to manage loan underwriting for self employed individuals. I liked better mortgage they were easy to work with but are not licensed for New York state. Can you recommend any lenders in New York state that are experienced in dealing with loans for self employed? Thanks in advance

@Sam Shah Hi Sam - Ill Direct Message you in a bit. I spoke with Eric regarding this. 

Agree with @Mitchlyn D.. one of the mistakes i was making was forgetting to calculate the cost of money. i.e. cost of my own money when i put it down. BRR only makes sense when you are using Hard Money Lender at high interest rate -> rehabing and then renting. Before renting you are taking that hard cash out and paying it back to the lendor. Timing is the key and its the math you have to consider. 

@Eric DeVito I am in a ditto boat. Literally confused over many options. I am from Jersey City and want to buy a multi in some areas around hudson or Brooklyn. If you are up for it we can discuss over phone and may be partner on some of these deals. 

@barr

@Barry H. sorry :)  here it is https://www.zillow.com/homedetails/26-Ave-At-Port-Imperial-APT-144-West-New-York-NJ-07093/116166197_zpid/

Teri & Curtis, Thank you very much for taking the time to respond. I really appreciate your insights. Ill keep you posted on what I end up doing .

Curtis - Mind if know your website? It might be worth while checking what is out there. 

Thanks,

Donnie

Hi there! 

I am looking for partners who can invest with me on a cash only deal (auction). The property in question is on Hudson river in a premium local. Bid starts at 150 and I am willing to put 100k- 120k. Average price of similar units is 330k in this area. Below are the details of this asset

Hi all, 

Thank you for taking time to read this. 

Background: I rent two apartments in Downtown JC and am tired of paying high rents + shoe box size + kinda done with city

Plans: I want to buy a land somewhere in upstate and put a modular multifamily there for me and my in laws. 3 Bed 2 bath times 2

Areas: I am looking at New Paltz, Highland, Wallkill area. Ill commute to city 3 days a week. 

Question : 

1. Should I buy land by cash, look for builder & then use my land as down payment? 

2. Should I look for land, finalize the builder and then apply for loan ?

3. If I buy a cheap land, is getting permits etc hard? 

I am thinking before i start investing everywhere i should first improve my housing situation and stop paying rent. Appreciate your response, comments thoughts nods, rants. etc  have a great weekend. 

Donny