All Forum Posts by: David Stott

So Rochester, NY colleagues with property within the city . . . what are your thoughts on the recent news that the Mayor expectes owners/landlords the responsibility party for removing snow on sidewalks, regardless of what the lease states re sidewalks.

I know it's similar to the issue of high grass, and I"m sure the city is quick to target the owners (i.e. tax payer) because it's simple for them to levy fines and add it to the property tax, and then leave it to the owners to take the issue up with the tenants.

What's your plan of action (if any) as a result of this news?

i have 3 SFR, each 3bed/2bath all in 19th ward. They are all recent rehabs, and each fetch me 1200 + utils. My double on Fairview near GPB gets 775 upper, and 725 lower. They are 2bed/1bath.

@Jerry Padilla hi Jerry, I'm in Rochester and I'm approaching the closing on my 8th and 9th property.   I am looking to round out my team and I'm seeking an expert in the area of financing.  Would you be up for grabbing a cup of coffee so that we can meet and discuss the possibility of working together?  I'm on the west side of town.  Thanks.

Dave

@Anya K. Thank you Anya.   That's good advice and I'll consider those institutions you mentioned.

@Shannon Sadik I've owned 3 of my 8 properties longer than one year, but I'm only trying to get my HELOC on my primary residence, which I have 100% equity in although we've only owned it 6 months . . . which is why i can't understand why i can't get a LOC for $50k. it has a value of $170k, plus my 800+ credit score makes this quite unbelievable. applying with different insitutions is time consuming and frustrating for when it doesn't come through.

if anyone has any other advice, I'd welcome it!  Thanks!

Hi forums, 

Looking to see if anyone here has experience and can assist my situation.

I've been denied two HELOC requests locally from M&T and Canaidagua NB in recent months. I'd like to obtain a LOC on my primary residence as a safety net only as I ramp up my buy and hold business. I retired from full time work 9 months ago, and have been working at my business full time since. We're recently moved to Rochester, where I have 9 investment properties in addition to our primary residence. Rentals will generate $10k/month income once they are fully performing.

Explanations of denials have been mainly around my inability to show a track record of income from my properties. I have substantial net worth IMO, and a credit score of 790 - - I can't understand why I'm being denied these LOC's when my credit history is impeccable.

Anyone here have advice or tips?   I'd like to not have to go the private lender route b/c of their cost.  Thanks.

Hi Meg, Not that you are asking for legal guidance, but Erin Elsner at John Nacca's office has been fabulous in assisting me with problem tenant issues.  She may be willing to offer you some free advice . . .  good luck!

Her contact info is:

Erin M. Elsner, Esq.

Law Offices of John Nacca

www.naccalaw.com

[email protected]

p-(585) 453-7730

my fire policies for my rentals run between 550-650 for replacement value coverage.  My agent is Buffalo-based, and my policies are thru NYCM

I love the 19th Ward and happy to see positive action happening.  Hope that equates to increase in values and rents, as three of my holdings are all close . . . one on the Blvd near Brooks, one on Post near Congress, and my very first house is a double on Fairview.

Mark, any idea what the offers were on the multi on Fairview . . . it may convince to put mine on the market and move the funds elsewhere where i can get even better returns.  My double on Fairview is delivering gross rents of $1500/month.

I have not used either personally, but I have spoken to two contacts in the Rochester area . . . one is Rudy Napodano at First Niagara:

Rudy Napodano, Vice President  Rochester Business Banking First Niagara Bank

777 Canal View Blvd. Suite 100 Rochester, NY 14623 Phone (585) 770-1649

 . . . and the other is Dianne Newman at Canadaigua National Bank

Mortgage Loan Originator
NMLSR# 12602
(585) 385-2370 x50941  [email protected]

Rudy wanted me to complete a personal financial statement and send 3 years of tax returns, and Dianne was also great and offered to help, but I ended up not pursuing.  I ultimately found a local private lender.

@Thomas Watson Hi Tom, all in all, the experience was satisfactory.  I didn't need too much from him, nor was it complex.   His responsiveness was a little lax at times, but every time we did speak, he was on the ball.   Bottom line, he got done what I needed, and seemed like a real nice guy.  He put up with my pain the @$$ buyer, as did the title company he works with, so they both get extra points for that.   Good luck!