All Forum Posts by: David Stott

@Joseph Catalano hi Joe, do you know any local lenders here in Buffalo, NY or Rochester, NY that will do just what you suggest?  I soon will have 5 properties all free and clear, and I need to pull some of the cash out to replenish the till so I can repeat the process.

Thanks,

-Dave

When we brought our primary residence, we used:  http://www.bhargavalaw.com/practice.htm

Ambar was responsive and helpful.  He did the job we needed. 

Hi @Jennifer Roth I'm interested as well and plan to be in town on Thursday.  Just came into some cash after an out of state sale, and looking to increase holdings in Rochester.   I also emailed you a while back about partnering, but didn't hear back from you.  Anyway, feel free to float what you have my way for consideration.  Thanks.

I'd buy a relatively turnkey $60-70k 3/2 single family in the 19th ward, use the 10k as down payment, and mortgage the remaining balance.   Rents in that area can drive between 900-1200 in monthly income, to the point where the cash flow will pay your mortgage, student loans, with some left over . . .

For example:  http://www.realtor.com/realestateandhomes-detail/54-Margaret-St_Rochester_NY_14619_M36417-07185?row=1

Looks good, but as you know in Buffalo, don't underestimate the cost/benefits of location.  Do your homework to understand the dynamics of the neighborhood, and demand for rental units in that area.   On paper, it looks like a decent deal (nearly the coveted 2x) but you have to factor in location.  

@Nancy Roth Hi . . thanks for responding.  I would hold a note to assist with downpayment or closing costs, not a financial institution.

@Travis Paez @Ned Carey @Justin Pierce Guys, thank you for your recommendations.  Daniel Collins in Crofton will be getting a call from me on Monday, only because of proximity.  Thanks to you all for input!

Hi, I'm in the midst of constructing a transaction that will require that I as owner hold a 2nd mortgage to assist with my buyers down payment.

in my experience, 2nd mortgages have higher interest %, etc.

Anyone have a recommendation on the market rate for a mortgage in second position?

Thanks,

Hello Forum Members, 

I'm in the beginning stages of selling an investment property (townhome) in the Odenton MD area (outside of Baltimore, Annapolis, DC).   My tenants have agreed in principle to buy the house, and therefore I do not need an agent to market the property.   What I think I need is an attorney who can review the purchase offer, and handle all the title and settlement, closing work.   As an out of state owner, I need someone who can ensure that this transaction is completed properly, and can advise me along the way.

My buyer is also in need of an attorney for their part of the transaction.   

Any suggestions or offers to assist in the BP community?  Reach out to me here. . 

In today's Buffalo, NY News . . . 

Two Buffalo landlords to be fined for housing discrimination

I often read the apartment postings on Craigslist, and more often than not, I see postings that read "no Section 8" etc, so when I saw this article today, I was quite surprised.  I don't have property in Buffalo, NY (only in Rochester, where perhaps the rules are different).    Just wanted to share, and get the opinions of those in the forums.

Cheers!

@Mark W. Once again, Mark!  Thanks again.  This is a great find and nice that you shared with the broader BP community.  Amazing what I learned on my current tenants, and will use this for both screening tenants and contractors.