All Forum Posts by: Account Closed

How would I go about finding financing on a 2-4 unit multi- family in upstate New York ( preferably Queensbury, Saratoga springs, Glens falls area) with no experience ever buying a home or investing/ management experience?

I have experience in construction, working in trades such as framing, plumbing and HVAC for the exact reason of investing.

My goal is to use other people’s money and start small with a owner occupied multi- family that my wife, baby and I would live in to get the ball rolling.

Add value to the property by improving or replacing all plumbing, mechanicals, and electrical to lower my cap ex $.

Update and remodel multi- family to attract most responsible tenant as possible and raise rents to meet market price. Screening tenants with with good credit, 3x rent, rental history to mitigate any detrimental damage to the investment.

Any and all information is greatly appreciated.

Thanks!

I have many connections in GF for financing. Using OPM for an owner occupied building is most likely not going to work.

Feel free to reach out.

1 Vote

You can "Just go buy off the MLS for a 30% return in just cashflow"

Where? Can I buy the whole city?

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These threads seem to pop up frequently and die even quicker along with the profiles associated.

Did you all give up? make any moves yet? Real estate doesn't seem great anymore? podcasts dried up? Interested to hear.. it has been a few months you all seemed really excited to jump into real estate, what happened?

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Upstate New York, New York

Truscto bank lends at 90% LTV on owner occupied 2 units. 95% with no cash out and you can always streamline refi with them. I've completed 2 of the 3 with Trustco.

5% down no PMI on 2 unit OO purchases.

10.5% down no PMI on 3-4 unit OO purchases.

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Deal with it for now knowing his rent is building your wealth.

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They sound good on paper yet most bring over priced deals with a lack of real estate knowledge.

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Another market correction thread.. Is it 2015 again? 2016 2017? 18? 19? 20?

All of these BP wizards have been wrong for the past 4 years.

Pennies on the dollar? wishful thinking.

"Aspiring real estate investor"

And my advice to you- get in the game kid. You can regurgitate market corrections, crashes and flashy buzzwords all you want- I am glad you're preparing for something that was supposed to happen years ago without having an egg in the basket.

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You're jumping over dollars to pick up pennies in my opinion. There are much better LTV's out there for cash out refis on owner occupied homes.. My local portfolio lender lends at 95% LTV on owner occupied COR.

Frankly the idea isn't legal, if it were... What's 4-5k in closing costs for a cash out refi in the grand scheme? using the funds to purchase another cash flowing asset would negate the closing costs in the grand scheme picture.

I see you don't want to pay interest, why? You're only paying interest if you use it and you'll have your cushion you desire. My last HELOC cost me maybe $200?

2 Votes

Troy or Schenectady didn't make this list for New York? This list must not be accurate, ha.

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Originally posted by @Steven Luttman:

@Account Closed is your portfolio single or multi family? GFH's recent affiliation with Albany Med was great to see.

Steven,

All multifamily. Lots of things going on here.

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Upstate New York, New York

All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 173 times.

Post: So you want to become a real estate investor?

Post: Thoughts on Cashing out my 401k

Post: Hey Upstate! Looking to connect.

Post: Cashout Refi Owner Occupied duplex - 90 LTV possible? Upstate NY

Post: Tenant noise over landlord

Post: Investors! Do you like wholesalers?

Post: How I’m preparing for the 2021 housing market correction.

Post: How To Strip The Most Equity - My Dilemma

Post: Would you invest in the most Dangerous cities in America? Ranked

Post: Hey Upstate! Looking to connect.