All Forum Posts by: Edwin De leon

1) Can you correct me on the following, is it still recommend not to buy 1 family house with all cash  because you will have no governments write off can you explain this clearer what write offs do you lose out on 

2) If you have in bank a 30% down payment and find a 1st time home buyer low down payment program .... is there any advantage at all to keeping your 30% down pymt in bank instead and just purchase house with the low down payment instead.  Yes, we know that your mortgage payments will be higher monthly, but is there any advantage at  keeping that 30% cash in bank instead ! Question .... my thoughts are ,,,, is there any advantages at all by keeping that 30% in bank and then using it that money later on for the current home you purchased with a low down payment in some kind of way and benefiting from this strategy, or using money instead to buy another house with that money you keep in bank later on 

Quote from @Larry Turowski:

Hi Nick, I buy houses and invest in Rochester and would be happy to help. Feel free to DM me. 

 Hey Larry, sent you friend request and  a private message, when you get a chance check your inbox thank you Edwin

Quote from @Stephanie Jacobson:

Any market is going to be tough under $120k at the moment, because inventory is so low. Binghamton would fit, but you'd have to be very careful about what you buy and where. Student properties in Bing would be out- they're at a premium right now- but you could find some long-term rentals in places like Johnson City or Endicott.

 Sent you private message Stephanie when you get a chance check your inbox Edwin thank you

Quote fro:

@Adonna Villanueva @Daequan Carr and his team at Quickline Capital can help.

When’s the next you’ll be in Ithaca?

 Hey Matthew, sent you a friend request and private message today 9/29/23 when you have some time can you check out my private message to you thank you Edwin

Quote from @Trevor Schmitt:

Quote from @Gerald Moore:

Interested in getting started investing in 2-4 unit Multifamily properties in Rochester, NY. 

As a newbie please provide suggestions to find good turn-key properties?  

Please provide some financing strategies?

Growth strategies?

Thanks

 Hi Gerald! As you know, there is a ton of ways to answer your question. The bit of advice I would give to you as someone who is getting started investing in 2-4 unit multifamily properties is to consistently analyze as many properties as you can. For the next 3 / 6 / 9 months, run the numbers on every 2-4 unit property that hits the market.  

At this point a "good" property can look much different to everyone... by running the numbers on a bunch of properties you will start to be able to identify "good" and "bad" properties. This will allow you to be more specific on what it is you are looking for, and most importantly afford you the confidence to act quickly when you find the right property! 

 @Trevor Schmitt Hey trevor thanks for this suggestion, can you clarify more on what steps would take to run the numbers to identify good and bad properties, what are you looking for to determine its good and bad.

Quote from @Justin Moy:

Quote from @Jonathan Taylor Smith:

@Edwin De leon - Are you even able to use a VA loan to purchase a property with more than 4 units? I thought VA loans were limited to 1 to 4 unit properties.

I've heard you can 'combine' them with another VA loan and get into more unit properties. There's even some tactics to have 1 of the units non residential I've heard people do. Never done it myself but heard it at a conference once so don't quote me

Yes got a confirmation from VA itself yesterday that 2 veterans can combine their va loans to buy max 6 unit property, also what is your feedback with the questions i posted if you were in my shoes 

Quote from @Jonathan Taylor Smith:

@Edwin De leon - Are you even able to use a VA loan to purchase a property with more than 4 units? I thought VA loans were limited to 1 to 4 unit properties.

2 veterans can conbine their va loans to buy a 6 unit just found through call va number so yes to your answer, if you were in my shoes what would be your feedback to the questions I posted ... you don't have to be a veteran to look at the pros and cons ....... what comes to your mind if you were in my shoes 

Have a friend, that is also a Veteran who both wish to use the VA LOAN benefits to buy 6-7 unit property, but wish to weigh out the pros and cons of doing this together to purchase multiple properties possibly, we are both older men, no spring chicken anymore, so need to tread water lightly and minimize mistakes, and maximize buying decisions.

I fear about complications, a fall out between me and my future partner, death and the property now is owned by 2 men me and my partner, I am looking for all the reasons why I should leverage the buying power between both of us, this means we can both qualify possibly for $600k-$700k mortgage together, this is powerful since we can use this leverage to buy a few more other units but of course what headaches will i be facing if I choose to partner up.  Here are some questions I have below.

What questions should I be asking myself before making a decision about partnering up with this person.

What are the pros and cons of possibly purchasing multifamily together 

What strategies should we consider in buying multifamily properties since we both wish to use our VA LOAN to purchase together.

What would happen if I buy a house, and will it to my 4 kids, and I were to pass away suddenly within a year or so, which means if I buy a house through VA LOAN with no money down, there will be very little equity on property, and the house now is willed to my 4 kids.

Lets assume, I experienced sudden death within 1 year of the purchase...

1) when the house gets passed to my children on my will, and there is no equity in property or very little since it was a recent purchase with no money down to buy it through VA LOAN, there are 4 kids would i have to assign one name on the title of the property or place all their names on title of property in case of sudden death to me.

2) what legal problems may they experience if the house is willed to them and there are problems keeping up the mortgage for whatever reason, can the bank come after my kids personally and hold them responsible and report them to credit bureaus and ruin their credit

3) what other problems may occur that I am not thinking about that can happen to my kids if I all I leave them is  a BIG DEBT with a BIG HEADACHE 

I am considering buying upstate NY.  I am from NYC, priced out of NYC for investments.

Why do you recommend buying upstate NY ?

What are the areas upstate NY I should consider buying MF and why ?

What  are the B & A areas for multifamilies ?

What are the C areas for upstate NY ?

Any good attorneys you recommend with good records for evicting tenants speedily ?