All Forum Posts by: Greg P.

Is it really a HELOC though ? I guess i always thought of that as a loan to reinvest in that same property. it seems to have been extrapolated over the years which is part of why i called this a mortgage eq withdrawal. I thought that a HELOC would be far harder to get if i don't live there. Why do banks care if you live there or not ? you are still financially responsible, like whats the difference ?

That being said i could just take the HELOC on my home but i don't want to use my home to invest with.

I don't really care what the loan is called, but i find it confusing that the terms are used interchangeably, and i am not certain if that is correct. Again how is it a refinance if i never financed it ? I just want to take a mortgage on a property i own. why is it called anything other than that ?

Thank you all for your advice, i have a mortgage broker i work with but wanted to see some other options.

GP

Hello

A couple years ago my wife and i sold an apartment at an excellent profit and did a 1031 exchange to another apartment. We now rent that place and own it outright, it is in a condominium building and has been rented since we put it on the market. 

I would like to take money out of this property and buy (cash) another property. So my question is has anyone used banks in new york that allow this. I would expect a bit of a penalty on the rate since i do not live there. But just finding out what banks actually allow this type of loan would be very helpful.

Thank you and as always i welcome any additional advice.

Thank you

GP

@Shawn Mcenteer

Shawn, much information about a property can be found in a counties GIS map resources. tax maps, property lines and floodplains. Many counties have this info readily available now.

Try digging around on this site:

https://morrisgisapps.co.morris.nj.us/mapping.jsp

or searching Morris County GIS

GP

Thanks Carmen. I keep telling my wife that if we invest in New Jersey at least our tolls would be tax deductible.

I think really what we are looking for is the situation we had. 1 good renter that hardly ever had an issue in a nice well kept apartment. If it weren't for Co-op rental rules we would be looking at them too. I am still trying o figure out Condops.

So regardless of 50% or 2% rules we will probably be looking at a condo in midtown. I feel like selling a studio and buying another is a lateral move though and not upwards.

Thanks

GP

Hello community at large. Just introducing myself here. I work and live in Manhattan. Found this website while looking at some investment ideas. I am currently in contract to sell a studio in New York. The one I lived in 15 years ago with my wife. We moved out as we started to have kids and have been renting it on and of as our Co-op rules would allow since then.

We were looking to buy a multifamily that is across the street from our current apartment, but right now we have been beat out by a cash buyer.

So the studio sale is still on and we wouldn't have been able to rent for like the next 7 years anyway, good time to get out of that place. But now we are a bit stuck going into a 1031 exchange and deadlines coming up quick on something else to buy.

The multifamily would have been great as it is across the street. We are a bit scared of doing a multifamily someplace else (other boroughs) and there are very few affordable (for us) left in manhattan.

We are considering most options, vacation homes, condos in manhattan, smaller multi families in outer boroughs or even New Jersey. So i wanted to see what the community thought or maybe there are things we have not considered. I should say the wife is not too keen on anything that we cannot keep an eye on, but she can be persuaded with spread sheets (sometimes).

Thank you all very much,

Greg Peeler