All Forum Posts by: Jast Collum

Hello Eugen. Ideally 3+ beds w/ basement in the Levittown/Hicksville area.  

Hello to all the big pockets here.
My business partner and I are looking for our 1st investment property. Ideally it would be a fixer upper that we will make our primary residence for the next 1-2 years while we rehab it along the way…….then make a rental property. Anyone got any leads?? 

Hello all. 
Newby investor here. Looking for a Long Island mortgage broker for a cash out refi or other vehicle that would accomplish the same. I have some equity I’d like to pull for a new roof and to pay off some other debts.  Please hit me with some contacts. Thank you. 

Thanks for the response. So half the income paying for the house was lost durning covid and my mortgage company offered differed payments by way of forbearance, which after everything said and done amounted to about 50k worth of unpaid mortgage……which is exactly what NY state will pay on my behalf. The reason I want to refi is to pay off my car loan my 2nd mortgage and 13k worth personal loan. This alone would save me a ton because all the interests are higher (much higher in some cases) than it would be at the 6% a redi'd mortgage or heloc would be. Ultimately I'm looking to bring my DTI ratio down and just simplify my bills. My main concern is the timing of everything. The longer it all takes for more it will cost to borrow money and possibly the less my house is worth.

Hello BP.
My personal house has been in forbearance since covid. In March of this year  my mortgage company instructed me that forbearance would soon be ending and I had a few options. 

Option 1. Pay off the entire mortgage bill. (Approx 300k)  

Option 2. Come up with the payments that were missed durning forbearance (approx 50k) which would bring my mortgage current, allowing me to refi my house. 

Option 3. Make 3 “trial” mortgage payments and then have my mortgage modified,  extending my mortgage but keeping payments relatively the same as they currently and absorbing the back pay into the modified loan. 

I chose option 3………..however.

After making my 2nd monthly payment the NY state homeowners relief fund (which I applied for in February) agreed to pay up to 50k towards my back mortgage payments which would bring me current. 

My plan for the last year or so has been to cash out refi my house, so that I can do my roof and pay off some other ancillary debt,  I have a lot of equity in the house. I have been unable to do this because of the forbearance though. 

Once NY state informed me that they would help, my plan quickly changed and instead of modifying my mortgage bringing it current and having another 50k worth of equity injected into the house seemed clearly like the no brainer route. 

Unfortunately  after a conversation I had with NY state today,  I learned that if I accept the 50k I can not sell, transfer deed or refinance the house for 5 years without paying the 50K back…bummer. 

So here’s my conundrum.  being that interest rates are steadily going up and it looks like that will bring housing prices down.
Do I? 

1. Take the 50k from NY, bringing  my mortgage current, then immediately cash out refi and pay the 50g back? This would be the most timely option. 

2. Forgo the 50k and instead sign the loan modification contract and wait the 3 months it would take to be eligible for a cash out refi…..this would take the extra 50k of equity out of the equitation though  

Or

3. Take the 50k and then take a heloc towards my home equity which I do not think would alter the mortgage therefore not triggering the 50k pay back clause. 

My numbers are as follows.   current mortgage @ 4.1% fixed with 300k owed.  House is conservatively  worth 550k. I also have a 2nd mortgage for 38k @ 7.49% adjustable 

I’m trying to get myself into a position to start my real estate investing journey and all this has thrown my head for a loop. 
I really hope this all made sense. And thanks a million for getting all the way to the end. Any words of advice of strategies would be appreciated. 

Business duo (lifelong friends) who through cryptocurrency and a medical malpractice suit find ourselves with a few million dollar liquid. Looking to spread our good fortune into rental units. One of us is relocating to the Phoenix area so we figure we would start there …..instead of the NY metro area, where we currently are. Taxes make most of what I’ve seen in NY unfeasible. Just looking to introduce ourselves and welcome any criticism or encouragement local investors have. Hoping you all have a great day.