All Forum Posts by: Juan Reyes

Keep in mind that rates are still at record lows. We were at 10,12,14% in the Reagan era And people were still buying. I think it'll take some adjustment in people's mind but realistically we are still at all time lows. I read somewhere that so far it hasn't been changed and If I'm not mistaken this study done by Zillow still expects an increase in prices for 2017. I guess it all depends we are living in turbulent times. But that's usually a good thing for the well prepared.

Welcome to the BP community!

Hey Jean, I'm a loan officer for a mortgage broker in NY, we have a lender network of over 30 banks and lenders that I can shop your loan to. Let me know if I can help out in anyway. My contact info is in my signature, feel free to reach out, even if it's just for questions, I am here to help out any fellow BP members.

Originally posted by @James Syed:

What lender is offering a no income verification loan? Could you name a few.

I haven't come across any lender like that since 2007.

 Hey they basically are underwriting the properties based on the 75% of the potential (I believe) or rental income that the property produces. That along with a couple of other things like your credit score etc. I have only seen a couple with alternative underwriting around New York. Maybe becaude they feel it is a safer area. 

Hey Edwin, I am based out of New York as well. We have no income verification loans, loans for foreign nationals. Cash flow based loans and many others. Let me know if I can be of any help Edwin Vela

I am not sure what the property look like. But I own an inspection company and to be honest when we inspect Flips that's when we find the most issues. Unfortunately investors try to cover up things with new paint not realizing that as inspectors we know what to look for. I'd be very surprised if the inspector finds nothing wrong, but of course it could happen. I personally would say that unless the property is brand new there will most likely have some findings. Best of luck

Great point Michael, I am a mortgage officer that focuses on these type of loans myself. I can tell you from experience you want to deal with people that have done this before. The process is not quick and can be even slower if you deal with people that have no experience in it. The contractor should be an established one, and one that has done these deals before. They will most likely receive their money in draws and many times they only receive their money only after an inspector comes by and checks that the particular phase of the project has been completed. Best of luck !

Depends on how much you want to raise it. Is it worth it to stir things up? If they are good tenants, the reliability might be worth foregoing the increase. Sometimes you might make a little more but might end up paying extra for having bad tenants. As I said, it all depends on your situation.

Hey Krystof, Unfortunately you need to be an agent/broker. I am not one myself but I know a guy in Great Neck that gets a ton of properties.i can make the introduction if you'd like. You give him parameters and he'll get you access to the listings through an automated service that narrows down what you see by your parameters. He has been very investor friendly as he is one himself.

Hello Ann, 

I will keep an ear out. Have you figured out your financing situation yet? What price ranges are you looking at.