All Forum Posts by: Remo F.

Any Real Estate Tax planners and accountants recommendations for NYC?

Use "NACA" they allow you to use low downpayment and pay for closing as well. I'm an investor and realtor and sold a multi family to a naca buyer last year. The person who purchased actually got all of her downpayment paid by the naca program. They purchased a 2 family just under $900k in East NY/Cypress Hill area

Hi

Did the SBA 504 work out for you in the end? Asking as I'm looking to expand my business and about to go through the process

@Carlos Tovar it’s good to do both. When you’re buying homes to resell you obviously have a lot of equity, you can instead renovate, refinance and keep as a buy and hold, creating equity and having equity to tap into.

@Kervens Jean Baptiste if you know of any legit deals in Brooklyn 2 families and over let me know and I’ll buy it cash. You can send me a direct message and I’ll respond

Many thanks

@Marc Winter if you get a chance read “Ego is the Enemy”  

@Selena Williams

Hi

From experience I would suggest house hacking.

You have a substantial amount to play with, especially using FHA. I've bought several multi family homes in Brooklyn and I've also guided many FHA 1st time homebuyers With purchasing their first multi family homes in Brooklyn King's county a lot of my clients don't have anywhere near the amount of funds that you will soon have.

Below Is the FHA Limit for 2 family in Brooklyn

KINGS $930,300

Click on the link below to see the limits across other county’s in the state of NY

https://www.fha.com/lending_limits_state?state=NEW%20YORK

I currently have a single person who's purchasing a fully renovated 2 family in Cypress hills on FHA for $879,000 they're going to be renting the top floor for $2200 they will be living on the middle floor and they have converted the basement into an apartment and renting that out for $1600. This person will have a total of $3800 in rent which will go towards their $4466 mortgage. Leaving them to pay the remaining $666. Granted they will have bills to pay such as their own electric and heating and what not but it's not a bad deal.

They intend to live in it for 2-3 years, save and purchase another home and then rent out their middle floor this giving them a cash flowing asset.

Feel Free to private message me if you have any questions. I’m resourceful, I sell homes that I renovate and have a variety of contacts who can help with mortgages

Hi Tara,

Are you able to reveal what your FHA qualification is? Also was it from a larger bank such as chase, BOA? The reason I ask is that the larger banks tend to approve for lower amounts.

There’s still a few multi family homes available at a decent price range in bedstuy, Ocean Hill which can somewhat cover the majority of your mortgage so you end up paying $600 towards your mortgage.

Feel free to DM me or reply on this forum

I’m in search of a good skiptrace company that will provide cell phone and email addresses.

What do you use? And how accurate is the data?

I came across datazapp has anyone used this?

So Mojo is the one to go with over Redx?

It seems that people prefer Redx for data but not the dial service