All Forum Posts by: Lily Ochoa

Hello all! I owe a coop apt in Woodside, Queens area we are allowed to rent it out for about 2100 a mth almost paid off bal on mort is 99k would love to keep it and rent it out for loan to pay its self with renters but am in need to purchase a single family or mult family but not sure if I should use equity on coop or if I can use a PML for house and keep coop with mort. loan payment of 556 a mth which is super low. If I do ref it will go up higher and start clock over again! Any advice on what route to take would be helpful - not sure if I can do a PML on a coop ? A one family home would be in the range of 800k-999k Thank you !!!

Hello all, 

Due to my dad's health we can not keep this house anymore since 2019 I had it but unable to sell or rent house out if I do its a problem with renter's paying would like to sell it quick any advice what to do lower price or hold on to it till it gets better due to covid.

Thanks,

Lily 

Hello all need some advice I have a coop in NYC area since 2007 I am ready to take cash out and buy a house BRRR method but my husband doesn't think its a good idea since we owe 102k on loan and our mort payment are 560 mth and maint 635 if we do cash out it will jump to 2136 mth and not enough profit to make on it (we are allowed to rent out coop) if we rent it for about 2100 mth. Another option is to try to borrow from a hard money lender but not sure how it works? I really do not want to sell coop since we are allowed to rent and its in a great location.

Lily (NYC)