All Forum Posts by: Michael M.

@Jim Kalish Broker charges 2.25% (over $10K), and the company he referred me to is a top online lender that I had already initiated contact with.

@David Kelly 70% LTV, conventional.

@Kade Matthews cash-out refinance on a 2 family investment property

I recently spoke with an independent mortgage broker about getting a loan.

The broker said I would qualify, and after giving in my information, he said that the loan would be through an online lender that offers retail loans.  I received an email from the wholesale department of the online lender with next steps.

The broker charges a large broker fee.

Is it advantageous to complete this loan through the broker, or would I get the same product and avoid the broker fee if I just contact the online lender directly and get a retail loan?

Do brokers get better rates/products that regular retail customers?  

Will I end up saving over the life of the loan by paying the broker's fee up front?

Can a broker get me qualified for a product that I would not qualify for on my own?

Are there other fees that I would be paying directly to the loan company that I am avoiding by going through the broker?

Thanks

@Kerry Baird Thanks, this is a great list!  Where states are listed, are these the only areas that these banks lend, or is it just where the bank is located?

I am in contact with a few small lenders and will post updates as I hear back re: HELOC on investment property.

OP here - I ended up getting a HELOC on the first property and buying the second. Everything worked out great. Now that the house have gone up in value, looking to repeat. Some questions:

1 - What banks are currently offering HELOC/ cash out Refi on investment properties in New York?

2 - Paying off HELOC - better to chip away or wait till the term is up and sell the house/ pay off HELOC with profit?

3 - For next house, HELOC or cash out refi?

Thanks for all the amazing posts all along the way.

I own a two family house in the Bronx that is in a commercially zoned area.  Every other building on the street is a large tenement style building with a ground floor business (restaurants, bars, cell phone shop, bike store, etc).

1. Would it be possible to use the ground floor apartment as a commercial space, say a store or a restaurant or a bar AS IS, or would the space itself have to be altered/converted for that to be legal?  I'm imagining some type of bar/ store that is in layout of the house as my own personal business.  I see this all the time upstate and in rural areas... could this be legal in NYC?

2.  Do ground floor commercial spaces make more/less/same money as residential?  Would I be better off converting the ground floor to commercial and renting it out as a commercial space than in its current layout as an apartment?

3. Is this worth more than a regular residential property for resale purposes?  Do developers want something that is zoned commercial/residential, or is that not a factor?

The specific zoning is R6 with C2-4 overlay.

Looking to finish the basement of a two family in the Bronx to make a "duplex" with the first floor.  Plan to do basic finish, add a half bath and big living room.  

Has anyone finished a basement in an outer borough recently?  Would love to talk costs and process.

Thanks @Steven Foster Wilson!  Which banks are best for cash-out refinance on an investment property?

@Steven Foster Wilson already have a HELOC on my primary (which I used to by a second property)... trying to see if I can get the limit extended on the primary, or if I can get a HELOC or cash-out refi on the investment property that I purchased.

Thanks @Steven Foster Wilson and @Charles Xia.  

Recent sales of similar properties are around 600K.  Realtor has it at 600K, Zillow at 650K, Redfin at 715K.  Recent sales between 600K and 700K.  Current for sales prices around 700K.

Looking to pull some equity to use as a down payment on another property.