All Forum Posts by: Corey Demuth

can anyone explain what sub2 and hard money are?

MikeOh, I'm looking and I appreciate any suggestions you can give me - I live in Fresh Meadows which is in queens, the zip is 11365. I haven't really found anything local that I could afford; I'm told I can get about 250k for a mortgage but that was when I was looking for a home to live in. A mortgage broker told me a few days ago that on a NOO property (non owner occupied) most banks require 20-25% down.

how do I get started? Don't I have to drive there to show the place to potential rentors? Or would a management company handle all of that? How do I find a "good" management company?

It's in rochester not buffalo, sorry for the mistake i got two properties confused.

I am thinking I better do something closer to home so I can keep an eye on things at least while I'm new. The trouble is, not much is affordable around nyc!

how on earth can you have 60-80k saved up for a down payment if you needed to take out student loans for school? are you being honest with yourself?

*edit* also your credit score from which bureau? how did you get it? If you didn't pull it from myfico or through a broker, you didn't get a real score. lots of companies offer credit scores (orchard bank, bank of america, creditkarma, there are tons of them) but they are all BS because they don't use the real fair isaac formulas. banks generally pick your middle score of the 3 when deciding your interest rate, whether you qualify, etc

Yes my next issue is that it's a good 5 hours away from me (I live in NYC), is that going to be a huge problem? I was hoping to start out with something closer to home but this seems like a great deal and nothing around here seems very feasible to me for my price range (must be sub 200k).

sorry if this is a dumb question but what is the reference to 'large red hotels' ?

Well, I qualify for close to 200k for a mortgage so I am assuming that I could get 40k for an investment property without any issues. (Or, hopefully, 2 or 3 small mortgages around 40-50k each.) I make 50k on the books and I pay my bills, I'm just a little young so I don't have say, 10-15 years of credit history.

My first response in looking at this house was to think, if it is such a great deal why is she selling it rather than renting it out herself?

haha define warzone