All Forum Posts by: Nancy Bachety

Can anyone recommend an agent in TN, in the North East region?

Can anyone recommend an agent or broker in the Greenville NC area?

Hi,

We own and operate two rental condos in Naples, FL and Babylon, NY. 

We're ready to add a multifamily to our portfolio. We're considering different locations for it and are exploring locations now. We're looking for BP wisdom on that as well as tax strategies. Our money and mindset has been in deferred comp plans but we're switching gears and mindset to RE.

We'd love to meet up with others here, in person or in our network.

Nancy

@Brandon W.

Can you elaborate on what you mean by "investing in Airbnb worldwide"? 

It sounds like you buy and use strictly for airbnb purposes. What criteria or strategies do you use when acquiring those properties? 

In NY where I am, the state is very restrictive with airbnb rentals.

Thanks for any insight.

@Neil K.

College students can be harder. What are the homes in its neighborhood selling for and how many BR? If it's one or 2 students and you get parents to co-sign , your risk is lower. Of course, you'd need to finance it first! Have you asked for owner financing?

@Neil K.

Is it in a college town or would it be college housing?

@Eddie T. To my knowledge, does not matter what state property is in. I did not ask about llc vs personal. I did not specify primary  or invest property  but banker might  have sssumed primary though we never discussed that. 

Today Aliant Credit Union quoted me a HELOC for 4% fixed with an interest only option for 7 years then balloon payment or 180 months prin + interest.

Bethpage Federal Credit Union quoted me either 2.99% up to 75% LTV or 3.75% up to 90% LTV. This one is a variable month to month. Hasn't moved much in 8 years because it's .25 above the prime rate.

Teachers Federal Credit Union quoted me (last week) intro rate of 1.99% for 24 months up to 75%. I pay appraisal fee only. They pay closing costs but if I don't have a minimum ($5 K I think for 3 years) they'll charge me back the closing costs.

No broker I called handles HELOC's. You need to call around and compare what you want in a HELOC. ie draw period, fees, variable rate, etc.

Bottom line is to identify how you want it to work and shop.

@Account Closed Great explanation on your use of HELOC. I want to find a HELOC and start by paying down my primary with extra cash flow. Next, use it to buy rentals. Goal is to get experience with REI while building equity.

Can you tell me the best bank option you found? Who did you use? I went to a credit union where my loan is but I want to look around first. 2.49% for 24 months, 3-year minimum use of money, no closing costs unless I use it less than the 3 years were their terms.

Thanks for your HELOC feedback.

@Glenn D. Wouldn't you want to use the LLC to purchase properties as opposed to your personal name?

"Additionally my lender caps out on lending once you have loans/mortgages etc. out on 10 properties in your personal name and then you can always use and LLC etc."

@Charles Stubblebine Thank you for your service. 

Maybe you can get a HELOC on your new primary in FL unlikely since it's too early buy maybe depending on what you put down and how much equity you have. Going forward, consider opening the LOC or HELOC upon getting your primary mortgage. Some banks offer it at the time of origination for no added costs.