All Forum Posts by: Nate Monson

I've had success with creative financing scenarios with First New York

https://www.firstnewyork.org/h...

Also Saratoga National. I have a contact there that could help

 Hi Queitin, I'm going to send you a direct message and maybe we can talk a little further about the market up here!

 Since you're in NYC this might not necessarily apply. But I always recommend house hacking as the best way to start out. (Buying a 2-4 unit property, living in one unit and renting out the rest)

When it comes to the market up here, there are a number of ways you could take it but it mostly depends on your goals. If you're looking for cash flow and ok being involved in the day to day management, student rentals can be a way to get good cash on cash returns for your investment. There are also other areas where you can buy more turnkey properties in less residential neighborhoods where you wouldn't necessarily make a ton of cash flow, but it would be a safer place to house your money and earn the other benefits of owning real estate (mortgage pay down, tax benefits, appreciation). 

Hi @Robert Alexis like many I would also recommend the house hacking route if you can pull it off. It's such a powerful way to kick off any young investors career. 

However, if you are having trouble in your location finding something that will work I would love to be of assistance in the Albany, NY market. Long distance investing can be a bit scary but I work with a lot of investors from New York who are using property management (yes there are some good ones). So if you do want to look into the Albany market a little more feel free to reach out!

Hi @Bintou Diallo to me it sounds like your best bet is to try to switch to a low down payment conventional loan. Not sure if that's possible because of the purchase price but it sounds like your agent should be doing these numbers with you before you get yourself tied up in a deal as well. 

Correct, you may be able to find commercial lending under 5 units but residential loans wont fund anything higher than 4 units.

Hi Johnathan, @Ramandeep Sidhu did a great job summing up where to begin. I would double down on his first point. You have to figure out WHY you're even trying to do this in the first place. Money is cool but it's only as important as the tangible things it can do for you. Once you are super clear on this it will be come a lot easier to make decisions on long term vs. short term rentals and anything else that you will have to decide while getting into the business. Good luck!

Hi @Melissa Howell If you're looking to use a 30 year conventional loan for your first investment your credit score will be looked at by the banks underwriters. So if you were looking to house hack for example your credit score would probably be looked at. 

If you're using commercial lending or hard/private money to do a rehab to hold or flip this is a scenario where your credit score likely would not come into play. These type of lenders are more concerned with the performance of the deal and the experience of the investor rather than your personal financial picture. 

I echo what @Steven Luttman said. For example in Center Square you can easily get an update 3 family that will sell for 350-400k. But if you move a few blocks north toward arbor hill a 3 family probably won't sell much higher than 200k. Some very specific quirks in Albany to be sure but still a great place to invest.

Hi @Jennifer McPherson I think it's a very good tool to use as long as you understand what the calculator is doing on a basic level. There are also higher level capabilities which is nice. But compared to other online softwares the BP calculator is probably one of the best.