All Forum Posts by: Bobby Newkirk

Looking to buy and hold while using the BRRRR strategy in the Hudson Valley Ny area (ulster,orange,dutchess counties) Any Advice or direction?

@Greg Dickerson thanks will do, I have a few local credit union banks I’ve established good standing accounts with in the past

@Greg Dickerson thanks for the info. Your second option is a better option. I’ve decided to buy out my uncle and partner with just my father with the property as an rental property. Also I’ve decided to survey the house off the property. My other question is after surveying the house off the property. Will it be harder to get a loan to finance 2 modular homes to rent out being that the properties value is less because the property will be vacant ?

My father and His brother owns a zoned residential property, roughly about 12 acres. A few years ago they allowed another brother to build a house on the property taking away 4 of the 12 acres. I would like to structure a deal to purchase the entire property and build (2) modular duplex’s and rent them out. My question is since there is a house on the property that has a mortgage on it, is it too risky to purchase the entire property ? Any suggestions in this case?

short-term might be too risky higher interest rate and the monthly will probably be too high... Although I could be wrong. Are there strict guidelines with a construction/mortgage loan? Probably rather go with a long-term more like a 15 year term.

Our first client is a nonprofit church with investment property ( 5 apartments and 1 vacant building ) 3 out of the 5 apartments need renovations and the 1 vacant potential office space building need renovations. No liens or mortgages against the properties. 3 out of the 5 are rented out currently. In need of financing. We are currently speaking with a local federal credit union that are offering a conventional mortgage 15 year fixed rate. The amount needed to do renovations is less than the equity value of the property. We are located in the Hudson Valley, New York area