All Forum Posts by: Richard Patrie

Has anyone had experience with Shore Funding (shorefundingsolutions.com) out of Long Island? Just looking for feedback. Not a lot of info on their site, and their marketing team is pretty aggressive. They only require bank statements for approvals. Seems a little lax. I was looking at a securing a line of credit. Thanks

I have 20 units in Malone. I'm a licensed agent and manage 65 units. I just listed one of my triplexes. Selling it to buy a commercial building. - https://www.flexmls.com/share/9J8EL/51-Washington-Street-Mal...

Very few lenders will lend up here due to it's "rural" classification. It's been a struggle. Those that do have increased requirements and lower LTVs. I've been relegated to rely on private money and owner financing. My advice is to keep your steady job and rely on small, local banks. 

@Robert Howell I own 20 units in Malone, NY and my company manages 50 units. I’m an agent with Marshall Realty.

@Steve MacNerland We started one on FB. We held 4 meetings, but the attendance was dismal, so we stopped. Not much to discuss when only 2 people show up. 

@Shane Brown I’m an investor, agent, and property manager. We currently manage 40 units in the area.

@Shane Brown I live in Plattsburgh and own many units in Malone.

@Michael Plaks

Thanks Mike. This makes sense. 

@Ashish Acharya It isn’t straight seller financing where I simply hold the note. With a land contract no deed is presented to the buyer until the last payment.

The second part of my question is, if I sell the property to another investor on a land contract, where I retain the title until the note is paid. Can we both take depreciation? 

Thanks