All Forum Posts by: Sam R.

@Nathan Mansur Do you know Buffalo well? I am interested in some opinions on specific streets.

@Marc C. They could have stricter or possible less strict requirements.  I have an idea what my bank requires, but I was curious what other banks are asking. My bank is only requiring 2 years of statements so it is interesting to see that your bank is requesting 3 years. That seems like it could potentially be more and more difficult depending on the record keeping skills of the previous owner(s)

I was able to get my start in RE on the side while I was working an engineering job during the day. Having the engineering salary definitely helped in getting loan approvals at first. If you were in high school, I would say definitely drop out as high school is a waste of time. A good college degree is actually worth the time.

Being a student also gives you some unique opportunities. As others suggest, you can rent out rooms or units to other students. 

 Your assumption is correct and I am on the buyer side. I am not the bank though.

@David Hildebrandt Thanks! That is a really handy list and includes some stuff I did not have. It is definitely for the buyer though. I am wondering what the minimum the banks are requesting to verify the NOI.

What kind of paperwork does your lender request in order to verify the income and expenses of a commercial residential property? Leases? Utility bills? Tax returns of the seller?

There is one in my area they call a garage condominium. I think it is targeted for homeowners, but they do advertise business use.

 This is really the best way especially for an experienced buyer and investor. The seller's agent has so much more to gain by selling a particular house. There is also so much that is lost in communication when there is so many middlemen. The lack of communication is very apparent by the fact that the OP has been through 15 offers and doesn't know why his offers aren't being accepted.

When I have gotten a HELOC for my primary residence, the bank used a computer model to value the house. It made for less paperwork and the process was very easy. I recommend going into your favorite bank armed with your credit report and your estimated house value. Ask them what options are available to you. Don't let them pull your credit unless you actually want to apply.

Home equity loans can be quite easy to get. Have you tried applying at your bank? Do you have lots of equity?