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All Forum Posts by: Steve C.

Steve C. has started 8 posts and replied 27 times.

Post: Covid 19 Eviction Moratorium

Steve C.Posted
  • Real Estate Investor
  • New York
  • Posts 27
  • Votes 6

I have had a tenant in a unit that hasn't paid since February and stopped answering calls and texts on March 16th the day they announced it in NY. And she has not lost her job. Im unable to even serve her with a rent demand notice (first step in eviction process here in NY) until August 22nd. Then will have to wait at least a month for a hearing....total nightmare. But my understanding of the extended federal moratorium only applies to tenants in properties with federally backed loans where the owner can request a mortgage payment forbearance. I don't have loans on my properties so my attorney is advising it won't apply to my tenants. 

Post: insuring the water service line

Steve C.Posted
  • Real Estate Investor
  • New York
  • Posts 27
  • Votes 6

A similar company in Western New York sells coverage through the city of Buffalo water department. They offer separate coverage for the water line and for the sewer line. It was only $6 / month for the sewer line coverage and I've had to snake the main sewer line once a year for about 7 years on two properties on the same street so I bought it. Going to put claims in as soon as it gets worse. We'll see what happens.  If it saves me $5k-$10k then it will be more than worth it and if not I won't have spent much on it.

I just recently got my VA loan eligibility cert. for a 15 or 30 year 100% financing loan for a 1-4 unit with a couple Credit unions quoting me 2.75%

Obviously I really want to use this but I want to buy a 4 unit. Problem is I own multiple 2 unit houses and live in one of them.  The loan is for an owner occupy only and I am willing to do that. But I'm getting pushback from underwriters on going from a 2 unit to another multi unit and especially from a 2 to a 4. Does anyone know ANY workarounds??

Thanks!

Post: Best Cash Out Refi Banks in Buffalo, NY

Steve C.Posted
  • Real Estate Investor
  • New York
  • Posts 27
  • Votes 6

I own 5 , two family residential rentals that are in LLCs but am considering transferring to my name for better rate or LTV numbers. Looking for what bank is easiest for small landlords with best rates, LTV offerings etc. Three are free and clear and two with small private loans. I want to cash out and make new property purchases. Thanks!

Post: Blanket Loans

Steve C.Posted
  • Real Estate Investor
  • New York
  • Posts 27
  • Votes 6

@Farril De foor

I have 4 properties in NY that I have searched for a lender to do a blanket loan on. I was told by most banks that they dont do them anymore and the one that I found that did would only do a max term of 5 years with a somewhat high rate.

Pros that I found are lower closing costs than individual loans and Cons were the short term and the fact that if you sell one property the funds have to be applied towards paying back the loan.

Let me know what you find out.

I was interested in rolling that capital over into a larger building as a downpayment and leverage myself more

Can anyone give me any helpful info (companies, contacts, requirements, loan to value amounts, etc.) with getting a loan on a 2 family that own outright with out any loan currently?

Thanks!