All Forum Posts by: Shefali R.

Update on my original post - Wells Fargo informed us that our counter has been approved. we are good to move forward!

Thanks for your help @Brett Goldsmith and @Ryan Lee

Ofcourse there is a twist - the current short sellers (current occupants) want to stay on and rent the place for 3 months due to medical issues and pay below market rent. would love everyones thoughts on how to approach this.

For nyc streeteasy.com is better than other search websites I think. If you want to stay in Manhattan, I would suggest exploring Harlem or upper Manhattan. Else look in suburbs. Newark (where I invest) has a 20 mt commute to Nyc and you could find a decent place for $200k in a safe neighborhood like society hills in university heights. I am sure there are other similar towns in northern nj. 

@Theresa W. thanks a ton! 

Since no one responded - I decided to target a small pool of banks in Nyc and a some in My area and see who was interested.

So currently in the process of building a list and reaching out. Thanks! 

We are looking to explore an Inv Property HELOC option for a rental property we own free and clear in NYC. Based on suggestions on these forums, I am planning to reach out to a large number of community banks and credit unions to see who might have this product available. We live in a NYC suburb in the state of NJ. Questions:

1. Should i reach out to community banks in NYC (where the property is), or in the area where we live (NJ) or does region even matter 

2. Do you know of any community banks/credit unions who offer Inv property HELOCs in NJ and/or NYC. 

Thanks so much!

In my experience this process takes about 30 to 45 days end to end. you would want to    Make sure you already have pulled all docs needed together and send them at the outset. I only have experience with chase and Wells Fargo. Good luck! 

@Julie Haveman thank you. I think I will pursue the deposit option. 

@Julie Haveman glad to hear that! 

When you took the deposit, did you just give a simple receipt or it had additional caveats. Thanks!

Ah - got it. Thanks @MarZia RiVera!

thanks @MarZia RiVera.

I should have clarified, we expect to close on May 1 and the lease would start may 15. So we would be owners when the lease commences. 

I was wondering if we could lock in a lease agreement now for a lease starting May 15 with some appropriate caveats and whether anyone in the community had explored this option. 

Thanks!

Thanks @Kevin Harrison - you make a good point - my lawyer said the same thing!! 

Just for additional context: we don't plan to misrepresent to any tenant that we own the unit currently but say that we are in contract.  

On your other points - we are doing a cash transaction and community has 24/7 security and v low crime. But you are correct, there are always risks that should be considered. Thanks!