All Forum Posts by: Sochima Eze

I know the feeling, New York is a beast of a market to begin in 😖

What's the appraised value of the duplex? I'm curious to how much equity would then be available in the property. Also, did you account for vacancy or maintenance in your calculations? It may cash flow a little less than you propose.

I'm currently on the deed for my father's house in Queens, NY and have my primary residence in Long Island, NY. I am looking to refinance his higher interest loan under my own name. The property is a 2 family and brings in $1750 in rent monthly. My broker is stating that if I do a conventional loan, the rate will be in the high 4% because it is an investment property. I just want to make sure there isn't another way of going about this.

Mike H. Can I just say wow! That is a wealth of information here!

Anyone on here get a HEL or Heloc in NY at 90 ltv? If not, where do you guys recommend?

Hey guys, I'm looking for advice on how to go forward in 2016. My primary residence has approximately 120k of equity and I'm a co-owner of another home (will refinance my father out of it in 6 months) with approximately 300-400k of equity. Additionally, I have around 40k liquid, not including retirement 401k. What I would like to do for 2016 is to purchase an apartment building or multi family property in the Midwest. However, I'm not opposed single family units either or even turnkey properties. I'm essentially looking for anyone that has had experience in my situation. I would love to be able to throw ideas back and forth.

I agree with Frank R. What are the tenants paying now? Is it below market? Since its free and clear, refinance and invest in another property. Do a search for BRRR method on here.

I'm pretty curious about what others have to say on this one.

@Eric Whitesorry for hijacking your thread a bit here. @Upen Patel last question! Would you need to wait for a year to show said cash flow? 

@Upen Patelis there any advantage in terms of DTI? Living in NY/NJ where the costs are so high, it seems like one would run into a DTI issue before having 4 conventional loans.