All Forum Posts by: Stephen Massinello

I would like to purchase an investment in Monroe County, PA, I am looking in the sub 150K arena. I am a real estate agent in NY and CT and a new investor. I live in NY.

I keep running into the not lending to a rural areas and only lending to urban/suburban areas.

Hence my dilemma. 

Scenario 1 - Borrow the down payment 10%, I qualify for the mortgage. 

Scenario 2 - Borrow the entire amount.  

Any references welcome or direction is welcome. 

Thanks in advance. 

I am thankful that BP has been such a wealth of knowledge, I have learned so much and am confident that I will be pointed in teh right direction.

Great Thread. 

@Kerry Baird thanks for the list, I just had a conversation with PenFed, very responsive and easy to get a hold of. This is for my primary home to do renovations and to use as a down payment for a rental. I will be reaching out to TD Bank, US Bank and Trustco, I want to know how each of them work. Any other HELOC suggestions for primary homes, please share. I learned Chase and Wells Fargo pause HELOCS because of the pandemic.

Any help is much appreciated. 

 Sounds great. Please let me know when a good time to talk would be. 

Thank you. 

New BUY and HOLD Single Family Rentals investor in Long Island, NY, Westchester, NY or Poconos, PA- Getting Started Advice Needed!

My name is Steve and I am a new investor launching a buy & hold business in NY and maybe PA. I live in Long Island(New Hyde Park), NY. I am a licensed Realtor in NY and 9Greenwich, Stamford, Norwalk) CT. NY/CT in my area is very expensive to begin with.

I grew up in Westchester (Port Chester and Rye), NY and am very comfortable and know that area well, also very expensive.

I have looked in Poconos PA (2-3 hours away, love the area, lots to do) , and upstate, NY (2 hours, but have friends up there that own real estate know the towns and have contractors) both much more affordable.

I have a small down payment and was thinking possibly going the Hard Money or Private Money route to get my first deal done and rip off the band aid. 😊 Not sure how to go about that just yet.

I have watched lots of episodes and they really helped me narrow down my search to single family as my first purchase. I definitely have a comfort level with single families. I eventually want to own Multi 2-4 then over 4. I am excited and looking forward to the future.

BP has gotten me to the point to start. Just need a little guidance.

Please reach out to meet up or for any advice or with opportunities, looking forward to the journey.