All Forum Posts by: Steven Lewis

I placed an offer on a home and am interested in another property. The buyer's have not signed the offer yet so what would be the proper way to "rescind" the offer?

How long does the buyers have until the offer is no longer valid?

This is a NJ contract, where does it state, if anywhere, that the offer is no longer valid.

I will actually be living in the property but was hoping that down the road, 10 - 20 years that it will appreciate. The agent mentioned that the ROI is not that great.

It is a condo. My goal is to live it in to cut my commute time and cost down since I work in NYC. But as an investor, I would love to hold onto the property to rent out in the long term. But the agent informed me that it isn't a good ROI.

I am looking to purchase a property all cash using funds from family. 

$200k from my parents LOC and $200k from another family member.

What would be the proper way to get the funds into my account?

This is of course a loan, how would you properly document the loan? 

I bought my first investment property July 2014 in all cash. I am looking to buy a property to live in and use as an investment down the line. It sits right on a river overlooking views of the NYC skyline. 

1. How far do you stretch your budget to purchase something hoping that the value will increase long term? (The complex just got out of litigation and the agent informed me prices are starting to rise 10-30%)

2. What percentage of ROI would you like to see on a long term investment property/rental property to decide if the property is worth it?

Hi, thank you all for your input. 

I would be owning and living in the second unit with the long term goal of renting it out. 

Wanted to know the best way to proceed on buying the property to maximize my leverage. 

You hear all these stories about taking a HELOC or re-fi and leveraging the money for the next properties down payment. I just want to make sure I'm buying that properties correctly to leverage my money the right way.

I started as a real estate agent in 2012. Took on a full-time job and have decided to do some real estate investing on the side. I purchased my first investment property in 2014 all cash for $200k. I am seeking to buy a second investment property in the same complex since the area is great and school district is fantastic. I am not sure how to proceed.

Since the first property is an investment property, my loan officer instructed me to buy the 2nd property as my first time residence with 5% down. All in with fees, I am looking under $20k. So my mortgage payment on that would be a wash from the rent that I would be getting.

So to recap, I haven’t touched the first property that is fully paid for, and I have financed the second property and the rent payment is a wash.

My other option is to do a cash out re-fi on my first home and pull out the equity of the home and use that money to buy a second property all cash. Then the rental income on the first property would be a wash for the mortgage on the first property and I would own the second property free and clear.

I am not sure what way to go because I want to maximize the tax advantages, etc and leverage the money correctly.

Any help would be greatly appreciated. 

I purchased my first investment property in 2014 all cash under my LLC. I am looking to purchase a second property and am running into several difficult options.

1. I am unable to pull out the equity from the first property since it has been more than 6 months and I am unable to find a loan officer to do a cash out re-fi for an LLC.

2. Change the Deed back to my personal name, do a cash out re-fi, then change the Deed back into the LLC name. This now gives me cash to purchase the second property.

3. Leave the first property the way it is. Purchase the second investment property with a loan, 20% down.

Seeking advice on the best way to purchase a second investment property. Both are rental properties. 

I am 25 years old and have been a real estate agent for 3 years. Seeking advice on building out my portfolio.