All Forum Posts by: Steven Luttman

 Griffin what terms are you seeing on products like this? 

Tyler,

Due to the property no longer being a primary residence (both units are rented) the best terms on a cashout refi will be 75% LTV. Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.

Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process. Be sure your lender is comfortable with this, as many fear giving folks primary loans for properties they view as having a high probability of being turned into a purely investment. This can be done, it just requires finding the right lender. If this doesnt fit with your goals, it's time to bring on a partner. You've demonstrated success on your current duplex, so friends/family may be excitted to join in on the next.

Congrats on the success so far,
-Steve

 @Kevin Charles give Stonebuilt Insurance in Clifton Park a try.

Thank you @Michael Stevens

@Denis Vaughan I shot you a DM. Look forward to connecting.

-Steve

Section 8 is a common form of rental assitance in our area, however wait times for tenants to get approved due to demand/limited funding can be significant. HUD has a useful tool (Google "FY2024 Advisory Small Area FMR Lookup System") to learn what rents you'll be able to command.

There are a number of business models what can work in Albany. Student rentals by the UAlbany campus is certainly doable, however may become more competitive with the upcoming closure of Saint Rose. Clients are reporting great success with mid term rentals catering to traveling health care professionals at Albany Med. Of course there is a demand for quality housing for all of the state workers seeking longer term leases. Either way, if you offer a good product at market rate you should be successful. 

-Steve

@Rose Laurent

There are a number of business models what can work in Albany. Student rentals by the UAlbany campus is certainly doable, however may become more competitive with the upcoming closure of Saint Rose. Clients are reporting great success with mid term rentals catering to traveling health care professionals at Albany Med. Of course there is a demand for quality housing for all of the state workers seeking longer term leases. Either way, if you offer a good product at market rate you should be successful. -Steve

Buy a 3-4 unit property that you will occupy using a low down payment (3.5%-5%) loan option. You can read all the books and listen to all the podcasts, but nothing will expedite your learning curve faster than living in your investment. Gain experience, then duplicate your success in another property. 

Best of luck, you can do it. -Steve 

Hi Otto,

There's a great monthly meetup run by @Allison Keib that is absolutely worth checking out. Hope to see you there.

Steve

Very doable @Sean Fraser. I DM'd you some additional info you might find helpful. -Steve