All Forum Posts by: Suzanne Player

Thanks to all who attended this month, we had very productive & enlightening discussions about lease provisions, management company contract terms to negotiate, and various strategies for landlords to consider in maximizing their property’s performance as an investment.  The January meetup date will be posted shortly, check our Real Estate Rocks Meetup page and/or Bigger Pockets Real Estate Events & Meetups, Long Island location tab.  

 If you sign up for the Meetup group or check BiggerPockets Events & Happenings pages regularly, we post there & meet monthly in person.

There is the Fannie Mae Homestyle Loan that might work:

https://singlefamily.fanniemae...

There is also the FHA 203k loan

https://www.hud.gov/program_of...

Unless you're using only cash (or equity rolled over from the sale of another property you own), you'll want to get pre-approved before you start your search.  

You can get your credit report for free at  https://www.annualcreditreport...

These don't come with a score, the credit reports that a mortgage broker or banker runs will have it, but you'll be able to check to see that everything is correct.  Also it's a good idea to have an understanding of what's on your own credit report when you're talking to lenders.  

You'll want to speak with at least 3 different banks that lend in the area you want to buy in.  Not just to shop rates & fees, but also because each mortgage professional will explain things in different ways, and this will greatly enhance your understanding.

If you want some experienced mortgage bankers to consult in the Long Island / New York City area (some of whom also do loans outside New York State), feel free to message me on this forum.  I don't know if you already own your own home, but if your're looking to house hack in NYS you might also qualify for a SONYMA loan, a lot of local banks do these, you can check their site here:

 https://hcr.ny.gov/sonyma

If they are for services provided by the property manager like replacing a key or running a credit report, or a fee that covers a loss like a dishonored check fee, I can understand it going to the property manager.  

You probably already checked, but does your contract give the property manager the late fees?  Does it address it at all?  

When does your contract renew?  Regardless, you can shop around in your area to see what other property managers are putting (or trying to put) in their contracts.  I would be surprised if landlords were giving the late fee away - when the tenant doesn't pay all their rent, does the property manager make up the difference?  It sounds like the property manager is trying to have it both ways.

If you missed this meetup, you can catch the December 2022 Real Estate Rocks Meetup, below is the link to the Bigger Pockets Event page:

https://www.biggerpockets.com/forums/521/topics/1080219-december-2022-real-estate-meetup-assorted-topics

You can also join Real Estate Rocks & get notified automatically by joining us at:

https://www.meetup.com/real-estate-rocks-investing-group/

Investors (& aspiring investors) of all levels welcome

If you missed this meetup, you can catch the December 2022 Real Estate Rocks Meetup, below is the link to the Bigger Pockets Event page:

https://www.biggerpockets.com/forums/521/topics/1080219-december-2022-real-estate-meetup-assorted-topics

You can also join Real Estate Rocks & get notified automatically by joining us at:

https://www.meetup.com/real-estate-rocks-investing-group/

Investors (& aspiring investors) of all levels welcome

If you missed this meetup, you can catch the December 2022 Real Estate Rocks Meetup, below is the link to the Bigger Pockets Event page:

https://www.biggerpockets.com/forums/521/topics/1080219-december-2022-real-estate-meetup-assorted-topics

You can also join Real Estate Rocks & get notified automatically by joining us at:

https://www.meetup.com/real-estate-rocks-investing-group/

Investors (& aspiring investors) of all levels welcome

If you missed this meetup, you can catch the December 2022 Real Estate Rocks Meetup, below is the link to the Bigger Pockets Event page:

https://www.biggerpockets.com/forums/521/topics/1080219-december-2022-real-estate-meetup-assorted-topics

You can also join Real Estate Rocks & get notified automatically by joining us at:

https://www.meetup.com/real-estate-rocks-investing-group/

Investors (& aspiring investors) of all levels welcome