All Forum Posts by: Tom Chen

@Elenis C. If you’re ex-military, I think the Navy Federal Credit Union does it... I think they also offer some of the highest LTV on HELOCs for your primary residence too...up to 95%.

2 Votes

@Jay Hinrichs “90% or you use BP for free”... LMAO, so true! Pay the money for the membership or stop whining about a free app. That said, I use the app and my phone because nowadays, I live by my phone...contacts, appointments, banking, CRM, etc., etc.

1 Vote

@David Smit Bill Manaserro from the Old Dawg Network invests so he can be a philanthropist... You gotta have money to do good in the world too... So ridiculous to call it “greed” when you know nothing about the person’s situation.

1 Vote

@David Smit Why do you care how other people invest? Why does it bother you?

2 Votes

@Ed Blackshear, sorry...didn’t see your reply until just now. I may start looking again later this year.

0 Votes

Originally posted by @Account Closed:

Tom, I spent some some time in central NY about 8 years ago and bed bugs were a huge problem there than as well, a permanent regional invasion?

Ah....thanks! Wasn’t sure if this “epidemic” thing was a real thing.

0 Votes

Originally posted by @Elliott Milek:

Seems a bit high, I would get another quote. If it's only a days work it shouldn't cost 2k.

Forgot to mention it’s a duplex and both will be treated 3 times 5-7 days apart each time.

0 Votes

Hi Upstate NY REIs...

Just got a call from my PM that said the tenants brought in bedbugs. Apparently remediation is going to cost around $2,000 with and if I want to prevent it in the future, a $100 / month servicing contract for bedbugs.

A. Does it really cost that much?

B. Are there any recommendations for the Syracuse area?

C. Is there really an epidemic in Syracuse?

Thanks in advance!

Forgot to mention it’s a duplex and both will be treated 3 times 5-7 days apart each time.

1 Vote

Originally posted by @Matt Mounier:

@Tom Chen a HomeStyle loan should not take 6 months for an approval. It may take 6 months for all the renovations to be complete but not to close the loan.

The approval process takes place the same way a typical buyer would qualify. Your debt to income, assets, and credit score would need to support the loan you are trying to acquire. What is additional, is that there will be several more eyes on the project. You will have a contractor provide bids, the appraiser will go to the property with the bids and confirm an after renovation value (ARV), and the underwriter will sign off (a bit more complicated than this but this is the outline).

Thank you Matt! Are homestyle loans for owner occupied properties only? Or can investment properties qualify?

0 Votes

All Forum Posts by: Tom Chen

Tom Chen has started 37 posts and replied 197 times.

Post: Tenant sees a ghost. What should my response be?

Post: HELOC on a rental property: is it possible?

Post: Anyone else hate BP app update??

Post: When is enough enough? How many homes does one need!?

Post: When is enough enough? How many homes does one need!?

Post: Long Islander investing in Syracuse...

Post: Bedbugs...an epidemic in Syracuse NY???

Post: Bedbugs...an epidemic in Syracuse NY???

Post: Bedbugs...an epidemic in Syracuse NY???

Post: Financing using HomeStyle Loan