All Forum Posts by: Diana Tian

@Tao Chen welcome to Biggerpocket!  You could chekc out Union city, west New York and North Bergen. You can still find places offering 7% + cap rate after putting some updates. Three or more units house tend to have better returns. 100k is a little tight. For lower the down payment, you could always house back the place.

@John Krauklis did you find a lender offers home equity on investment properties?  @Brie Schmidt Pen Fed only lend home equity to landlord with three or less investment properties....

@Marky Suazo it depends on your situation. If you are looking for good rates, the best way is to shop around. Banks are doing promotions time to time. For example, recently I heard some banks are offering rate slightly below 4% for applicants having high credit scores and good LTV ratios, while most banks are doing 4.2%~ 4.5%. If you are more concerned whether the lender is able to close the loan, your real estate agent could recommend lenders they work with. They may not have the best rates but they are familiar with the area and more likely to close the loan.

I will message for an real estate agent recommendation. 

@Margharita Silva,

The financial situation of the building doesn’t look good. Are you financing or buying cash. If a major bank is giving you a loan, than that is good news, means other buyers can purchase. If not, than you may want to explore if you are getting a steep discount given the risk of nonmarketability of the unit. $125K doesn’t sound like a discount.

You may want to look at the monthly fee compared to other buildings in the area. If the fees are high, it’ll turn off other buyers in the future. 

If you are buying for investment, in my openion it’s not a good idea. These kind of bad financial situation takes a long time to resolve.  

@Daniel Green Great numbers! 

@Andrei Soroca I will message you. 

@Moshe Bloorian thank you!  I think this is part of the risk from out-of-state investing. 

@Joe Tomko my friend doesn't want to deal with the house any more.......

@Sam Shueh We are thinking of just abandoning it. 

@Jason D. you are absolutely right - I have reached out to some local agents and haven't heard back from any of them.