All Forum Posts by: Whitney Tyson

@Erick M. Thank you for your response. The thing is that with the VA loan we are thinking about getting it requires us to be owner occupants for at least a year I believe. I don't think we would be able to buy a place in say the Bay Area or Texas, Hawaii, etc and then live in NY. We are both originally from NYC and have roots here so I'm pretty sure I can relearn the area(we have been gone for 10+ years) with the help of local friends and family. I did the math and after 4 years the military will pay us approx. 2700 per month BAHx12=32,400 per year x 4 years= 129,600 of that on a traditional 400k loan 22,113 will be paid to the principal while 71,536 will be paid in interest. Taxes and insurance will work out to about 22k as well with conservative estimates. That puts us at around 115k paid over 4 years, meaning about 14k extra after 4 years and 22k worth of equity not including any appreciation or tax benefits. I also thought about the idea of renting it out to other military families that move to the area we we inevitably have to move again. The longer have the property the better the numbers end up at so it seems. Also the sprawl of NYC just keeps getting bigger, 15 years ago Brooklyn was the hood, now its more expensive than anyone would have imagined. Maybe the same thing could happen to SI, not counting on it but just a thought and a nice bonus. Would love any and all thoughts on if I'm in the right mindset

@David Weintraub yes she will be working on the coast guard base on the eastern shore of SI

Hello everyone,

My family is moving back to the east coast after living in the Bay Area for the past 4 years. My wife is active duty in the Coast Guard and will be stationed in Staten Island. I work for a large national bank currently but am looking to start investing in real estate, either by house hacking or by using AirBnb to occasionally rent out a room. Does anyone in the local area have any ideas or recommendations as to where my be an ideal place to live/invest. I have head that living in Elizabeth, Bayonne, or Jersey city could be cost effective options with a small commute. We are looking to buy but our credit isn't the best (750 and 630) however we have good income including an extra 2700 housing allowance. Should we just rent and try to invest somewhere else? it seems like such a waste to pay 24,000 a year in rent to someone. let me know any thought or ideas you may have. We are due to get to NY by June 16,2018.

Thanks

@Bernie Huckestein I would check out the BP podcast episode 77 and 81 with Michael Quarles, definitely actionable steps for direct mail marketing.

Hi Cody, check these out and see if they work for you.

Purchase & Sale Agreement

Assignment Of Contract

and you can check out even more at https://www.biggerpockets.com/files/category/contr...

like @Pati Tanielu mentioned

thanks for the reply @Account Closed some data is for sale of course, just ask facebook or google. But there is nobody you can pay, especially legally to find my bank account number based on my name, city and state.  Routing number, sure. But bank account numbers are not just something you pop up on google.

Full disclosure, I work for one of the "big 4" banks and can tell you there are pros and cons to each and it depends on how you want to run your business. The first thought is that it is OK to have business accounts at more than one bank. Some people will have their main account at one, but have tenants deposit their rent into another bank. this makes it so a tenant never has your main account or even know where you do the majority of your banking. The main thing is that you want to go where you feel comfortable and where you think they will help your business grow.  I would say, look around, talk to whoever specializes in small business and see who feels like the right fit. keep us updated if you make a decision.

Hi @Account Closed and welcome to BP and real estate in general. It all depends on what you need for your business. If you are comfortable with doing things primarily online then the capital one account may be a good fit, especially when just starting out. The benefits to a larger financial institution is that you can walk into a branch and talk to someone right then and there. The bigger benefit is that you may get to meet someone in your local community who could be a potential lead source and advisor for your business. I would recommend going into 1 or 2 national banks and 1 or 2 community banks, talk with the person who specializes in small business and see who feels right and gives you honest answers and feels like they know what they are talking about.

@Patrick Liska A good banker should ask what your business is! How else can they make sure they are helping you if the don't know whether you buy houses or sell toy cars. The right bank/banker, should ask the right questions in order to help you achieve your goals. But also they should make sure your are not into drug trafficking and gun smuggling lol.

Hi @Sheryl Griffin it is strange that opening a buainess account as a real estate investor would raise any red flags. I would definitly push for specifics about what is being reviewed by thier legal dept. The only thing I can think of is if you have entity paperwork that may need to be reviewed by a legal team, ie articles of incorporation or articles of organization. What bank was it that you went in to?