All Forum Posts by: William Haller
William Haller has started 4 posts and replied 11 times.
Post: HELOC/Refinance/FHA combo

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
They did a full appraisal for my HELOC, so hope isn't lost for you. Let us now how it works out
Post: New REI Club- Binghamton NY

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
I won't make it tonight (preparing property for June 1st tenant). But hopefully I'll see you in June. Thanks for the info
Post: Eviction Broome County (applies other places)

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
You absolutely may
Post: No closing cost mortgage

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
I know not everyone is looking to use conventional financing, but this recently helped me get into an owner occupied two family. It is extended for applications on owner occupied purchases and refinances, but includes two families. Saved me $4168 total
https://www.visionsfcu.org/Mortgage-Promotion/
Post: Screening by checking for past judgments

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
That's interesting - is that a detail on the site itself or just something you know?
Either way, my particular tenant had a towing company with a case against her, which would have been a nice clue, even with it not being an eviction
Post: New REI Club- Binghamton NY

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
Do you still meet?
Post: Screening by checking for past judgments

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
https://iapps.courts.state.ny.us/webcivilLocal/LCM...
You can search a name of a prospective tenant to see if there are past judgments-could have helped me recently, I may have reconsidered my tenant
Post: Eviction Broome County (applies other places)

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
Earlier this year, I was facing an eviction situation. The tenant had DSS pay a couple months, but lost services and stopped paying. I learned a lot and took care of it myself. A consolidated resource could have helped me, so here you go Binghamton. I'm not an attorney, so don't hold me accountable, but this was my experience.
Screen tenant for past judgments here to avoid making a bad call on letting them in to begin with.
https://iapps.courts.state.ny.us/webcivilLocal/LCM...
1) DIY eviction/legal forms (3 day notice to quit, notice of petition, etc.)
http://nycourts.gov/courthelp/DIY/index.shtml under housing for small property owners nonpayment
You do some inputs, print forms, it explains where it needs to go and what timing to deliver
2) That Broome county has process servers through the sheriff's office. They deliver the forms professionally, call you, and fill out the service part of the forms correctly. Rates for each notice are found here.
http://www.gobroomecounty.com/sheriff/civil
Depending on locale, you are looking at $22 for the 3 day, $47 for petition/not of pet, $112 for warrant, which is only about 200 bucks. But if at any step the tenant leaves, you are set
3) Know your local court - my property is in the village of Port Dickinson. The court of jurisdiction is the Town of Dickinson. Their website http://www.townofdickinson.com/department_justice_...
Plainly states evictions are heard the 1st and 4th tuesday of the month. Since the court date has to be 5-12 days from the date of service of the notice and you need a 3 day notice served prior to asking for the court date as well, the 4th Tuesday is easily attainable if you initiate right when problems come up. The program gives examples of the time frames, weekends, holidays, etc
An attorney told me a quote of $1000 to take care of an eviction. If I pay the county to serve all documents, spend $20 for a court date, etc, you can do it yourself for a quarter of the price.
This is liberating for a small time investor
Post: HELOC/Refinance/FHA combo

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
Just a follow up on how all this worked out.
I ended up with a contract on property 3 for 215k. In the contract, it gave us until 3/2/16 to apply for financing, with the expectation we'd close within 60 days. We had to put down 5k earnest (and nonrefundable) money.
In December 2015, I secured a 20k HELOC on my primary residence. No closing fees and a promotional .5% interest for the first 6 months. I was planning to do this anyway, but the timing made sense. I drew all 20k, let it season.
Applied for loan through a local credit union. They happened to be running a no closing costs promotion, which saved about 4k. Still needed 15% down, 6 PITI on two rentals, 2 PITI on new primary. Betwewn the heloc, 5k earnest already down, some cash, retirement, etc, we got in by 5/2 and are living here happily. Our two family is rented, our old primary has someone coming in 6/1, and the new primary has an existing tenant, so we are moving forward full steam ahead
Post: HELOC/Refinance/FHA combo

- Investor
- Binghamton, NY
- Posts 11
- Votes 9
@brie schmidt
Everything you said is what I'm thinking. Just concerned that it would logistically fail or somehow FHA would hassle me