Port Jervis, NY · Member since 2016 · 14 posts · 2 votes
Hello everyone,
I'd appreciate it very much if anyone knew of any investor-friendly attorneys or realtors in the Orange County, NY area. Looking to get started with my first deal. I'm looking to start specifically of my local market of Port Jervis, NY if that helps any. I'm interested in getting into a multi-family property and possibly using my VA loan, maybe a 203k loan or being financed by my parents for this first deal.
Investor · Matamoras, PA · Member since 2015 · 111 posts · 32 votes
10y
I would start by calling the listing agent for the properties you're interestes in. Technically you cannot use any of those loans solely for a investment property. From my understanding it has to be owner occupied primary residence.
With that said, you can still purchase up to a 4 unit building with a standard va home or fha loan etc.
The banks doesn't consider that a investment even though it produces income.
Investor · Matamoras, PA · Member since 2015 · 111 posts · 32 votes
10y
I would start by calling the listing agent for the properties you're interestes in. Technically you cannot use any of those loans solely for a investment property. From my understanding it has to be owner occupied primary residence.
With that said, you can still purchase up to a 4 unit building with a standard va home or fha loan etc.
The banks doesn't consider that a investment even though it produces income.
I would avoid calling the listing agent directly. the reason for that is the listing agent is already contract with the seller, not you. meaning that agent will have the sellers best interest in mind. By haveing your own agent they will be able to advocate on your behalf and always maintain your best interest in mind no matter what situation arises.
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
10y
Dennis VanHouten good luck with the house.
Aaron B Lee I agree with Jonathan Wright on calling the listing agent to get the house. I'm not sure if you meant don't ask the listing agent for an attorney but if you were that's sound advice!
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
10y
Dennis VanHouten I hit post by accident.
That being said what Aaron B Lee is saying about the listing agents conflict of interest is exactly right. If your going to go through the listing agent make sure your on your toes in this transaction because without your own realtor your on your own. DD is key. Keep in mind the listing agent gets all the money but you are now negotiating for the house with the agent. The listing agent will not push as hard for reductions in price as if you had a buying agent negotiating on your behalf. You will have to do that, and much more.
I use the listing agent now because the training wheels are off and I want to use the advantage I get by having the realtor get both sides of the commission. In a perfect world the listing agents are legally bound to be impartial to all offers and represent the sellers best interest. But in the real world there are plenty of things an agent can do to push for a deal when they are getting both sides of the commission.
Port Jervis, NY · Member since 2016 · 14 posts · 2 votes
10y
@John Hickey Thank you for the clarification. I was looking to find a buyer's agent, as I am inexperienced in the negotiations of closing on a property.
Welcome. Thanks for your service. We do free MultiFamily investing training for veterans EMAIL me for info my BP PM does NOT work check my profile. Fill in the foundation below.
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Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Port Jervis, NY · Member since 2016 · 14 posts · 2 votes
10y
@Account Closed I'd like to come to the meetup, but I'll be busy most of the afternoon tomorrow. What time is it? If I can make it I'll try to stop by. Or you can just give me info on the next meetup. Thanks.