All Forum Posts by: Andres Baena

It's definitely happening with other transactions. Ask your attorney to review the contract because he might be able to find the right clause to argue on this. These are uncharted waters so no one really knows how it will play out in litigation.

https://www.costar.com/article/247920446/coronavirus-losses-could-trigger-act-of-god-clauses-in-contracts-insurance-claims

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Hello and welcome @Paul Chae!

I agree with what Abel has posted and you should definitely link up with agents to help you better understand the products and costs associated with the markets you are interested in investing.

Best,

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Hi Tania, I would love to throw my hat in the ring. I will send my contact info in a direct message.

Best,

Andres

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Hello @Derek Moore I have referrals for Queens and Nassau County. PM for info.

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Hello @David Medina, I can assist with any legal issues.

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Hello @Miltiana Holdip, i'm a Bayside based attorney and a new investor in the Southeast Queens markets. Let me know if I can help in any way.

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I like your hustle, i'm in.

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Definitely get an attorney who is up to date on the changing rent control law. See below article:

https://www.nytimes.com/2019/06/12/nyregion/rent-regulation-laws-new-york.html

Best,

1 Vote

Hello @Viktoria Barrett, I would like to introduce you to @Pavel Reyes Valdes who knows the Staten Island neighborhoods and is an investor as well.

1 Vote

Originally posted by @Sheila Gonzalez:

Thank you Larry and Andres for your responses.

Sorry for the late reply, but I've been busy with work. I wanted to clarify that the loan I am applying for is a Home equity loan, not a HELOC. Also, the reason I ran up so much debt is the renovation of the 2nd floor apt, with no rental income for 1.5 years. It took that long due to it being a much larger job than we thought (lots of surprises) not having the money up front and paying for it from my income. Next time I get a loan prior to starting.

I will be contacting you Andres via PM very soon.

I chose a Home equity loan instead of a HELOC so that:

1) If the economy suddenly tanks they cant just cut the line of credit so my plans don't become affected.

2) The interest rate is fixed.

Are there any reasons I should consider a HELOC over a home equity loan?

Thanks, Sheila G

Solid logic, I just ran it by my mortgage broker to verify. Looking forward to the PM.

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All Forum Posts by: Andres Baena

Andres Baena has started 3 posts and replied 49 times.

Post: Can I cite this Pandemic to back out of a deal?

Post: Buy and hold for Newbie in NYC

Post: Management companies in NY

Post: I need a good inspector

Post: Need a wholesaler in suffolk county or good attorney

Post: Anyone from NYC in here (Its like a rare commodity to find)

Post: Property Analytics Group

Post: Rent Control question

Post: Flipping in Staten Island, NY

Post: How to access equity for flipping?