All Forum Posts by: Andrew Page

Unique Opportunity To Own A LEGAL 2 Family Home On An Oversized Lot In Mineola, NY on Long Island. Completely Finished Basement with office that could be converted to a bedroom. 

Property has been rented for 5 consecutive years with gaps. When put up for for rent there is typically multiple offers and the rent has often climbed over asking price. Rents on this part of Long Island should continue to increase. 

DETAILS

• 2 Car garage
• 2 Full Kitchens
• Laundry Upstairs & Downstairs
• Quartz Counter Tops
• Custom Cabinets On 1st Fl. 
• Recently Refinished Hardwood Floors Thru-Out. 
• Each Unit Has Their Own Heating System that was updated within the last 10 years
• 10 Min-Train Station, 33 Mins-Penn Station, Close To All!\

I'm in the process of selling a multifamily home and buying a piece of land at the same time. The profit I make on the home sale will cover the land cost ($227,500). But of course, the closing will most likely not line up. I have the option of getting a land loan from a local bank here in Massachusetts but don't want to do that if I only need this money for a short time (1-2 months). 

Who here has worked with Private Money lenders? What would you recommend I do in this case? Are there private money lenders you would recommend? 

Thanks so much for the help!

I would love to own a small portfolio of rentals, just not sure I can float this rental and have enough for a down payment on our "forever" house. Any creative financing ideas?

I've owned 2 family home for the past 5 years. We lived in one of the units for the first 4 years. We moved out of state and are currently renting and looking to buy a new primary residence. The numbers on the rental are as follows: Monthly expenses including mortgage: $3,000 Monthly rental income: $4,100 Interest rate: 3.4 percent Potential Equity: 200k My question is... should we sell the rental property and use the 200k equity towards our new mortgage so that our payment will be lower...or do we try and keep the house but have a much higher mortgage payment and potentially have to pay PMI?