All Forum Posts by: Calvin Thomas

Check your email.

Anyone have any recommendations on banks/mortgage brokers to reach out to in the New York area?

There are many properties, so mortgaging all of them one by one would be a long process.  Anyone know of a good NY mortgage broker who can assist?

I am looking at a large complex to purchase in NY, however, I am unsure on the best way to purchase.  It's about 3m, and a 20% deposit (or more, rather place less) would be in my current assets.  I have several multi-family homes owned outright.  Is there anyway to use the equity in my current buildings for downpayment?  If not, what is the best way to acquire said property?  The CF is nearly 750k a year, so the complex will pay for itself.  Never gone through the mortgage process, as I've always paid cash.  

Ideas?  Suggestions on how to proceed?

Interesting on the 40.00 inspection fee.  Wonder how many people actually pay it though.  One would think they'd be tough to enforce.  I already have a PM company in the Capital District.  This is not an issue.

Are there specific areas in Cohoes to look at?  Or should it be avoided all together?

Looking at some properties in Cohoes, NY.  I am very familiar with Albany, but looking to expand.   Can someone give me some insight for multi-families in Cohoes?  

I assume you only work in CA?

New York Community Bancorp is very friendly to investment properties.  They also just bought Astoria Bank.  They like multifamily homes as well.

https://www.mynycb.com/Pages/home.aspx

HTH

I asked TD Bank, KeyBank and Webster Bank.  None of them offered a credit line secured by property.  Only thing they offered was a mortgage.  Wonder if this Univest works in NJ/NYCT areas?