All Forum Posts by: Chris Marte
Chris Marte has started 6 posts and replied 29 times.
Post: Need Help with Contractor's Estimate
- Accountant
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Originally posted by @Alex G.:
Are you planning to flip the house or rent it out?
Great question - Looking to BRRR the property. Estimating a 10-year hold.
Post: Need Help with Contractor's Estimate
- Accountant
- Posts 30
- Votes 2
Just sent. Thank you.
Post: Need Help with Contractor's Estimate
- Accountant
- Posts 30
- Votes 2
As a rule of thumb, what $ per SF should I be looking to do for rehab projects?
Post: Need Help with Contractor's Estimate
- Accountant
- Posts 30
- Votes 2
First time investor here. A contractor has walked-through a property I'm interested in and sent over his estimate for rehab (below - includes labor & material). Not really sure where to begin when reviewing the estimate as I'm not familiar with rehab projects.
Looking for advice from those who have experience with rehabs. Are there some cheaper options my contractor may not be considering? ie. laminate flooring, etc. What questions should I ask?
Post: Lenders that offer HELOCs on Co-ops
- Accountant
- Posts 30
- Votes 2
Originally posted by @Scott Wolf:
Originally posted by @Chris Marte:
Originally posted by @Scott Wolf:
National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte
Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.
Really? You reached out to them? If true, I'm very confused. This is directly from their website:
NCB offers Home Equity Loans and Lines of Credit for co-op unit owners
Sorry, maybe I confused them with Third Fed. I called more than four lenders yesterday so maybe I got it mixed up. Think NCB, Key, and Citi all do 80% LTV on co-ops.
Post: Lenders that offer HELOCs on Co-ops
- Accountant
- Posts 30
- Votes 2
Originally posted by @Scott Wolf:
National Cooperative Bank https://www.ncb.coop/ should be able to help you @Chris Marte
Thanks for the suggestion. Unfortunately, NCB does not lend on co-ops.
Post: Lenders that offer HELOCs on Co-ops
- Accountant
- Posts 30
- Votes 2
Originally posted by @Account Closed:
Are you sure your coop will allow you to go up to a 90LTV? They will have to approve the financing whether it be a primary loan or a HELOC, so you need to clear this first. If the coop is ok with it, I would be happy to research some options for you.
My co-op is ok with taking out HELOCs on units in the building.
Post: Home Equity Loan Private Money
- Accountant
- Posts 30
- Votes 2
Originally posted by @Ryan Anthony:
@Paul Defngin
Thanks for the advise! What happens to the lenders property that they've gotten a HELOC on? Does the bank own it? Can they sell the property later?
The bank won't take possession of the property under HELOC unless the borrower defaults on payments.
Post: Lenders that offer HELOCs on Co-ops
- Accountant
- Posts 30
- Votes 2
I'm currently shopping around for a lender that will offer 90% LTV on Co-ops. I know some of the bigger banks service HELOCs on Co-ops like Chase, Citi, BofA but their LTV is 70% I believe. Some lenders that offer 90% LTV don't service Co-ops.
Does anyone have a suggestion for a lender offering 90% LTV on Co-ops?
Post: [Calc Review] Help me analyze this deal
- Accountant
- Posts 30
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Thanks for pointing that out Jaysen.