All Forum Posts by: Craig S.

Hi Andrew.

A client of mine is about a week out from closing a blanket loan with upstate.  It's a pretty smooth process.  The client put a lot of time into finding the best lender for her, but everybody's situation is different.  Upstate was a little low on the appraisals, but the closing costs were also low.  CNB had high closing costs.  ESL is worth checking out if the property is within their lending area.  They don't use appraisers and will give you their valuation up front prior to starting any paperwork which is nice.

Hope that helps.

I agree with everything Dennis said... 

I have no relationship with Key Bank.  But, a client of mine just did a blanket mortgage on a package of rental properties through ESL.  Their computer generated appraisal system saves quite a bit on closing costs as the appraisals are free.  Although they make up a portion of that money by requiring you to use their attorney and charging quite a bit for it.  The appraisals were quite high though!  20%-30% over our already very liberal valuation!  

With the interest rates still being incredibly low based on historical standards, I always recommend that people borrow as much as possible as long as you're going to use that extra cash on hand to invest elsewhere.  If you're looking to invest again within a year, any monthly savings you're going to have in the mortgage payment it's going to be negated by your closing costs when you refi to get that money back out of your current investment.

I'm with @David Stott. Stay away from Rochester.  Awful market. 

$1000 may be a little high for a 2 Bedroom in the Wedge unless the unit is immaculate.  Meaning things like fully tiled shower, new flooring, granite countertops, etc.  And if that's the case, your PM should be telling you that.

I've never had any problems finding renters in the Rochester area. Usually as soon as an apartment is posted, my inbox is full. Sounds to me there is either an issue with the price, location, or PM. There's no reason any apartment should sit vacant that long.

There there are way better deals out there around Rochester!

Thanks Benjamin. I'm working on a couple potential deals out there. If they work out, I'll be sure to contact you!

Does anybody have a good contractor in the Canandaigua/Palmyra area? We've got a great team in Monroe county. But we are branching out to the Eastern counties of Rochester area. As a general rule we are looking for mid-low cost, but reliable honest contractors.

He's very reasonably priced.