All Forum Posts by: Debra A.

Okay so Delayed Financing should be the best way for you to go (even if the lender wants to cap max LTV), if it's a non-owner occupied investment. Caliber Home Loans has a product that lets you acquire an investment property with 15% down and they allow delayed financing. 660 Min. Fico is required. And I believe the only state restriction is MA.

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Originally posted by @Preeti Sampath:

Wohoo! I bought my first property! Now I am working on getting a cash-out refinancing to secure a fixed 30 year mortgage. I know most banks only offer 75% LTV. I am wondering if anyone can offer me ideas of how I can secure financing at 80-85% LTV.

Background:
Purchased Friday, June 21st. Single Family Home.

Sounds like Delayed Financing may be the best way to go. You should be able to get all of the cash that you paid for it.

1 Vote

I see "Upstate New York" and "New York City" but Long Island is also a big Real Estate market as well. Just curious if there's a separate Long Island forum?

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Originally posted by @Brian Hannon:

Two parts of the law that I know will affect me:

- coop buildings are not allowed to charge an application fee. if they do charge a fee, that must be paid by the owner, not the tenant. that will cost me $$ and risk when my apartment turns over.

- landlords are not allowed to ask for nor accept rent paid in advance. In NYC many tenants are foreigners (or sometimes students) without credit history or local employment who were willing to put up considerable rent in advance instead of a credit check. this is no longer allowed.

This is interesting. I'm from Long Island and I remember when I first set out to rent my first apartment. The standard "1st & Last Months Rent + Security" was due upfront. So, does this mean "Security" will no longer be upfront? What about a "Broker fee"? That's sometimes - here on LI - equal to a months worth of rent as well. Is it the same in NYC?

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New York City, New York

I just spoke with a borrower, and she is trying to refinance her home in NY. It's a manufactured home on a permanent foundation, but it's on a land lease. She has a mortgage on it right now. Does anyone know of any Lenders before I go digging around, that will allow such a transaction?

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What is the cash-flow?

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People should start looking to use a broker. One application one initial credit pull and you're going to get rates and pricing you just simply cannot get from a big bank or a single lender.

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Upstate New York, New York

Originally posted by @Robert Timm:

Hey BP Community,

I am looking to purchase a few properties in the 60-80K dollar range. After taking Brandon's 90 day challenge I kicked it into gear and set up my LLC and I'm ready to put down 20-25% on these properties. I have connected with some people in various areas and found some properties that I felt comfortable putting in an offer, but I'm running into an issue with lending.

I'm really only interested in 30yr FIXED mortgages, not adjustable rate - which it seems is about all I can get through my LLC. I'm trying to persevere through all of the no's (about 4 banks so far), but I wanted to reach out to this awesome community and see if anyone has advice.

I know I'm not the only one to purchase property through a business, and I definitely know I'm not the only person who doesn't want to do a balloon type mortgage. Does anyone have any suggestions for lending through an LLC?

Thanks guys!

Try NewRez or Caliber Home Loans . They have programs designed for investments that can close in an LLC.

2 Votes

Everyone wants to start RE Investing, but nobody wants to empty their bank accounts to do so. And, realistically, you shouldn't!
Let's talk about another great conventional loan program here called the HomeReady loan, that allows someone to acquire an owner-occupied 2-4 unit residential property with as little as 5% Down, (and a 1-unit residential property with just 3% down) making it an excellent way for someone to break into the RE investing arena without emptying their life savings.

General Eligibility Requirements For the HomeReady Loan:

- 620 minimum credit

- property must be a primary residence

- 5% down payment required for 2-4 Unit Properties (3% minimum borrower contribution)

- 3% down payment required for 1-unit (no minimum borrower contribution)

Eligible Property Types

- PUDS

- Freddie Mac approved condos

- multi-width manufactured homes

- CHOICEhome

As you can see the HomePossible program is an excellent option that offers the flexibility that buyers want. Buy a 2-4 unit property, and begin your journey as a landlord and RE Investor, all at the same time for a small down payment.

If anyone has any other questions, please feel free to reach out!

1 Vote

New York City, New York

All Forum Posts by: Debra A.

Debra A. has started 17 posts and replied 84 times.

Post: Refinancing a Cash-Buy Investment Rental Property

Post: Refinancing a Cash-Buy Investment Rental Property

Post: Refinancing a Cash-Buy Investment Rental Property

Post: Is there a Long Island Real Estate Forum?

Post: New Rental Laws - How will this affect small-time landlords?

Post: Mortgage Options for Homes on Land Lease?

Post: Single Fam 2 Syracuse

Post: Good banks to use for BRRRR strategy in NW NY (Monroe County)?

Post: Mortgages through an LLC

Post: House-Hack with HomePossible