All Forum Posts by: Debra A.

Hello!

I have a client who is looking to purchase a 2 to 4 unit residence in the Ossining,NY area. We have just begun the pre-approval process. Please reach out and let me know what experience you have in that area. Thank you! 

 Yes! Absolutely. Cannot agree more.

I can't speak for other brokers but yes the broker I work under has an extensive network of lenders we do business with. Yes obviously we need to get paid BUT we more than make up for it by comping a lot of things that other lenders cannot + combine that with specials that the bank might cover or throw in for us since we do a lot of business and at the end of the day our client usually 9 times out of 10 gets a way better deal overall, better rate, better closing costs by waiving certain fee's if we can, etc etc. 

Could you provide a little more detail? For example, costs of the aging properties you are looking to purchase, amount you're looking to get from each investor, expected return, whether you're going to hold or sell, etc etc?

 How would one do this? Sounds like a good opportunity for a newbie.

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@Ian Kee Not being rude at all, that's why we're all here isn't it. The interest that he'd pay on a loan from his 401(k) goes back to his account??? I guess I gotta look into my 401(k)....lol 

I was always told to never touch your 401(k). There are many options out there now for funding real estate investments that will not only take in to account your monthly income from W2's or in your case retirement/pension but also look at the rent the property itself is bringing in. You should be able to qualify with that especially if the property is bringing in $2400/month. If you need the money for a down payment, then you probably shouldn't be looking to purchase just yet, as you will want to make sure you have enough reserves in case something happens...like your car blows up and you need money for a new one or the tenants decide they don't want to pay their new landlord the rent anymore. lol BUT now on the other hand...you're rehabbing another property right? What about a delayed financing option on the other property? Cash out on that one and use it to purchase this duplex? Just my thoughts...