All Forum Posts by: Dennis Callaghan

You can check but I use Hamill-Strowe for the 5 SF homes I own because he gets creative due to the majority of their business being commercial insurance. I used Chuck Pasquale

@Evan St. George I see your concern with changing the mortgage type but if your realtor can explain why your making change properly to the seller then it may not be an issue, and if they think it is then continue with the conventional if you dont want to lose. Good luck.

I live here in Rochester and I used Fairport Savings and Loans, who last I knew still had 15% down on a rental property so it will leave you some money left and give you a lower montly cost and cheap PMI. Personally if the other two apartments covered almost all costs of the entire property and you can have housing for almost no cost, I would save my money and wait till you get local and find another investment property because having 60k or more cash in this market could be 20% easily on a property you dont live in. I would go FHA when you can.

Locally Canadaigua National Bank does portfolio loans as you mentioned. Slightly higher rate and they adjust to the market every 3-5 years depending on how you set it up. 

I will let someone else answer that question but FYI Fairport S&L will do 15% instead of 20% on rentals and they allow you to put to an LLC if you have one. You will have to pay very minimal PMI which you can pass to ur renters and keep more $ in ur pocket.

I own 5 properties in a flood zone and one of them I was able to get it lifted due to getting an elevation check from a surveyor which cost my $700 in NY, it is called a LOMA and you should be able to call a local surveyor and they can almost tell you if it would pass before paying. 4 of my properties will not pass so what we did is asked the insurance company to have the flood insurance only cover the cost of my bank loan and it lowered it drastically.

Understood, and your google street find would be correct, just wanted to make sure you were aware.

Hi David,

I dont use a PM because I have local properties only but recently reached out to one because I know him through my work and he started a PM company and he has approx 50 doors but has always had his own reality team. He is a decent guy so I feel he would be a good fit but I have never used him personally. They are 10% as well and his name is Micheal Slusser 

https://www.slusserproperties.com/rochester-proper...

As far as the location of your property on Avenue A do you know anything about that neighborhood? 

I appreciate the feedback from you all. It's allowed me to look at it from multiple angles. 

Thank you for that Marcia