All Forum Posts by: Fred Lujan
Fred Lujan has started 3 posts and replied 4 times.
Hi
I am new to real estate investing. I own a studio in NYC which I just started renting out. I am currently debating what is my long term strategy for this. I do not need this to cash flow in the immediate future but would like to use equity to continue to invest in real estate assets. I am thinking on 2 strategies:
1. Keep it and rent it out and hold it for appreciation and see if someone will allow me to borrow against the equity (tough since it's a coop but happy for any advice here)
2. Sell it and invest in out of state real estate
I would be grateful for the types of things that you would consider in making this decision. For example, one thing that would be helpful is to know where to get historical data on appreciation of this type of real estate and rental increases.
Quote from @Jason Wray:
Fred,
Have you checked with your Co-op to see if they will allow and sign off on the HELOC or cash out refinance. You are in a tough spot because most lender do not touch Co-ops and look at your situation as a Non-warrantable condo. The Co-op Board is the reason why most lenders do not deal with them because they set their own Co-op rules.
Hi
I own a coop in NYC and currently renting it out. I have estimated equity of ~50% of the appraised value and wanted to figure out if there is a way to be able to get it out. I called a couple of banks and they don't refinance or provide lines of credits for COOPS being used as investment properties, does anyone have different experiences? Thanks.
Post: New landlord in NYC - what are things to keep top of mind?
- Posts 4
- Votes 0
Hi all
First time posting and recently becoming a landlord of a studio in a coop in NYC. I am creating a checklist of items to continue to inform myself and put on my calendar (reminders for rent!) but wanted to see if anyone had any tips, checklists or lessons learned specific to the new york city market. Thanks!