All Forum Posts by: Lucia Lilac

Hello BP!

I am looking for a R.E. Agent who is experienced in working with R.E. investors (Buying & Selling), preferably someone who does this full time and is passionate and very knowledgeable in this business. Any recommendations in the area? TY in advance!!

 

Hello BP! 
I was looking to purchase a property but I don’t have to much knowledge or experience on septic tanks. is that something to avoid? What are your thoughts?

Thank you everyone, I was able to find a bank that will allow me to do this. Webster Bank in Connecticut, in case anyone is in the same situation in the future. :)

Hello BP!

I found an amazing deal on a 2 family investment property that I would like to BRRRR. I have enough money for the down payment and reserves but not enough for closings costs (approx $20,000). I own my coop paid in full but it is too short notice to get pre-approval for a HELOC (It will take 4-6 weeks to get approved), so my only other option currently is to take a HELOC out of one of my two family investment properties, I currently own 3 two families. I am having a difficult time locating a bank that will let me use a HELOC from one of my investment properties, normally they only do it on Primary Residence. Anyone have any suggestions on who I can call to make this work? I don't want to let this deal go. This property is located in Rochester NY, thanks in advance!

Thank you so much BP community!

Thank you everyone for the replies!

And wow thank you @Andrew Postell for that informative answer, extremely helpful!

Hello BP! I am curious to know if anyone has purchased a Brrrr with 20-25% down and take a loan/mortgage out from the bank for the rest. I know most deals are done with cash, hard money lenders, etc... Is it possible to do it this way using a bank and refinance with them after the renovations are done? Just curious. 

Hello BP! Quick question? I found a property I want to Brrrr, my bank I usually work with sells the loan, I know this is to
free up credit lines and allows lenders to pass out money to other borrowers. My question is if I want to refinance my property and it's sold to a new bank how will this affect me? Should I work with banks that do not sell my loans? I am a little naive to this so any info is appreciated! Thanks :)

Thank you all for the great advice! Just purchased 2 books on syndication, going to start educating myself now. Bigger Pockets has the best community, you all are so helpful. :)

Hello BP! I am looking for some advice and guidance, hopefully someone can help me. I currently live in Queens, NY and will be moving upstate to Rochester, NY early next year. My husband and I own 3 two family homes in Rochester and we love the area and the market is much more affordable than Queens. Our co-op is paid in full, I did some research and spoke to my agent and she said we can get a minimum of $250,000 for it. My question is what would you do with $250,000? I have enough money saved as well to purchase a home to house hack with my husband as soon as we move there. I have been doing a lot of research on purchasing apartment buildings and I am thinking of going that direction, possibly BRRRRing it. What do you guys think, what would you do? I am open to other areas such as Buffalo and Syracuse as well. Any advice is appreciated!