All Forum Posts by: Michael Uvaydov

I have raised it and unfortunately, the broker has been ineffectual in resolving the issue. They say that they will inquire about an option to pay for an extension of the rate lock or waiving the fees but make no promises.  

Hi Brandon,  the lender has not been upfront with their fees and processes.  They locked in an interest rate without any input from me despite my asking about it before hand. Then they sent me a loan commitment to sign with a deadline to close in 9 days knowing that we were still waiting on surveys and title reports from seller and could not close in that time frame. And when I pointed this out they  say regardless of the situation and whether or not I execute the document sent they will charge me "redrafting fees". One of their justifications is that the rates would go up since the lock they set will expire soon.   The whole experience has soured me on them. I would rather finish this deal with someone else and forge a new relationship that will continue onto the next deal.   

Greetings all,   

I am in the process of purchasing 4 properties (2 duplex, 2 single) in Buffalo via an LLC as an investment, I have been working with a broker. Unfortunately, I feel that the lender they connected me with for the blanket loan isn't the right fit and is taking advantage. The purchase is for $400K, Appraisals, etc have been completed and they all appraised well. The properties cash flow even accounting for PITI. FICO is excellent. I don't want to cut out my broker who is asking for a 2% fee, they aren't bad just not right for this market and would rather not create bad blood.

Ideally we would put 20% down and we want a loan term of 30 years.

We would like to close by 6/4 if not sooner.   

I welcome your input and recommendations.   

Thank you.

Hello All,   I currently have a few Long term rental properties in the Buffalo, NY Area.  My spouse and I find ourselves visiting from time to time for family vacations, to check up on our properties and for her to work at a satelite office related to her employment.  

We are considering purchasing a single family or duplex in the area to serve as a place to stay during the visits and make it available as a STR when not being used by us.

I have been told that whether or not you are approved for an STR is dependent on the area. I am unfamiliar with that aspect of Buffalo and would appreciate some advice on the process and likelihood of success in getting the STR approved.

What areas would be viable and still somewhere you would want to visit with the kids?  

Also, are there any Co-Hosts you would recommend?

Thank you.