All Forum Posts by: Moazzem Hussain

Hi

I'm looking for a short term rental around the Finger lakes region. We have family in the Greater New York Area and the Greater Toronto Area and looking to buy a STR that can also act as a vacation home when not in use for our families.

What areas should we be looking at?

Ideally wherever we buy it would have bookinga year round. So A place with ski or winter activities would be nice. Id also like a place where a restaurants and other activities are available close by. 

Also any thoughts on if this area is saturated? What size house does best in terms of getting listings? What features are worth it and whats not? For our own needs we'd at least want a 4 bedroom house. 

Are there also manamgem companies that people recommen? Wed like it to be as handsoff as possible as we'll be remote owners with occasional use of the peoperty.

Any other pointers, lessons learned, etc. Would be great.

I had water damage to a property and my insurance company is dragging their feet. I have gotten my agent involved per suggestion in another post but still no progress. I have heard public adjusters can help. Is that true? Does anyone have a recommendation for someone in Toledo OHio or at least will deal with a claim from there? Thanks so much. 

I dont have a rep. The person I've been dealing with is from an adjuster company called Sedgwick. 

my insurance company is NREIG but the names Shield ans American LLoyd are also insurers that are involved. 

In terms of damage a water pipe broke upstairs which flooded downstairs. So there's electrical and water damage fixes to be done. The electrical work is understandably expensive to fix the unit (around 11k) and they're dragging their feet on that. There's also damage to the basement (14) they're but even looking at or paying out any of the loss of rent. 

also from their estimates they keep cutting 25% for deprecation despite repearedly telling them the property was fully renovates 2 years ago. They also keep using their own estimates instead of what my contractors say it will cosst. I dont mind their estimate if they can find a cobtractor that can actually come and fix the problem at that price. 

looks like someone said their insurance company just sent people to fix their place. Is that true?

I had some water damage at a rental back in February. The insurance company snd adjuster keeps making excuses and dragging the process a long. Its September and I haven't received anything. I haven't been able to repair my place either. 

Do I hire a laywer? Are there ither experts I can pay to help this along? Can I sue for damages simply because theyve taken so long to pay?

I updated my post, but I dont see it posted above so, Ill explain my situation here again.

This is for a single family home for short term rentals. I am working with a partner. He has done quite a few rentals in the past and also has done short term rentals for the past year or so. I only have one rental that I own. He has a lot of experience, and I have high W2 income that I can use. We're hoping with these two, we can get a loan for an LLC with about 10% down. Is this something a mortgage broker can help us with?

I'm looking to get a loan to buy a property with an LLC where the LLC owns the mortgage and house. I'm also looking to pay 10% down. Is this possible with a perosnal guarantee using my personal income (w2)? Are there mortgage brokers who can work with me on this?

I also wanted to ask, why not work with a conventional bank like Chase? I see a lot of people work with lenders that they know that arent the big banks. What is the benefit there?
Also, if my day job has decent income, I am shouldn't have to worry about having enough income right? Is there a problem getting a mortgage based on your income vs. your rent coming in, in the long term?
Also @Stone Jin, is the low 4% an average of what to expect or is that  on the high or low end of the spectrum. And one more question for Stone. By comps, did you mean comparable properties? Do you just get them from zillow, or somewhere else?

Thank you everyone. Sounds like 3.5% to 4% is what I should expect, and I should look for delayed financing.
Looks like the next step is to talk to some lenders. Thanks for suggestions everyone.

Hi (Apologies if I picked the wrong forum, I tried my best to pick the right one)

I own a multifamily in Toledo, OH that I bought cash. I want to do a refinance to get the money out to be ready to buy another property. It's a 4 unit property, and currently one unit is rented out and the other 3 are actively listed (the property was first listed in August). I've owned this property since March, 2020, and paid 130K for it.

I wanted advice on the best way to take out the most that I can for this property, so I can buy my next one. Some questions I had were:

1) As this is an investment property, what kind of rate can I expect? I own this under my name, and have 800+ credit.
2) I hear the property market in Toledo isn't always appraised well, are there local banks or credit unions that appraise these properties better? Should I be working with them instead? Or does it not make a difference?
3) How should I go about finding the right bank? LendingTree? Talk to the banks I bank with? My priority is an appraisal close to what I paid for the rental.

4) What other questions should I be asking?

Other things possibly worth mentioning. I am 2 years into a 15 year mortgage for my primary residence. Thats the only other debt I currently have.