All Forum Posts by: Account Closed

Hello BP, I have a question about cash out refinancing. If I go for a loan to buy a rental property but get denied due to various reasons, low income poor credit, etc. but I go ahead and find an alternative funding source (hard money, crowdfunding) are cash out refinances after 6-12months based on the same underwriting as a conventional mortgage or are they solely based on rental income. In other words if I didn't qualify for a mortgage in the first place to purchase the property would I qualify for a cash out refinance? Explanation is appreciated this has been confusing me for a while now.

Claudia Fernandez what type of multi-family properties do you have and what are the usual rental rates in Elizabeth NJ?

Hi @Nicole Rivers I have looked into Irvington/Newark but many investors on BP say it is risky and it varies so much from street to street. Have you invested in these areas? I would sure appreciate any insight, Thanks.

Hello BP, I'm looking to invest in my first rental property, however I'm living in NYC right now but I'm looking to invest in a more affordable area maybe an hour or two away from the city. Does anyone have any ideas of areas with affordable rental properties within an hour or two from the city (150k and under).

Hello all, I'm a beginning investor living in Staten Island NYC. I can't really afford to invest in my area for obvious reasons (NYC market) so I'm looking to invest within an hour or two of my home. I was thinking of looking for investment properties in Philly because of its close proximity and reasonable priced properties. I'm looking for feedback, maybe other members have invested successfully in an area with an hour of two of NYC and have some tips for me or other areas that may potentially be a place to begin investing. Thanks!