All Forum Posts by: Nick DiFinzio
Nick DiFinzio has started 9 posts and replied 26 times.
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Hey Mike, that does look like a great deal! How much do you plan on putting down??
Post: Single Family Buy and Hold
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Zach Edelman:
How's the cashflow going?
About $900 a month after taxes/insurance/and misc repairs.
Post: 2-Family Buy and Hold
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Great post Coty!! Thats some good cashflow🙌🏻
Post: What can I do?
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Hi everyone need some help on what to do here. My sister bought a condo in Long Island with her boyfriend. Unfortunately the relationship did not work out and they broke it off. She left and he remained living in the condo. Her name is on the deed but not on the mortgage loan. Does she have any legal recourse to get back any of the $25k she put into the property such as down payment, rehab, and furnishings? He has already made it clear he is not willing to give her any money. Let me know what you all think. Thanks!
Post: Single Family Buy and Hold
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $53,000
Cash invested: $12,000
Single Family 2bed 1 bath home, light rehab, rented for $1200 per month.
How did you find this deal and how did you negotiate it?
Found it on the MLS
How did you finance this deal?
Cash buy
How did you add value to the deal?
New bathroom, all new appliances, and new paint.
Post: Platforms to List Rental Property
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Jill Keller:
Hello,
Any advice on what platforms to list rental properties? I've been using apartments.com but thinking of branching out to other websites. Criteria below:
- Website should be free to list property. I'm fine with creating individual listings on multiple Sites.
- Looking to get my property on multiple websites so I have better reach (without paying premium)
Also, is Zillow Rental Manager free to list/advertise your property for rent if you do not upgrade to premium? I'm seeing that it is $29.99 for 3 months for premium but wondering if I can list my property for rent for free without the benefits of premium.
Feel free to list what you use and why you like/dislike it.
Thanks in advance :)
Hey Jill! I used Zillow rental manager about 3 months ago to list a property, it was totally free for the property owner to list and receive applications. I thought it was a great user-friendly platform. Maybe they charge a fee now for the service? I would double check though!
Post: Banks/Lenders With No Seasoning Period
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Nick DiFinzio:
Hey can anyone help me compile a list of banks/lenders that do not have a 12-month seasoning period? Trying to cash-out refinance a property that I own to roll into another deal. Property is located in Binghamton, NY. Thanks in advance!
I should probably mention, the property is only worth approximately $70k-$80k. Will not qualify for DSCR. What are my options to get some money out to roll into another deal?
Post: Banks/Lenders With No Seasoning Period
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Ryan Abraham:
To add on to the advice that was already given there are 3 different types of lenders
1. Traditional - this is the 1st you will use and generally has the best rates/leverage - use them until you can't
2. Local banks - these lenders typically have their own money and so aren't governed as much by the broader market. If you are consistently doing business in an area it is worth looking them up and starting relationship. They usually don't have as much money so you will eventually run into lending limits
3. DSCR lenders - Because most of them sell their loans the pricing (especially 30 year) fluctuates a lot. The loan level pricing adjustments can really mess with things as well. The trick here is finding a rep that understands your business and can structure the loans so that they align well with your goals and limitations.
Reaching out and developing relationships with all 3 types will be important. The lists can be compiled pretty quickly with a Google search.
Post: Banks/Lenders With No Seasoning Period
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Alex Hunt:
Hi Nick,
I grew up in Rochester NY. If there was work done to the property then there is no seasoning. Otherwise you are looking at 3-6 months.
Feel free to send me a PM with more information about the property.
Thanks Alex, just sent you a DM, get back to me when you can.
Post: Banks/Lenders With No Seasoning Period
- Rental Property Investor
- Long Island, NY
- Posts 26
- Votes 10
Quote from @Becca F.:
I contacted a mortgage broker, Mortgage Pros LLC located in Troy, Michigan.
The person I was working with said there is no seasoning. He said I could refinance immediately after the renovation. I wound up not doing a BRRRR though so I don't have first hand experience with a cash out refinance with them. I did a conventional loan purchase on a move in ready SFH in Indianapolis. I'm not sure if they do business in NY but you could ask.
Thank you Becca!!