All Forum Posts by: R.J. Petrillo

So over the past 24 hours I've called and emailed a dozen banks, both in my geographic local area, and the area I am currently looking to grab another property in (Central FL), and every single one has informed me that they are not accepting applications for investment properties, only primary residences at this time.

Looking to take advantage of the low rates to pickup another property or two, but this is a significant stumbling block.

I have inquiries out to the two agents I've worked with down there as well - hopefully they come up with something more fruitful.

Is anyone else running into this problem lately? I'm primarily a buy and hold / LTR investor, so going private or hard money isn't exactly part of my typical strategy.

I generally agree, and have the same philosophy. It has done me well on 2 properties so far (one in downstate NY), however I have concerns over things that are beyond simply the scope of the tenants. Even the best vetting and backgrounds can't compete with NYS's continued governmental sabotage against landlords.

I was seeking out my next property in the greater Buffalo area, but between the legislation passed last year, the one cuomo signed yesterday regarding evictions, and a myriad of other reasons... I'm feeling more and more unwelcome in my home state, more than usual at least.

Curious - with everything that is going on in NY, and the anti-landlord sentiment held by the state, governor, legislature, and residents - do you feel it is worth the risk to buy and hold?

From what I read it was lodging tax, tourist tax, and some other nonsense.

Here's an article I found on the subject. I'd imagine locals may be able to chime in with better info. Like you - I'm just a yankee doing what is my birthright, move out of NY and buy property in FL. :P

Orlando passed some laws/ordinances regarding STR and limiting the ability of folks to do so without registering with the state something to the effect of $275.

> The new law also requires short-term rental operators to register with the city and pay a fee of $275 for the first year and $125 annually after that.


Additionally you need to collect a variety of taxes.

I don't believe Kissimmee has similar laws, but I'm just starting to do research on this topic and this area myself.

Yikes. Scratching that off my list for STR/Airbnb in the area.

From my experience in Nassau it is VERY difficult to make new legal multi-family properties from SFH based on zoning and regulations (TOH & TONH in particular, and that's even with people on the inside of both places trying to help me out and navigate).

That being said - your best bet is to speak with the town to see what the deal with the 3 separate meters is. Someone may have gone through the preliminary steps to get it approved for MF, but never followed through?

FWIW - not recommending this per se, but mMost of LI is chock full of illegal rentals (basements and the like). It seems that the towns are aware of it, but unlikely to enforce unless something unfortunate happens (or a neighbor complains daily).

Thanks everyone! :)

Hi  @Eric Brust:

I've been helping a buddy find properties in suffolk in that range, and a little lower.

Finding opportunities in Patchogue & Bellport primarily based on the alert criteria - Maybe focus your search there.

Basement apartments or M/D may run into local zoning issues or laws - so I would check in on that too. Plus from what I've found a lot of homes that far out in Suffolk don't have basements - though that may just be an anomaly (I know its true of the Bohemia area though, and stuff south of Sunrise.

If you plan on living in the home yourself - you can get away with as little as 3.5% down through an FHA loan. I would definitely speak with a lender and maybe even look to get prequalified first if you don't plan on purchasing cash outright.

Good luck!

Thanks guys. Glad to be here.

Sure thing Eric. :)