All Forum Posts by: Account Closed

Hey Derrick! 

Thanks for that I don't even know where Yonkers is! Gotta investigate! 

So I can be 30 mins from Grand Central for 50k?

Would that be a condo or coop? 

Appreciate the reply! 

OK thanks Phil!  I know it's a long shot. It's really just to have a bolt hole I can visit from time to time. 

Can I buy into a coop and rent it out or do I have to live in it? 

Hi there

This might be impossible but thought i'd put it out there as looking at realtor.com isn't yielding any results.

I'd like to buy a small 1 bedroom condo somewhere in New York - obviously not in Manhattan, Brooklyn etc but somewhere within 1 hour of Manhattan by subway. The purpose of this is that i'd like a place where i can stay when i visit new york every few years. I don't really care about growth or cash flow as long as it pays for itself through rentals and is in a reasonably safe area where i won't die buying groceries when i visit. 

Is the above possible or is getting something for that price just out of the question?

Thanks very much

Rudi

Federico - I don't take any offence.  Credit in the US is a complete pain in the butt. I just want to encourage you (and others) that it IS possible.  

It took me about 10-12 banks I spoke to and the one that agreed is in a small town but will lend anywhere in Colorado.  

If I can get to a decision maker and they have some policy flexibility I can normally get the deal together because I have lots of banking and finance experience.

On top of this, lenders look at the whole picture and when they can see history of professional employment, solid real estate experience and a good cash deposit they will budge if you structure the deal right. 

I hear you've had trouble and to be honest I heard that from lots of people and yet I have the approval and am ready to do. Don't give up if you want it you can make it happen.

More than happy to help anyone out in any way I can - I want to contribute here as you have all be so helpful to me. 

Michael - thank you kindly. I'll give Bob a go! Appreciate it. 

Engelo - thanks for those leads - I'll make time to see them on my upcoming trip to Ohio. I've also sent you a connection request.  

Thanks - not sure what you mean by point of sale inspections? 

Can you give me some examples / scenario? 

Regarding turnover are you saying that he has trouble keeping tenants long term? Is that a controllable factor from what you've seen? As in he charges too much for rent, downtown maintain the place, doesn't screen tenants properly or is it just an area thing where people that rent there tend to be unstable / move around a lot? 

Hi Federico

I came here a few years ago on holidays and got two secured credit cards - one for 500 with Wells Fargo and one for 300 with bank of America.  I used them while in Australia for minor purchases - mostly iTunes and Amazon that kind of thing. I paid them off in full each month. 

They report to the credit bureaus and since I managed them well I have a score in thelw 700s - not the absolute best but nothing that would alarm a lender. It's difficult to improve beyond that because I don't have an auto loan or another type of installment loan but that will change once I purchase a property. 

Hopefully that makes sense? 

Ken - thanks - I absolutely want to connect with him. He will be able to give me a sense of how things work in Ohio whilst balancing it with the Australian perspective.  He's no. 1 on my 'gotta buy that guy lunch' list :) 

Hi everyone

I currently live in Colorado and am considering investing in some buy and hold realestate in Ohio.

Does anyone know of (or are you) a portfolio lender?

My situation is a bit different than most in that I have recently moved from Australia and am not a US citizen. I'm here on a work visa that i plan to renew indefinitely but it is a problem for some lenders. I've also only been working for a short time (3 months).

Having said that, i have a good credit score, no debts / defaults and a reasonable amount of cash. 

I've managed to secure lending in Colorado through a local bank (so it is possible!) that does portfolio loans for reasonably good rates / terms and would like the same in Ohio. 

I don't really want to approach the large banks as they typically don't have appetite for this and would like to speak with a bank that has a degree of flexibility that can look at a deal on it's merits.

In Australia i worked  for a large bank for 10 years and have lending experience among other things so i can put a deal together if the person i am talking with is prepared to have a discussion rather than tick a box if you know what i mean. I also have real estate experience and my family have been property developers for over 20 years.

Apologies for the long post but hopefully this will provide those with the right contacts to chime in based on the situation.

Many thanks for your help everyone!

Rudi

Hi All

Just wondering if any of you have a buy and hold calculator for deals that don't need finance? All the ones I've seen have a finance component which messes with the numbers.

I'm looking to buy some homes cash and would like to run the deals through some calculators for sake of speed.

Many thanks 

Rudi

Thanks Candace! Appreciate you sharing you experience.  

When you say a sellers market, are you referring to Huntsville or Auburn? 

Regarding the rule of thumb - if I drew a straight line left to right across say Bessemer, Hover and Vincent - and stayed above that, is that correct? Is that above the Shelby County you mentioned?