All Forum Posts by: Shannon Fogarty

@Danielle Golan its so great to hear from you, and that you had a positive experience. My boyfriend is based in western nassau, so we were hoping nassau because it is easier. However, I think we we will get more bang for our buck in suffolk. I'm a western suffolk girl so I was looking there. Can I ask you about financing? We're really trying to avoid doing a traditional loan, and don't want to commit to living in the place using an FHA loan. I'm super interested in subject 2's.

@Tie Lasater, thank you! I appreciate it!

I am a newbie looking into purchasing rental properties utilizing seller financing. I am interested in using a subject to deal, but am obviously open to all strategies. I have yet to make my first deal,  but I'm looking to do as soon as possible. 

When utilizing these strategies what information do I need to analyze the deal? The rental calculator here on BP uses a traditional mortgage, and obviously seller financing isn't quite the same. 

Also, for a subject 2, once the mortgage is paid off typically what happens? This is a gray area for me. It seems that majority of people lease option the house, so they create a sandwich lease, but what if you want to hold the property? Does that make sense to anyone?! 

Thanks in advance! :) 

@Daniel Rosado, I'm in the same boat as you. I'm in NY so the market is also competitive. Saving up for a 20% down here will take a while, and with all these creative ways to get capital I strongly feel like theres a way to get started sooner. There's never going to be a good time. Luckily, I'm trying to do this with my boyfriend, but we're still at a loss for what route to take. I don't really have advice for you, just support, and empathy. We are so excited to get started, but don't want to make the wrong moves. 

Have you thought about using an FHA loan to get approved? Granted you would have to live in the property. That's the issue my boyfriend and I are having now. We ideally don't want to have to move into one of the units in a duplex or triplex.

Thanks Mike. Of course I would never solely on info from a forum. I was just trying to get some very basic info, before I reached out to a professional who could answer those questions. I appreciate you answering!

Hi all, I am interested in concept of sandwich leases, but all the examples I see of people who have done them do not reside in NY state. Is it legal in NY? Is there a market for it on Long Island?

Thank you James!

Hi everyone!! My name is Shannon, and I'm super excited to meet some like minded people! I am currently a music teacher, and I'm looking to invest in real estate for financial freedom. I am super interested in the notion of sandwich leases, but I am unsure of the legality here in NY state. In my research, I have also found that there are a lot of different components to it. As a newbie I am nervous my lack of experience is going to cause a mishap. I'd like to start by creatively obtaining a property with a small initial investment, so any advice would be appreciated!!