All Forum Posts by: Steven Kopstein

If you refinance do it now as rates are higher for investment properties. I like holding them and paying them down. Use a complete full service PM to avoid headaches. Why not get income while you pay down the mortgage- tenants will buy the house for you? When the time comes you can sell it and take money out. You also might consider a HELOC. This gives you access to some of the equity just in case you need it - the expenses like interest can be tax deductions. Good luck and don't sweat it too much. You can always sell it later.

Definitely tell them! Potential income from other units will help you qualify. They may not lend for multi-family. You should look at your agent and loan officer as part of your team, not as adversaries. Be open about everything regarding this transaction. If you trust them they are there to help you. If not, find another loan officer to work with.

@Daniel E. Good luck and welcome - I would suggest really browsing around this site as well as listening to the podcasts and webinars.  Lots of helpful information.  Best thing is to make a SMART plan - Specific, Measurable, Attainable, Realistic and Time-bound and then stick to it.  Write it down (handwritten) on paper - and commit to it.  Action is what matters, you will learn by doing.  Also, all real estate investors are looking for help - with your accounting background you might be able to get some part time work from one and learn in the process.

PS - click here for more info - http://skny.nyc/property/build-your-dream/

Great historic home located in HOT Red Hook Brooklyn - built in 1899.

Huge yard.  Needs updating but clean and livable -  could be converted to single family or duplex very easily.

Contact Steven through BP or [email protected]

http://skny.nyc/property/rare-opportunity/

Get the Best location in Manhattan Beach - one of the most desirable neighborhoods in Brooklyn. Build the house of your dreams! This corner lot is 43.67 ft by 100 ft Zoning R3-1. Located just 2 blocks from the ocean and one block to Sheepshead Bay, with the finest restaurants and shopping. Never worry about having to look for parking again when visiting Brighton Beach because you are just a few minutes away. Now a 2 family brick house with 2 car garage. It is being sold as is, with contents.  Email [email protected] for more information.

@Maple L. I guess like any real estate deal you need to look at the specifics of each property.  And expensive is a relative term.  My house in rural Vermont is a large 3 bedroom with 10 acres of land.  I couldn't get a studio apartment for the same price in Manhattan.  Also, I bought the VT place as my primary residence and lived there for 8 years - this allowed me to refinance it into a 15 year mortgage after 4 years there so I could pay it off more quickly.  Having no mortgage gives me a lot of freedom.  I can be pickier about who stays there and for how long they stay.  Since most of my guests come from Boston or NYC, they are OK with paying what seems like a lot to most Vermonters ($225+/night).  Mostly, having the house as a retreat for my escapes from NY adds a huge amount of value (for me) - and that's hard to quantify.  But I think you can still get a house up there (maybe NE Kingdom) for pretty cheap that people from the cities will still rent for enough to pay the mortgage or close to it.  You want to be near skiing, if it's super rural.  My place is within 35 minutes of Church Street, and 30 to BTV, so I get UVM graduations, weddings and the rest of all that Chittenden County activity (while still near skiing) pumping up bookings and prices a bit I'm sure.

@Mike Sedlacek What counties do you work in?  I may be interested.  Sorry for my NYC centric brain but I'm not sure what Southern Tier and Central counties are.  Is that Rockland, Westchester, Putnam and Duchess? Orange?

@Nathan Gertner - Cash on cash is challenging here because acquisition costs are so high - so it depends on your down payment.  I'm a broker and investor so contact me privately to discuss some options.  Welcome to NYC and BP!

Looks great - perfect color choices!