All Forum Posts by: Steven Ruff

 Yes Sullivan near the PA border

Hi everyone, so far we have been buying in Pennsylvania however we are planning on making an offer on a property in Sullivan county NY (barryville) and don’t have an attorney in NY.

I’m looking for recommendations for an attorney who is good with right of ways and agreements with neighboring properties (apparently there is a common bridge that needs repair)

 I’m Greentown also, right near ironwood point. A few houses from the lake but has a deeded boat slip. I’m most likely selling next year and upgrading to a lakefront.

The area is a vacation hotspot. I am shortly listing my property (near ironwood point, east side of the lake) which is not in an HOA, has a deeded boat slip and is about 6 houses from the lake(5 minute or less walk). 1.5 acres property, setup for short term rental. Reason for selling is I want to upgrade to a lakefront home. Will be listing at $425k

Which township/county? I did the same thing as you, bought in palmyra township, pike county. 

 I’m listing my property next year, setup for short term rental with a deeded boat slip. Short walk to lake wallenpaupack. 1.5 acres, 3bed 1.5bath, ductless a/c, basement garage for storage. Will be listing at $425k, we are looking to upgrade to lakefront.

Here’s my air BnB listing for some pictures https://abnb.me/lggVYb60xvb

Make sure the DSCR lender is short term friendly. The appraisal situation gets funny when they base it off of ltr in the area.

Also, what about JV'ing with someone who can still carry a conventional mortgage?

Hi guys, I just totally got jerked around by rocket mortgage on a cash out refi app. 4.75% rate, great right.

It’s an investment property that I’m short term renting (starting next month, renovations took longer than expected, almost 2 years).

Rocket only cared about debt to income ratio and refused to use my actual pay ( 40k higher for the year than base pay) I am scheduled to work on weekends which are premium pay but rocket considers it overtime/bonus and won’t include it in debt to income ratio. 

Is there any lenders that would cash out refi this based on projected rental income? Or a lender who would be more lenient with my income situation?

thanks

Steve

I’m looking for opinions on my plan. It obviously seems right to me but would love to hear any other ideas you guys may have.

I have a str in NEPA that I adding a lot of equity into.   I can cash out refinance for the same rate and have enough for downpayment/rehab/startup costs of the next str I want to buy.

I’m looking for another str in the area. I have access to 401k loan or pension loan to cover the down payment as well. 

I am starting the refi process now with the theory that interest rates are not going down any time soon. Even without finding a property yet I would still be ahead having 100k in my hands at a cost of 4.75%. Even if I fund the next str differently I could use this money to lend at a higher rate.


If I do find a home during the time before my cash out refi closes, will it be hard to start another mortgage application for the new str?

Anywhere from 4.99 to 5.4 is what I’m seeing. But this is quotes im getting to cash out refi (30 year) a rental I have.

Was hoping to get mid to high 4% but haven’t found a lender who could do it yet.