All Forum Posts by: Scott Wolf

@James Sidney, it all depends on what your looking to buy. For a condo, if you pull equity out of yours, and want to buy it as an LLC, you will have a tough time finding lenders to close the gap on the debt portion. (Not impossible, just tough). That being said, with over $600,000 (conservatively) in equity you can pull out, you should be able to find something that you can buy all cash with pulling out equity from your current condos, but you need to make sure your numbers work.

As for looking at the Hudson Valley, with the amount of equity you have, you'd be able to find something easily to buy all cash.  If you go the lender route, they'd most likely  be looking to you to personally guarantee the loan.  

Another option would be pulling out equity, or selling one condo(1031), and buying a NNN property that gives off cash-flow with no owner responsibility.

Hope this helps, and feel free to reach out if you have any questions!

@Michael Spindler, just sent you a PM with contact info for a great lender I know.

@Brian Bassano congrats!  Where in Westchester, what's the plan, and when's the next purchase?!

@Francene Iaizzo, what are you trying to accomplish?  Are you looking for distressed sellers, or looking for problems before making an offer on a property?

@Frank Robinson good luck!  Sending you a PM with a contact I know.

@Chris Lounsbury congratulations! I too just closed my first solo deal, and I feel like a million bucks.  Every closing has a story, and you powering through your first solo deal is inspiring!  Break out a new 90 day journal, and on to the next one!

@J.R. Coffin, I just bought a 3 family in Hyde Park, and I'm using Eastern Mutual Insurance.  They came in way lower than another commercial shop I got a quote from.  You can PM me for my agent's info.

@Max Abend welcome! As a fellow New Yorker, I've seen the same problems.  There are tons of options for investing out of state (or the NYC Metropolitan Area).  I purchased a triplex in Hyde Park, NY (not New Hyde Park) that is cash-flowing very nicely right now.  Best of luck, and feel free to shout if you have any questions.

@Jordan Santiago HML for a rental is probably not a good idea. They charge 10% or more in interest, and are usually short term loans 3 years or less. The interest will eat up all your cash flow, even if you are doing interest only with a balloon payment.

HML get their money back the same way as a bank, through interest payments. I've never heard of HML doing balloon only loans where you repay principal and interest entirely at the end of the term.

@Manny Montilla great post, looking forward to the responses!