All Forum Posts by: Scott Wolf

@Joseph LoPresti, shoot me a PM, I know two that would be able to help you out.

 You need to determine what your goals are, and head down that path.  If it's cash flow, then invest the money eslewhere.  If it's appreciation, then the Brownstone Brooklyn idea will work.  There are pros and cons to everything, you just need to find what works for you.

@Joe Tillman buying a 2-4 family in Brownstone Brooklyn would probably be a good appreciation play, but probably not net you positive cash flow if you live in one unit.

You’d have to find a property to run the numbers on, but my guess is it would be the same as renting(which wouldn’t be a bad thing, as you’d be gaining equity and able to write off the interest) or more expensive than renting.

Where in NY? Best I've seen is 75% to an LLC.

Hey @Stefan Smith it's never too early to start building relationships!  Good luck!

@Hunter DeLuca welcome! Who do you work with? I used to be a broker on LI and own a small percentage of a industrial property in Hauppauge.

@Neill K. I think a HELOC would be your best bet. There are lots of costs for a refi, which probably make it a worse option. But I'd check with your bank about a HELOC and other brokers about a refi.

Don't know why I didn't see this when originally posted.  I am not managing the property. 

Update:

Got a renter for the main unit signed for 3/1 so we’re at full occupancy, with only two (pretty brutal winter) months of vacancy!

@Kristopher Shobe If the numbers work, there's no need to season the money from the personal loan in your accounts.  Once the funds clear to you, you can purchase the property the following day.  The seasoning period would be 6 months after you have owned it(maybe longer depending on banks) to see if you can put a conventional mortgage on the property.  

I don't know if the property has been on the market for a while or what, but if you think there is time, or the seller would consider an offer with financing, contact your local banks to see if any will lend on it in an LLC. I say this, as I agree with the previous posters that you should have an LLC with a written operating agreement stating everything in writing so nothing goes south with your friend.