All Forum Posts by: Todd Fox

Ryan Fortier a credit union is like a bank but they are typically non profit so they can usually beat the rates of banks. You don't need a broker for a deal this size, they basically charge you 1% fee or higher to help you find a bank. You can also try some online websites that will shop your deal to hundreds of lenders, such as rocketmortgage or QuickenLoans.

I think it's important to know your exit strategy before you get involved with the project. For example, if you're planning on keeping the property, you can refinance it with a bank and repay the line of credit once construction is complete. It would be prudent to speak with local banks to make sure you can accomplish your goals before you get locked into the property

Ryan Fortier in my market (which is unique), rents continued to tick up even during the housing market crash. Every market is different though. Caroll gardens is a great area, which I would assume only continues to appreciate. Are you able to increase your rent at all? Are you able to refinance the property and use that capital to purchase a second property?

@Ryan Fortier, which part of Brooklyn is the property in?

Are you planning on flipping or buying to hold and rent?

Ah ok. Yes I have done so with great success. The important thing to consider is making sure you have access to funds incase you run into unforeseen issues with the project! The last thing you want is to be stuck making interest payments and have no way to finish the project! 

Welcome to BP!

Welcome to Bigger Pockets! Looks like its already producing results for you.

Ahshar, what do you mean by credit only? 

In NY, a seller cannot back out of a contract. There is no 72 hour period for them to do so. Legally the seller has to sell you the property and a judge will rule in your favor. I would contact a real estate attorney to review your purchase offer. They are the only one that can tell you exactly where you stand. Everyone on here (including myself) is just conjecture.