All Forum Posts by: Boris Sabovic

Afternoon everyone.

I'm looking to get together a team for 203k loan type of purchases. I'm interested in buying a property for myself and use 203k loan mostly for experience. I would like to get a local Loan Officer that is experienced with 203K loans and local approved contractors. 

Please PM me if you fit any of the two criterias.

Thank you.

Boris

You are limiting amount of people you can rent it to by not providing appliances. Also most people don't have that kind of money to drop for new appliances on top of security and first month rent. Unless is like a studio with limited space, those sometimes have microwave and small fridge, like kitchenette. 

Well I live north of NYC and we use pool about two months out of the year as well. In areas where homes are 400k+ pool is expected sort of. You will be appealing more to families with smaller children, however you might not need to go with in-ground pool. No pool would be more appealing to professionals who are busy and do not have time to maintain it, however most professionals would be usually couple who would not be interested in large home unless they work from home. It all depends on size of the house and how the house is set up. What i mean by set up part is what kind of sellers are you targeting with that home. If its families, I would go with pool.  

@ Richard Sayer you might want to give a call to Quicken Loans. When i was looking for lenders and i was not sure if i had enough Debt to Income ratio to be able to get a loan, i spoke to rep from quicken loans and he told me that as long as i have one year lease with my tenant, they would use 70% of that income towards my ratio even if at the time i owned that property for only 3 months. 

All best,

Boris

Numbers don't work. Sounds like you have 100k+ rehab, which would bring you to values of other homes in area. Add all other closing costs and fees, you would be in for 400k+.

NYC is tough market. If you put aside the fact that if you ever have a tenant that you have to evict it takes almost 6 months, all depends how good are they in playing the game in front of judge, it's hard to make positive cash flow. Just basic math, 2.5k per unit monthly, that's 10K. 2.1M - down payment 20% = lets just say 1.6M financed. At 4.5% or so is about 7.5k just mortgage alone, add taxes, other monthly expenses and repairs you won't see any cash flow. And getting 2.5k monthly for that apartment might not be realistic either. Only way I see for NYC to pay off if you want to build equity, since price of real estate in NYC skyrockets every 10 years. Figure out what you can get per unit monthly, get all expenses together and see if you will be seeing any cash flow from the units. If there is even slight positive cash flow, I'd go for it.

@Bud Dwyer You are welcome. Good luck. 

See Charles Schwab. They are great for investors. They only have one bank, however you can deposit cash at investment centers they have. All fees for ATMs get reimbursed so you can use any atm that you like. Also if you need large sum, you call them and tell them that you would like to take out X amount of dollars and you can take it out in any bank. I'm sure there are better local options but for me I use Chase and Charles Schwab.