All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1798 times.
Post: NYS Free Real Estate Agent & Broker Continuing Education Class
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
TitleVest is hosting a free online CE class Wednesday May 20th at 1 PM for Preparing your client for closing!
Get your credits renewed while at home during the Covid-19 Crisis! Available for agents and brokers licensed in New York State!
Post: NYS Free Real Estate Agent & Broker Continuing Education Class
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
TitleVest is hosting a free online CE class Tuesday May 19th at 9 AM for Multifamily Properties!
Get your credits renewed while at home during the Covid-19 Crisis! Available for agents and brokers licensed in New York State!
Post: NYS Free Real Estate Agent & Broker Continuing Education Class
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
TitleVest is hosting a free online CE class Monday May 18th at 1 PM for Mortgage 101!
Get your credits renewed while at home during the Covid-19 Crisis!
Post: The "Real" Estate Conversation During Covid-19
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
There's a lot of uncertainty in the market with Covid-19, and a lot of misinformation. Come find out what options are still available to you during this time!
Post: Should you wire earnest money to escrow before you have deal
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
I agree with the previous comments. This sounds like a bad idea. I'd also do some digging into the title company they are using to make sure if you do find a deal through them, they are legitimate.
Post: To invest in NYC . Multifamily property good idea at this time
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Jon Abadia, BP has a bunch of great articles on house hacking. You can find one here.
Buying a MF in NYC and renting the units is house hacking. You can also bring in other tenants in the unit you live in to bring in even more rent. In NYC, house hacking usually will not bring you to cash-flow positive, but if you can get an apartment below market for yourself, while building equity, you'll be in good shape.
Good luck!
Post: Bank or credit union on New York for mortgage a investoment condo
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Lisa Forde. I agree with @Nicholas Mann. A mortgage broker will find you the best rate for something like that. I use Sarah Alvarez from Family First Funding. salvarez at fam1fund . com You can let her know I gave you her info.
Good luck!
Post: Connecticut- looking to network, get into real estate and learn
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Kevin Finn, if you want to start a career in RE, learning here is a great start. You should consider getting a RE Finance job out of college or a property management job if you really want to own your own PM Firm in the future. You'll be able to learn the in's and outs from people already doing it while making a living. If you do take this route, I can not stress the importance of networking enough. It will help drive your career to new heights.
Good luck with whatever path you choose, and the BP community is always here!
Post: 1031 Exchange - Like Kind Question
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
@Tom Knox you just need to get a qualified intermediary involved before the closing. PM if you need help finding one.
Post: Collecting rents from a tenant without bank account
- Lender
- Boca Raton, FL
- Posts 1,918
- Votes 933
Originally posted by @Wesley W.:
I have been using this technique for multiple properties for several years without any problem, ever. The bank account number is printed in their lease:
RENT: A. You agree to pay the monthly rent indicated above via deposit to the following checking account at (BANK): account # 123456; routing # 67890 (nearest branch is 123 Main Street, New York, NY). Rent is due in advance and in full on or before the 1st day of each month without deduction or set off. Time is of the essence. Payment may not be made by third party checks. If rent is not paid physically at a branch (i.e. it is paid online or via bank transfer), the date of payment will be considered the date when funds reach our account.
And before I hear this objection, if someone has your account number, they MAY NOT withdraw from your account (unless your bank does not have any security measures in place). Any time you write a check to someone, your account number is on the bottom.
I use a regional credit union, and they have always been willing to work with me. My bank has an image of my photo ID and it comes up on the teller's screen when one of my accounts is accessed. I've also made it a point to be personally known by the staff at the branch in my portfolio's city. There are also notes on the account screen that informs the teller that these accounts will have tenants (i.e. non-account owners) depositing money. As I mentioned previously, the deposits can be in cash, personal check or some form of online transfer. The teller slip from the transaction is the tenant's receipt.
If you wanted to be especially prudent, could sweep the money out of that account each month into another "private" account, but I don't see how an unscrupulous tenant could withdraw money from the account. Any bank worth its salt is going to ask for photo ID for a withdrawal and they are clearly not the owner of the account. This would be no different than some other random person trying the same thing after you've written them as check. They would not get very far.
I can also tell you from anecdotal evidence from branch management, there are at least several other landlords that have a similar system set up at my banking institution. I've used this system since 2014 and I am very happy with the results thusfar.
Wesley, is your name on the account or do you have an LLC?