All Forum Posts by: Scott Wolf

@Adriana Mendonca, you also need to be over 55 to buy in the community, and a second person is on title, they need to be at least 45 in most cases as well.  Searching other areas for lower price points is definitely a better idea.

@Adam Romano, I would check with an attorney to see if you can amend the current LLC to add the Private Investor. It may save time and money.

@Jonathan Ng, it seems like you're putting the cart before the horse here. @Kushaal Malde makes great suggestions, but just start before you worry about running into conventional loan limits.  Once you get to that point, you can get portfolio loans or blanket loans to cover multiple properties at once.

Good luck on your journey!

@Jason Risley, you don't need to buy in 44 days, you need to identify in 44 days.  Is your QI not assisting you with this? 

@Sean Monahan, if the deal works, it will only help your DTI. If you have a client paying $5,000 per month and your mortgage is $2,500, that's a good thing. Unless you're buying it and losing money, this should be ok.

You could also lend them the money yourself if you're able to, or find them a private lender that could do so.

@Kayla Carson, I'm guessing that house has appreciated quite a bit since you bought due to the pandemic, and if it's your personal residence, you'll be able to take those gains tax free up to $250k, so I wouldn't say it's too bad if that's the case.  

$60k is a nice chunk of change.  Figure out what strategy you want to do and go for it.  In the short term, investing with private/hard money lenders can help it grow at a faster clip than having it sit on the sidelines.

@Brandon Mattingly, I own a deal like the in Upstate NY.  A local bank financed it for me.  Google the locals banks and start hammering the phones.  Also, private lenders may assist as well.

@Karell Nixon, where in NY?  It's a big state!  If you're downstate, Henry Graham is great!

@Mike Schorah, a DSCR loan would be a good place to start. It may be an issue with such a low price point, but the turnkey company you're working with may have some lenders they've dealt with in the past.

@Louisa Seales, where is the property?  A bridge lender may be able to help you out.  When are you due to close?