All Forum Posts by: Travis Ferreira

Short answer is absolutely yes. I think a better question is WHERE can I find $100k MF. Searching on Redfin and speaking with a few property managers in the area I'm confident you can find what your looking for. Cheers! Travis

Ken Min thank you for the feedback. I never thought about reaching out to a doc or dentist as a partner. Bruce M. Thank you for the feedback as well. No, the property is not in California.

Another idea is to call a few property managers in the area. They general have a good understanding of market rents.

I found a home equity lender that can do 85% LTV, $600 in closing on $50-100k for a rental property in Rochester, NY. Is this the best out there if you want to limit your out-of-pocket cash?

I found a home equity lender that can do 85% LTV, $600 in closing on $50-100k for a rental property in Rochester, NY. Is this the best out there if you want to limit your out-of-pocket cash?

I found a home equity lender that can do 85% LTV, $600 in closing on $50-100k for a rental property. BPers: Any recommendations on lenders that can beat this (if your goal is to limit your out-of-pocket cash)?

@Jeff Dulla Great suggestion on asking the seller for credits and increasing the price to cover closing costs.

@Jason V. Good observation on the property tax costs.   I would agree you need trustworthy management. 

@Steve Vaughan Interesting strategy of purchasing the LLC vs. normal transaction to save on closing! Would you be able to expand on what you mean by double DD?

Gentlemen, I really appreciate the feedback!

Travis

I recently purchased a 3-unit rental property in the Rochester, Ny and used conventional lending (bank loan with 75% LTV, 30 year fixed, 4.25% interest), I quickly learned this strategy has high closing costs (~8% of the purchase price in my case) and a large amount out-of-pocket.

What strategies do BPers recommend to avoid paying high closing and out-of-pocket costs?

Thank you @Account Closed for the two different perspectives, I appreciate them both. 

 Travis

Hi BPers!

In NY, it is legal for a seller to a change a lease agreement on a MF rental with a tenant AFTER the contract has been signed?  Specifically, changing a tenant from month-to-month to 12-month (for less rent) than initially disclosed in the purchase agreement?