All Forum Posts by: Trevor Naumann

Call the local municipality and ask if there are any restrictions coming into that area for short term rentals or modular units. As far as tiny home builders a lot of people like Willowbee in saugerties or Dvele in woodstock or you could always go on tiny house listings for new york and buy one.

I would start by checking zoning and calling local municipals to make sure you can do whatever you want with it and then assuming you can i would look at glamping. If you set up a really cool glamping site which you could do it with a much smaller investment you will be able to test the waters of desirability with the property and see how popular it is. If it ends up being popular build more glamp sites or then develop a cool cabin or something bigger. Otherwise i would look into subdividing running in utilities and selling. Then i would re deploy the money into a bigger project. 

IMO i would be more concerned with figuring out where you can get the most mentorship and potentially the most referrals and leads from the get go. Unless you have an incredible network already built up the beginning will be challenging so whichever brokerage in your area has the top producers i would join.

Quote from @Ramel Ruffin:

Good afternoon to all.!! I was looking into finding how i can purchase a property and open up an adult living facility and was looking for some guidance on how to begin. It will be a family business we have management experience and healthcare experience. thanks, in advanced and oh the state is NEW YORK   

What part of New York are you looking to open your senior care facility in? I'm guessing you'll want a boarding house-type apartment building with good proximity to a decent hospital. Personally, I would go on websites of other senior care facilities and look up the operation directors on staff. Then, I would probably try to cold call or email them, or both if their contact information is available on the website. On day one, I would try to contact them 6-7 times with a phone call and send 2 emails. Then, I would send 1 email a day/2 phone calls per day for the rest of the week. If they still don't respond, I would send one email a week after that. Ideally, you could find 5-10 contacts within driving distance. Then, I would buy them coffee and try to get them to explain the business to you. You may discover some important insights on how best to get started especially if you speak with people running different size operations. 

I would call a bunch of your local banks and explain your situation. Ultimately i imagine your going to get a more conventional product but its always best IMO to interview a bunch of people to see how responsive they are and get a feel for how hard they will work for you.

I have found the trick with banks to be that they will all only tell you what's possible at their bank and not what's possible in banking. I would go about this in one of two ways. I'll through a bonus in at the end. Make a list of all the local banks in your area and ask if they provide this product or know of a bank who provides this product. If yes proceed if no, get off the phone they are all going to try and sell you a different product and you don't have time for that. Look up mortgage brokers in your area and do the same thing. I used a DSCR loan on my last property and got it from a broker who referred me to a broker who referred me to a broker. Bonus option your on BP so probably there is a mortgage broker on here who will find you if you keep posting about it.

Quote from @Ellie Pappas:

I'm looking to invest in upstate NY and trying to get an understanding on which towns have high levels of tourism. Any feedback is appreciated. 

Saugerties has HITS which is a huge horse competition. Its kind of a If you Know then you KNOW sort of thing. Hudson, Woodstock, New Paltz, Beacon, Rhinebeck all have pretty crazy weekender traffic with hikers, apple pickers, etc. Then there are the winter towns Windham and Hunter which draw winter sports in the the colder months and Kaaterskill falls hikers in the summer. Then you have all the College and Performing arts center. There are a bunch of popular areas for tourism in the Hudson Valley honestly. 

Quote from @Clarens D. Philippe:

Thank you for all the suggestions everyone! Does anyone have a lender for a DSCR in the NY area that'd allow 15%? Was looking into a bridge loan that can be converted into a DSCR after a certain period. Not sure if that method is worthwhile. Anyone have opinions?

Where in NY?  
I would try Stephen Betterton  prime lending 

845-762-5246

If he cant he very likely will know somebody who can 

the 2% rule on a traditional buy and hold is generally fake because you either have to fix so many things in the property that it is no longer a 2% rule or its in an area which ends up costing so much that its not a 2% rule. IDk i feel like a 2% deal never ends up actually being a 2% deal. That said i have also never bought or advised anyone to buy one so maybe im wrong? IDK

Quote from @Devin Peterson:

Quote from @Bianca White:

During co-vid, I wasn't able to make any payments, and the mortgage accrued to over $20,000. The smallest payment the bank will take is $17,000. My payoff quote is $67,000.

I don't want to use my entire saving on my past due balance, so what are my best options? This is a rental investment btw

My friend advised me to take out a home equity loan  and pay off the mortgage completely. I'm not really sure if this is the best option. What do you guys think?

 See if your lender will let you cash out refi and use the equity to pay off the forbearance amount. This is as a very common practice after covid and Mortgage lates piled up. Should be doable if credit is 620 at least and sufficient income. Good luck!

I agree. Also, in the process, I would probably make a list of a bunch of banks, call them, and see what options there are. Assuming it's still a solid property and a good deal for them, you would be amazed at what different banks will do. Good luck.