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All Forum Posts by: Wyatt Wolff

Wyatt Wolff has started 6 posts and replied 452 times.

Post: Interest only business loan advice.

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Best way to finance, probably not. I guess it would depend on what you are looking for. Do you just need access to liquidity? In that case, just get a credit line 

Post: New York City Crackdown

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

MTR would be my guess. Thats probably the only thing that will bear those ridiculous prices 

Post: New York City Crackdown

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278
Quote from @Josh Luttrell:
Quote from @Michael Baum:

NYC has banned STRs outright. What are you looking for? Ways to get around the law?

You could live in the place and rent rooms. That is still legal.

https://www.nyc.gov/site/specialenforcement/stay-in-the-know...

That is the basics. There is nothing legal you can do to rent a whole home or apartment. Unless you break the law.

No not looking to get around the law. I don't own or operate in the North East. Just interested to see what investors are doing that basically got shut down overnight. It will be interesting to see if this ban on STR's will affect the housing market there. Will everyone eventually decide to sell and invest elsewhere?


I'm sure youll have some forced sales, etc, but I have a feeling many people will get around it. There is always a loophole. What would have been interesting is if they had levied a heavy tax on STR's. Make the compliance come from the platform side, not the owner side. That seems like it would be an easier and more cost effective way of doing it.

Post: Lender changed rates because they weren't going to make enough

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

If its owner occupied, and it was truly locked, then you should escalate that, up and to the point of involving the CFPB. Highly regulated, and if they can't explain in painstaking detail exactly what is going on and why, there is a high likelihood they are out of compliance. The current CFPB does not seem like one that I would like to mess with. Good luck, keep us posted!

Post: How to become a mortgage lender

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Depends. I would talk to local lenders in your area, and start there. Its a tough time to break into the industry as far as being hired on salary, but you could definitely find commission only. Try and get in as a Loan Officer Assistant or something similar! 

Post: Massive Growth Opportunity in New Orleans

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Used to live there, and grew up about a mile or two from there in Algiers Point. Can confirm, area is rough. Bulletproof your Tahoe if you are planning on being there often 

Post: Interest only business loan advice.

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Not too sure what you are asking, but Ill take a swing at it. Heavy equipment sale you can do leases or lease to own options (more expensive). But just like a car, you can have equipment repossessed. Sometimes equipment goes up in value. Rarely, but it does. 

Post: Why Canadians Are Investing Heavily in Tampa's Real Estate

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278
Quote from @Ali Nichols:

We've been seeing similar trends with investors in Mexico wherein the Peso is very strong to the Dollar at the moment so people are selling assets in pesos and buying 'at a discount' in dollars.


 So does this mean that you are seeing a surge of demand in Mexico? Where at? 

Post: Why Canadians Are Investing Heavily in Tampa's Real Estate

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Wouldn't this fall into the bucket of "VHCOL investors allocating capital to a cheaper market"? Their Toronto to Tampa is our Austin to St' Louis, is it not? 

Post: the "secret menu" in home lending...

Wyatt Wolff
Posted
  • Lender
  • Charlotte, NC
  • Posts 466
  • Votes 278

Definitely the "secret menu", but most people don't understand what the answers to these questions would mean, both in plain terms and what it would mean for them. Make sure you have a lender that can walk you through all of it if you are asking!