Elmoelmo, Home Buyer in 11372

Financing an investment property>

Asked by Elmoelmo, 11372 Wed Feb 8, 2012

.How to finance the purchase of sponsor unit in a cooperative building in Queens which will be considered an investment property since I will not be using it as my primary residence for about 5 years. I live now in a rental in Manhattan.I probably would want to rent it out for 4-5 years, until my children finish school.

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Answers

3
Check, check, and then check again if you can rent it out. Then check how much you gotta cut them in on the profits, and for how long you can rent it out for. And then you have to gamble that the board won't change any of the rules on you. And if you are in a RC/RS apartment, and they find out about this investment, especially if you buy it under a primary use mortgage, kiss that RC/RS apartment goodbye, or at least set aside a bunch of court dates to prove your case.


Antolin Du Bois, CFP®
Certified Financial Planner
President, RichFaith Inc.
347-828-5732
0 votes Thank Flag Link Thu Jun 21, 2012
Does the co-op allow renting...if so visit with any licensed loan officer; if you need recommendations feel free to contact me directly.
0 votes Thank Flag Link Wed Feb 8, 2012
Your first step should be to meet a local and trusted loan officer who can prequailify you at no cost and let you know if you quailify for a program to purchase this. They can break down the pros, cons and costs
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Feb 8, 2012
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