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Investment Properties in Suffolk County : Real Estate Advice

  • All87
  • Local Info8
  • Home Buying44
  • Home Selling9
  • Market Conditions1

Activity 7
Wed Jun 22, 2016
William Taylor answered: Keep in mind that banks are in the business of loaning money, in order to make lots of money. I advise you to work with mortgage specialist or brokers who tend to be very motivated and work hard to help you. ... more
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Fri Mar 18, 2016
Kathy Burgreen answered:
You're beginning to learn that mortgage loan requirements are different for investment properties than primary residential properties. The reason is lenders know that if any life situation happens that affects the owner's finances, the owner will be quick to dump or walk away from their investment BUT they still have their primary residence. Therefore, lenders have tougher requirements for investment properties.

Bottom line - you will need a minimum of 20% down payment + closing costs + good credit scores to qualify for an investment property loan. Some investors who don't have the full 20% in cash decide to buy in low income neighborhoods where homes are much cheaper. This way they have the 20% cash available because the property is priced much cheaper. You may decide to do this. Otherwise if you buy in a more expensive neighborhood, you will need to come up with the 20% down payment.
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Sat Feb 1, 2014
Anna M Brocco answered:
Most co-ops do not allow renting; those who do have their own rules that must be met in order to rent the unit and each building is different; the tenant would still need board approval and meet all specified board requirements; therefore if purchasing for investment purposes, condos and single family properties may be a better option; for available area properties check ... more
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Wed Jul 10, 2013
Sibongile Yancy answered:
I am an investor who is wholesaling a property in Connecticut.
I am buying the property and reselling it.
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Wed Mar 13, 2013
Melissa Goss answered:
Are you being foreclosed on? Or will you still hold power to make decisions on the sale of this home?
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Fri Feb 1, 2013
Thomas Brady answered:
Hi Chris, I don't see 831 Long Island Ave listed for sale, but they may have listed with a business broker instead. 853 Long Island Ave is for sale, it apppears to be a signs, t-shirts and more store. If you'd like more information please feel free to e-mail me.
Thank you
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
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