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Investment Properties in Suffolk County : Real Estate Advice

  • All95
  • Local Info8
  • Home Buying49
  • Home Selling9
  • Market Conditions1

Activity 11
Fri Oct 6, 2017
Vicki Dorr asked:
Mon Jul 24, 2017
Michael Denniston answered:
Hi Josecollier75,

That's a great question Yes, you can buy an investment property post-bankruptcy and even after other challenges such as foreclosure, liens, judgements and collections. I work with many lenders who finance investment properties including 1-4 family, mixed use and commercial buildings who have loan options for a business owner in your situation.

You mentioned that your BK is over 2 years old and that you have very good credit now, and a successful day care business in the property you want to buy. You will also need to show enough assets to cover a minimum down payment of 25% of the purchase price, closing costs and reserves. You do not need tax returns for many investor mortgages.

Send me a message if you'd like more info. All the best.
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Tue Jul 11, 2017
Kathy Burgreen answered:
Are you represented by a real estate agent? If yes, why isn't your agent forcing the issue with the seller? That's your agent's job! Typically, Long Island realtors want to get paid quickly and they will go to great lengths to close on time. Sounds like your agent is NOT motivated to get a paycheck. Is the seller represented by a realtor? Same issue - the seller's agent doesn't get paid until closing. Why isn't the seller's agent forcing his/her client to close on time. Remember real estate agents work for free until the closing and being an agent on Long Island is EXPENSIVE!!! Surprised these agents don't seem motivated to collect their commission check. Something's wrong here. As a retired realtor in Westchester County, trust me, these agents have far more motivation to close on time than you do. You need to remind these agents that each day that passes means no commission check (no income).

As to your question, if you have a contingency in your contract that allows you to back out because you can't close on time, then you can do so. However, I doubt you have this contingency which means you are stuck waiting until closing. Which goes back to getting these lazy agents to force the seller to close quickly.

One thing bothers me. Are you buying this condo (as an investment) with the tenant paying you rent OR are you buying this condo to live in? If you intend to live in the condo, make sure the tenant moved out with everything BEFORE you get to closing. Make sure you do a final walk thru the day before closing to inspect and verify that the condo is exactly as you expected. If not - hold up the closing, it's your right.

Enjoy the summer in Montauk. I agree it's a great investment because of the location - can't beat it.
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Mon Jun 26, 2017
Gary Deluca asked:
The address of my home for rent is 435 Albacore dr. Southold NY 11971
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Thu Apr 13, 2017
Livingwithdignityllc asked:
My current home is worth over $500,000, based on taxes, and easily rentable for more than the cost of the new mortgage. My retirement income is also enough to cover the cost of the new mortgage,…
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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.
0 votes 2 answers Share Flag
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?
0 votes 11 answers Share Flag
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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