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Frequently Asked Questions Questions About Financing Questions About Property Management Questions About the Purchasing Process General Questions Answers About Financing Q1. I saw a property on your website that I am keen to buy, but would like to finance it. Do you have someone I may contact? A1. Our transactions are primarily cash only. What most of our investors do is refinance their property after initially closing with cash. We can help by introducing you to some of our closely guarded resources who specialize in loans for investors. Our resources are among the best in their field and have helped many successfully refinance 80% of the purchase price, which you can use to reinvest with Western New York Realty, LLC. Q2. What are typical terms to expect when seeking a refinance loan on investment property? A2. Western New York Realty, LLC can connect you with a loan specialist who is generally able to secure investors loans for 80% of the purchase price, with an interest rate around 8-8.5%. Once you have owned the property for more than 1 year, or you can prove that you've made significant improvements to the property (above and beyond what Western New York Realty, LLC does to make it rent-ready), you can then typically borrow against the market value. Q3. Is employment status a factor in getting refinance loans? A3. The resources Western New York Realty, LLC will connect you with will allow you to seek an investors loan, without much focus on employment status. There normally won't be a problem, depending on your credit and provable income. Q4. I am a new investor to the rental real estate market. I can't get financing on investment property as my credit isn't that great. I am currently in the process of rebuilding my credit with a credit repair company, and will be able to purchase investment in a few months. Can you help me with financing? A. Although most of our transactions are primarily "cash-only", and our loan specialists will take your credit score into account for your refinance loan, don't despair! We specialize in finding creative solutions for investors, typically when others don't see a way! Contact us to discuss your individual needs today! Q5. I am a foreigner with good credit. Can I purchase from you and get refinanced? A5. Our loan specialists have completed many refinance loans for overseas investors. We continue to use him because other brokers will promise all sorts of things to our investors (better LTV’s, better rates, etc.) however, something always comes up and they end up coming back to us to use our resource. Answers About Property Management Q6. How will the bills be paid, like the taxes on a property, and also how will I receive the money from the rental income? A6. Our accounting team interfaces with Property Management to handle all the finances, and provide you with accurate and up to date statements. They will handle all the record keeping, bill paying, and income collecting so you will have an easier time keeping track of your bottom lines. We can wire the money to you or even direct deposit the profits into your account (in many cases). We take the burden of real estate management off your shoulders, so you have more time to concentrate on higher level investment decisions. Q7. Will you manage my other properties? A7. Western New York Realty, LLC's focus is on tending to the needs of our investors. In order to adequately protect and manage our investors High Cash Flow Properties, their needs are our number one priority. At this time, we are not taking on new management roles for investors who haven't purchased through Western New York Realty, LLC. However, if you are already a Western New York Realty, LLC client, there may be special circumstances where we would be willing to take over management of your other properties. Please contact us to discuss your individual situation. Q8. Would your company manage the properties listed on your website? Do the expenses on your website cover property management fees? Yes, Western New York Realty, LLC will offer property management on every listing on http://niagarafallsinvestments.com/ unless otherwise noted. We will do all the work for you, from finding suitable tenants, maintenance and repairs, to collecting rents and handling disbursements. Our fees for property management are reflected in the expenses shown on the property details pages. Q9. Let's say I purchase this property, are tenants there already or will I be losing money right from the start? A9. This is a great question. We understand that often times the most worrisome portion of the process will be during the owner-transition period. That's why we offer our very unique and very valuable Rental Guarantee!! When you choose Western New York Realty, LLC for your property management needs, we will guarantee your rents after it is "rent ready" until suitable tenants are found! This means, you will be able to collect income on your property very soon after closing the transaction, while we have the time to find a great tenant for your High Cash Flow Properties! Q10. Are the tenants put on a long term lease, or month to month? Are they required to pay some sort of a security deposit? A10. When Western New York Realty, LLC seeks to fill vacancies we are looking for long-term tenants. They will be asked to sign a one-year lease, and they will also be asked for a security deposit. Q11. Does it take long to rent an apartment when the tenant leaves? A11. Our tenants will be required to give written notice at least 30 days prior to vacating (assuming they are not under lease). Our agreements allow us to begin showing the apartment to prospective new tenants prior to the old tenant leaving. With adequate advanced notice and proper marketing, our property management team is capable of filling vacancies for the very next month. This process may take a short amount of time longer if more extensive repairs are necessary, however, generally it's only minor tenant-transitional items such as clean up, possibly paint, and possible some carpets, where the turnaround time will only be a few days. Q12. Do you allow anyone to rent the apartments? Is there an application process? A12. Western New York Realty, LLC does have an application which potential renters are required to fill out, prior to being considered for the unit. There is then a strict screening process we use to identify the best possible applicants prior to leasing including employment verification, reference checking, and checking referrals of previous landlords. However, Western New York Realty, LLC will not engage in any discriminatory practices when renting an apartment. Q13. What is the "Rental Guarantee" and how does it work? A13. The Rental Guarantee is a tool to protect you as an investor. Once the property is in "Rent-Ready" condition (30 days following the close) the Rental Guarantee will go into effect the very next month (30 days from being rent ready). Once you are in the "rental guarantee" period, if suitable tenants have not yet been found for your units, we will pay you the rental amounts advertised on http://niagarafallsinvestments.com/ The Rental Guarantee is only applicable on initial vacancies, and is only available to investors who purchase High Cash Flow properties through Western New York Realty, LLC, and elect to use us for your property management needs. Answers About the Purchasing Process Q14. I am looking at a property that interests me, I see a category called "Area/Property Ratings", what do these numbers mean? A14. The areas and properties are rated on a scale of 1-10 with 10 being the best. These numbers represent the condition of the areas and the properties. The area ratings are based on several factors including: vacancy rates, % of homes that are owned vs. rented, and also visual factors such as lawn maintenance, cleanliness, etc. Western New York Realty, LLC only deals with properties in areas rated 5.5 or better. If a property is located in area rated less than 6 there must be something special about it for us to consider it. We are most interested in areas with a lower risk association, because in most cases we will be managing those properties ourselves. Q15. When I purchase a property from Western New York Realty, LLC, will it appraise? A15. Yes, Western New York Realty, LLC sells properties priced somewhere between wholesale and full market value. If the area is below a 6 it will be closer to market value, where High Cash Flow Properties is 6+ areas will have some equity in them already. Q16. How much extra will it cost me to close on a property other than the purchase price? A16. Our in-house legal department is fully equipped to close the transaction for you, at no extra cost. Most of our clients, whether it's the first, second, or fiftieth real estate purchase, will allow us to help them with the paperwork. However, you are by no means required to have us close the transaction, they would be happy to interface with your own legal professional. Other costs you may encur include: -Attorney Fees (if applicable) -Accountant's Fees (if applicable) -Recording fees (generally 150-500 for 1-3 unit buildings) All clients will be provided with a Title Insurance Policy at no additional charge. Answers to General Questions Q17. Will there be much capital appreciation? A17. "Western New York Realty, LLC sells quality High Cash Flow investment properties with great cash flow, and does not like to speculate on what the market will do in the future. Although we expect you will see some appreciation over the years. Niagara Falls used to be an economically depressed area. However, during the last twelve months many properties in Niagara Falls have doubled in value, because of the “Casino Boom”. A few years ago the Indian Seneca Nation was granted permission to establish and operate Las Vegas style casinos in the Niagara Falls/Buffalo, NY region. Since, the Senecas have opened a HUGE casino in Niagara Falls and have built one of the biggest hotels in the State. Properties that cost $60,000 today used to cost $15,000 to $20,000 just a year ago. There are a lot more casinos “on the way” along with other real estate developments. Basically, New York State has decided to duplicate what the Canadians have done on the other side of the bridge in Niagara Falls, Canada. Ten years ago, Niagara Falls was a small, quite town in Canada. Today, it is the Las Vegas of Canada. A house that costs $40,000 in Niagara Falls, NY will cost $200,000 in Niagara Falls, Canada. " Q18. Who will want to buy these properties when it's time to sell? Are we talking other investors only? A18. When it's time to liquidate your investment properties from your portfolio, you may find success selling them as investment properties, or as owner-occupied's. Some properties may also be great candidates for lease-to-own programs, where portions of their rent are credited towards a final purchase price. Contact us to discuss possible options. Q19. How much will it cost me to make this property rent-ready? A19. Nothing!! Western New York Realty, LLC will renovate your High Cash Flow properties to rent ready condition at no additional cost to you, saving you thousands of dollars (our in-house maintenance and construction teams keep costs low!) and much aggravation right from the start! |
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 WNY Realty LLC - Niagara Falls Real Estate Investments - specializes in High Cash Flow Properties, Real Estate Investing, Tax Foreclosure and Bank Foreclosure Property Sale, creative Real Estate training, Real Estate Sales and Rental Management.
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