How to buy before selling the current place? + Plus financing the reno

Hi All!

We currently own a co-op apartment in a brownstone in Park Slope. Our dream is to buy a full townhouse (in a more affordable neighbourhood such as Crown Heights), rent out one floor, and live in a duplex with garden. The problem is financing. Most of our cash is tied up in the current apartment and we wouldn’t be able to afford the downpayment until we’ve sold it. What options exist to get bridge financing so we don’t have to sell and move out until after the purchase?

Related to that, I expect we’d need to do a renovation of the new place and would need to finance that as well. Is it possible to combine it into one loan?

The math would look as follows:
– Purchase price of townhouse: ~$1.5M
– Reno cost: $400k
= Total cash need: $1.9M
– 20% downpayment: $380K
= Loan value: $1.52M

We can afford the downpayment and we can afford the monthly loan payments (even without rental income for a short while if needed). But we have a cashflow issue given the tied up equity and don’t want to sell until we know for sure that we have a new place to live.
Is this realistic or a pipe dream?

Thanks for your perspective!!

mile222

in General Discussion 5 years and 11 months ago

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adam_dahill | 5 years and 11 months ago

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I offer construction/renovation loans for 1 and 2 fam properties. This is our portfolio loan program (not 203k) and will do loans in excess of 3mm+

Give me a shout if you want to discuss in detail

Adam Dahill
Producing Sales Manager
nmls #66099

Home Lending Solutions-Mortgage

125 Park Avenue
18th Floor
New York, NY 10017

Mobile 917-696-6010
adam.dahill@citizensbank.com
https://lo.citizensbank.com/adahill

cate | 5 years and 11 months ago

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If you have fake wood paneling, you will need to skim coat any walls you expose when you remove it. Do not plan to replace plumbing, electric, skim coat/plaster or refinish floors “room by room while you live in the house.” You will majorly regret this. Just do it all at once. My two cents on what I would look for: House in good structural condition, more or less level, no leaks, house has C of O you want or can live with, rooms generally in good repair except plumbing, electrical, wet rooms need updating. Also fingers crossed and hope the house has hot water radiator heat.

jen-kg | 5 years and 11 months ago

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You probably want to talk with a lender. TD Bank is one of the few banks that do construction loans so I’d suggest reaching out to them because a construction loan is its own beast.

yudashasom | 5 years and 11 months ago

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Since you need a 203k loan, forget what I said above.

Resident2 is right

mile222 | 5 years and 11 months ago

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Thanks Resident2, very good advice.

resident2 | 5 years and 11 months ago

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Do not buy a house that you are expecting to need a construction loan of some $400,00 worth if you are already thinking you will have cash flow problems after a few months!
Look for a two family closer to the top of your budget that is conventionally mortgage-able; IE is livable with no major flaking paint & falling plaster, heat & plumbing in working order etc. But that is probably ugly: really screwed up taste kitchen & bathrooms, maybe dropped ceilings, fake wood paneling on walls painted etc.
That you can do work to over time, one floor or room at a time…. tenants space first to get the rental income coming in!
Sell your current place now… rent in between … and then buy. That way you do not need to compromise on the sale price & can negotiate better on the purchase.
Compromise on your short term rental, move to a cheaper neighborhood, do not be too comfortable in your rental, do not waste all your money on rent. But it will be cheaper than all the Bank fees, title fees, lawyer fees etc on refinancing, trying to bridge it etc. And the stress of juggling it all… buying & renovating is stressful enough without adding exotic financing!

mile222 | 5 years and 11 months ago

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Okay, that’s what I was afraid of. The refinancing to pull out cash may be something for us to look at.
Yes, we’d need a construction loan. I read up on the 203k a bit but looks like it wouldn’t work for a $1.5M loan amount. What are other options?

jen-kg | 5 years and 11 months ago

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As someone said above, you probably have to sell and rent while doing the work. And are you talking about getting a construction loan?

yudashasom | 5 years and 11 months ago

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It will cost you more in fees and mortgage tax, but refinance the apartment to pull cash out.

chemosphere | 5 years and 11 months ago

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Ok but it’s hard to do an auction/foreclosure if you are trying to do 20% down with a mortgage.

mile222 | 5 years and 11 months ago

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It’s rare but exists. Some auctions/foreclosures , too. But for $1.7-8 the inventory is there.

chemosphere | 5 years and 11 months ago

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are there still 3 floor + cellar townhouses in Crown Heights for $1.5m?

CarmenR | 5 years and 11 months ago

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Everyone we know that did a version of this sold their place and rented an apartment while waiting to purchase a new place. I don’t know how else you would have the cash for the down payment.