All Forum Posts by: Anthony Landestoy

Looking to close on a 2 family Side by side.

Need constructive and informative ideas and renovations and ideas to lower the remodeling price

House info:

2800sq ft

3 bedrooms 1bath (each)

Purchasing the house out of foreclosure

House needs ALOT! Of work.

New roof leaking

New plumbing- domestic plumbing busted over the winter

New/updated electrical

Hardwood floors are buckled,worn and un-salvageable

Some/most walls- plaster cracking and chipping

New front porch and 2 rear porches

House needs new siding

Almost every estimate I’ve gotten is 180-200k

4-6 verbal

Here are the numbers.

Purchase price 137k

Renovation 200k

6 Comps 280-399. (Last six moths/with-in a mile)

Trying to get a budget to 150-170 full remodel

203k loan financing so can’t really DIY or Hire off books-

Location

Orange County NY

Have a hard time finding 203K approved contractors for a home remodel. I’ve reached out to a few 2 contractors said they do them but immediately heard the complaints of all the paper work and inspections that go into it. (I knew this from my research that there’s a lot of paper work). I got a list from my loan officer, I’ve must of called 7–10 contractors only 2 picked up and one called back. But the list is long for my area that I know of.

I found a local meet up for real estate via meetup.com coming next Wednesday so I’m hoping to find some contractors or network with enough people to find qualified, professional contractors.

Anyone in the area with some tools for finding one or know of any please message me or let me know.

Thats for sure! 

I don’t think what I have planned in over rehabbing but construction cost  in Ny are ext higher compared to other states. 

I.e 

New roof 

Central ac for two units

New kitchen and bath both units 

New electrical (old outdated)

Front and rear porches need to be redone

New plumbing (frozen pipes) house wasn’t winterized 

New drywall 

Can reuse most of the windows just new screens 

Security system and cameras 

New lightning (flush lighting) 

New roof on the garage and garage doors (possibly insulate) for winter time 

want to add a 1/2 bath to the first floors of each unit (More rental appeal 3bd 1bth vs 3bd 1.5 bath) 

Siding And paint 

Had ideas since it’ll be home of doing spray insulting to the attic  (livable space)  (save on heating and cooling cost long term) 

Whats holding me back is fear and money..

Im looking at putting in a bid on my first property. A 2 family 3bedroom 2bath side by side duplex in foreclosure. I want to make it a owner occupied rental. Not necessarily a cash flow but rent/mortgage free allowing me to save up and purchase my 2nd property. I look at opportunities 2-4hrs daily.

My fear is upon purchasing the multi family.... the rehab process and time, Trying to pay my rent in the meantime until the duplex is Livable.

Getting it rented out as soon as it ready I don’t have any fears. Prime locations great school low crime popular location. Just the fear of the rehab process with a 203k (fha) and finding a stable,qualified contractor for a full home rehab .

I also have a lot of ideas since it’ll be my home on one side.

New hard wood floors, central ac. Updated electrical, new bathroom, new roof, siding. Front and rear porches. I’m honestly terrified I’d go over budget and not get what I want or would want in a quality rehab.

(The reason I want to update all new because the before the rehab process is even start if I can get it for the foreclosure amount the property has over 80k in equity and the revaluation after the rehab I can only imagine will sky rocket)

But my ideas and dreams can crash and I’d be stuck.

Any positive and insightful tips would be great!

@Judy P. Where would I find them to join?

@Nikki Poliey

Where in Orange County I’d like to meet others looking to move forward

@Judy P. Thank you for the info I’ll look into it now

Looking to network with new/experienced investors/property managers/ realtors and previously experienced Brrrr members,

New to REÍ, looking to network with locals and others to move forward.

Areas include Orange County, Rockland county, Dutchess county, North New Jersey.