All Forum Posts by: Barbara G.

Nothing is minimal when you have to get work done

The other driver's insurance com[any will pay you.

Get the drivers name and address and insurance carrier from the Police blotter.  Call your insurance company and ask them how to file against the Hit and Run driver's insurance company.

Get estimates for all the work.  The hit and run drivers insurance company  will send an adjuster out to estimate the damage.  Make sure you get paid for everything, side walk, railing grass etc

That's a really good looking house.  It looks in really good conditon.  What kind of renovations are you going to do for $5,000. ?  Will you be doing the renovations before any one moves in?

Yes we are also interested in a duplex in Bristol. What is New Britiain like nd how does it compare to Bristol conn and Waterbury Conn and Danbury Conn?? The one we are negotiating on  costs $200,000 and it rents for $2,200 but it is not appraising for $200,000. It does not need any renovation and is in very good condition.   So I don't really know where this one will be going.  What is Bristol Conn like?   This will be our first Bristol Conn experience.  We don't really want it if it doesn't appraise for $200,000 because the numbers aren't that good.

Very good.  Are you going to renovate it first and Rent it for the $900+ and then Refinance it? 

We just bought  2 family for $72,000 (in Conn) with a projected rent of $1,800 or $1,900 a month ($900 an apartment) .  So that will be approx 2Xs what you paid with 2 times the income? So they are very comparable?  We actually don't know what this 2 family  will  appraise for after the renovation of approx $20,000 to $25,000 and then we are going to refinance.  It was difficult finding a bank but the one we located said we did not have to wait for  year but could do it when we wanted to do the refinance.  W are hoping it will appraise for $120,000+ but we don't really know.  It will be interesting to see how these 2 properties compare once we both have them completed?  What is your time line?  We have already put our deposit down.

I agree that you should stay closer to your home and certainly try to qualify for that FHA first time home buyers program

OH!!  It's a one family house?  I thought it was a 3 family house.  That's a completely different scenario.  Still it sounds like it works.

This sounds good for someone with more money and more experience.  Like everyone said you should look around in that area because it sounds like it is on the way up and find something that you can handle, and that will give you a little bit of cash flow and wait for the property to appreciate. 

It sounds like you would be perfect for an FHA loan whire you live in a duplex or Triplex or Multi Plex as an owner occupant.  You can take in Boarders in your own apartment in additon to renting out the rest of the apartment (s).  I would talk to FHA and find out what salary they would approve and see if that falls into your minimun wave scenario and if FHA would consider the rent yuget as part of your income?

Good luck to you and it all sounds like a very good idea to me.   

It sounds good to me.  How old is the house and what is the date it was built.  How many years left if any on the roof?  What did the inspection say?  The kitchen and bath were renovated recently.  Are both units in that good conditon?  The house is nice looking.

Everyone has pointed you in the negotiation direction and that sounds like good advice.  Your good tenants are in place and that's good.  Its up to you.  

It sounds fantastically good to me. Are you saying for $55,000 (45,000 that you don't have to pay for 2 years)   you will be getting $2,700 amonth rent?   Thats what % of your property cost???  It sounds like you will be making a fortune on this  Then when you finance it you will get 80% of your $85,000 appraised value and you will be walking away with $13,000 from the bank plus your income for the 2 years???  I must be misunderstanding some part of this.

How much are your taxes, Insurance, Vacancy and Maintanence, Property manager??  No mortgage for 2 years. No payment of Principal and interest for 2 years??.  It sounds like an armed robbery.  Your income is $32,400 a year or $64,800 for the 2 years less your expenses??  When the 2 years are up you will have  paid for your property?  

I hope my grand children never do anything like this!!!