All Forum Posts by: Barry Cohen

You will never get a conventional close in 30 day, nor 45 days most likely. If its a really good deal and the numbers work, maybe consider a hard money loan to close the deal and then refi out. What area of NYC is this. This sounds like a great deal in the NYC area. Also as stated above, do not buy without a home inspection. That will be a big mistake.

You should properly find a different realtor. There are dozens of realtors from Rochester here on BP that I'm sure can help you out.

What do you mean by a hot water heater used to heat the house? What kind of unit is that. Is it a tankless hot water heater? There are systems now that look like the older tankless hot water units which are actually high efficiecy units which provide both hot water and heat for the house. So this is a bit confusing.

As a home inspector, I can say that your home inspector should be able to tell the difference, but I cant imagine a plumber installing a hot water tank to provide heat to the house.

On another note, there is no such thing as pass/fail for a home inspection. Perhaps as the previous poster said, the companies you have spoke to are trying to sell you a new system. I'd be more than happy to speak to you or look at the unit to give you an opinion. I'm close by.

@Michael Charles I have been investing in the Rochester area for a few years and also live on LI, not far from you. Upstate is certainly way more affordable to get into the game, but has its own challenges with the older properties. I use a PM, to far to manage alone. Feel free to PM me if you want to discuss investing from afar.

Most definitely hire a home inspector to fully go over the house, especially if your new to the fix and flip gave. They will give you much more insight as to issue/potential issue of the property. A good home inspector will provide a detailed report with pictures of all systems from the roof to the foundation. I highly recommend walking around with the inspector and ask questions. Good luck.

Seems to me, that if you have to think about all these concerns, you have your answer. Move on, and keep looking.

I would say Google home inspection licensing in those states or you can go to Internachi.com which is a forum for home inspectors and look around there to see who gives the classes in your area.

I don't think they have a case after a year of living in the house.  Let them take you to court.

I will echo what @Shannon Sadik said. One of your largest risks will be your PM. Make sure you can trust that person and that they look out for your investment, not just trying to add fees to their bills.

If it is his listing, he should have a pre listing inspection done for the seller to determine the issues. As the buyer, you certainly do not need, nor should you give the listing agent a copy of the inspection report.