All Forum Posts by: Hilde M. L.

Hi BP Pros,

My husband and I want to buy this single family on oversized lot. The building department confirmed it is subdividable into 2 50x100 lots, and seems like house is positioned correctly but he needs to see survey to calculate if new lines allow 10 ft off side of house. 

 Is my only recourse to hire a surveyor? Are there public record surveys? I'd like to lower expenses since we haven't bought it yet...

Thanks so much! 😊

Hilde M.

@Marlon Wilson, thanks so much for the welcome!

@Brian Gibbons, thanks. I'll read up on those. I really appreciate your input! 😊

I'm a bit familiar with Mt. Kisco. Nice area. 

Hello fellow BP fans, I'm a newbie investing in the NY area (an hour from Manhattan). I'm seriously considering this single family that needs renovation in a terrific area and need to act quickly. I know it's usually a 20% down requirement for investment. I have the funds but don't want to tie it all up in the deal.

Does anyone know of a strategy that will require a lot less DP?

Does piggyback mortgages apply to investment properties? 

Thanks so much! :)

@Ryland Taniguchi, thanks so much for your generosity in sharing your invaluable tips & strategies. I am a newbie and your teaching makes me excited about my investing future!

Right now, my husband and I are seriously considering a home in a hot town. It is on a double lot. I will call the building department to confirm subdivision possibility. I also have to make sure the current house is in the right position allowing enough setbacks to allow for subdivision. Is getting a survey done the only way to know this? I was hoping there is an effective, hopefully free or cost-effective way:) to do this?

What other questions should I ask to make sure subdivision will work?

Thanks, Ryland! And all the best to you & yours! 

Thanks, @JonathanBoyle. I appreciate your input.

@bill gulley, thanks so much for your opinion. We continue to work with our lawyer to hopefully get a favorable resolution.

Like  you, we originally thought my sister couldn't stay in a home under a non-profit. I hesitate to place her in a group home as I want to have close supervision of her care. A parent df a developmentally disabled adult accomplished just that and is willing to guide us through the process. She acts as a landlord for low income developmentally disabled people. Here's a recent article of her organization- http://www.njherald.com/article/20160526/ARTICLE/305269983#

@Brett Goldsmith, thanks for your reply. Yes, the NPV is higher than what's owed.

Hello Everyone,

I am a new member and a big BP fan. I'm so impressed with this extensive resource and how helpful other members are on the forums. May I ask your invaluable advice on a very personal topic.

I've been trying to save my parents' and developmentally disabled sister's home from foreclosure. They went through hardships - unemployment, medical issue, etc. but it's stable now. We are working with a lawyer for appeals, loan modification and/or principal reduction. My parents only make pensions, tenant rent, bank considered my income as I'm there most days to help with my sister. Per bank, income is sufficient but bank resistant due to the home being "under water". Our lawyer's office have escalated it to the bank's executive office as they believe it should be considered for principal reduction. We are awaiting bank's response.

- The home is a 1960s 2-family home in Bergen County, NJ, needs some work.

- Desktop bank appraisal at $475K, mortgage loan with arrears about $525

- Double lot, not subdivided yet. One could possibly build two homes or a side by side duplex.

- There have been some nice recent changes in the neighborhood, mainly due to a new big house of worship and others within walking distance. Also only a 20-minute drive to Manhattan. Homes have been demolished to make way for large new construction within about a 20-block or so area, selling and sold single family homes for $800K to over $1 million.

- I'd like to find a way to somehow purchase it. I'm not sure if we can afford it plus I know family members not allowed to do that but are there exceptions to this rule? Perhaps through a non-profit? I'm in the process of establishing a non-profit to provide a home for my sister, who has Down's Syndrome/autism, and others like her. I would like to keep her in same home if possible, as it may be too disorienting for her.

- I know FannieMae has a program (thanks to a BP member!) where I qualify for owner occupied financing, even if not my primary residence, and buy for parents and/or as legal guardian for my developmentally disabled sister. My husband is very supportive of this. We have great credit, make decent income, good debt/income ratio. I would like to eventually have my sister, parents living with us in same home or multi family.

- Or maybe sell keep other half of lot. I haven't thought that far yet...

 We are close to our family and just want to take care of my parents and sister in the best way possible. Thank you very much in advance, for any advice, thoughts, options. God bless.

@DAndre Pritchett, appreciate the due diligence questions. Thanks SO MUCH for your invaluable input!

Happy investing.

Hi BP fans,

I am considering buying a piece of land in the center of  a gentrified/gentrifying town. It's the only vacant lot on a residential street. It's not Board of Health approved yet. I don't want to do cash, found a loan for 25% down, 10 years at about 7% interest.

Owner owns it free and clear, I can ask If he wants to finance. What are other relevant questions I should ask owner? Also, what else should I do for due diligence? 

Thanks so much.😊