All Forum Posts by: James Klafehn
James Klafehn has started 6 posts and replied 127 times.
Post: Hello everyone. I am new to BP, but eager to learn!
- Investor
- Freeville, NY
- Posts 131
- Votes 37
Congrats and welcome to BP!
First and foremost make sure you study your area. While doing that make sure you get yourself into the best financial position possible.
It can be hard getting started without cash but with hard work and some know how you will do just fine.
Post: Top 5 things YOU are looking for in an investment property?
- Investor
- Freeville, NY
- Posts 131
- Votes 37
1. Location
2. Property condition
3. Rental income
4. Potential to increase rent
5. Type of residents/leases that are currently tied to the property
I own and offer high end properties in my area. If the house is trashed and needs a full remodel the price better reflect it. My area is very expensive so even houses built in 1900 and need $100,000 in work sell for $250,000 plus! My area was getting so expensive I decided to buy land and start building new for a fraction of the price.
Post: Apartment Building Analyzer Excel Spreadsheet
- Investor
- Freeville, NY
- Posts 131
- Votes 37
Id need email address to send it to.
Post: Apartment Building Analyzer Excel Spreadsheet
- Investor
- Freeville, NY
- Posts 131
- Votes 37
What's your email?
Post: Apartment Building Analyzer Excel Spreadsheet
- Investor
- Freeville, NY
- Posts 131
- Votes 37
No problem. Enjoy.
Post: Fha loan
- Investor
- Freeville, NY
- Posts 131
- Votes 37
Google "Fha requirements"
http://www.fha.com/fha_loan_requirements
That should answer all of your questions.
Post: New construction vs. Rehab
- Investor
- Freeville, NY
- Posts 131
- Votes 37
Originally posted by @Steven J.:
Financing is lower than it will be in the future so if the numbers make sense it may be wise to build. A few years ago, when financing was low for construction, there were huge apartment complexes going up in Ithaca, NY but were bound to sit vacant for awhile. It didn't matter to the builders because it was the cheapest rates they could get at the time and was worth it to have a locked in rate for x amount of years versus waiting until the rates went up.
Are you planning to pay cash on a hot property and buy as-is? If not, some other investor will probably come in and do it even if they are a bit lower in price.
Keep in mind, I have zero new construction experience. In my market, it seems to be a bubble that I wouldn't want myself entering right now because its at the top, in my opinion.
Vacant apartments in Ithaca? If they are downtown Id highly doubt it haha. I am an investor here in Ithaca and its a pretty hot market.
Post: Financing Strategy for New Construction
- Investor
- Freeville, NY
- Posts 131
- Votes 37
I dont know of any lenders for you but let me know if you decide to sell the parcel ;-)
Post: First investment rental property
- Investor
- Freeville, NY
- Posts 131
- Votes 37
I just commented on another thread that you posted asking the same question. Check that thread out to get my full response.
But in a nutshell, do not buy this house. I have been an investor in Ithaca for many years now and I know the town and the market well. This house is a loser. Location location location has never been more true than in Ithaca NY. If your house is more than 5 minutes from the Commons you may as well own a house in Africa.
Post: Just joined! Seeking advice on alternative financing
- Investor
- Freeville, NY
- Posts 131
- Votes 37
I am also an investor here in Ithaca. Its difficult to find deals that you can use creative financing on in this area. Its a really hot place to invest because of the rental income and most sellers dont want to deal with any kind of creative financing. To add to that, they dont even need to consider it because there is sure to be 5 other people behind you prepared to offer cash deals.
Unfortunately its a hard area to invest in if you dont have cold hard CASH.
Where is your house located? Do you have equity built up that you can tap? If so, tap it and use it as a down payment on a 3 or 4 unit, if you can find one.