All Forum Posts by: Jody Roussel

from talking to local contractor she told me the top 5 are

1. framing 2 foundation 3 plumbing 4 roofing 5 flooring. 

dont forget to include your own labor cost even if it is diy

hope this helps

@Tristan Osborne

just wanted to say hi and welcome, Im fairly new myself with the same amount of investment. 

read, listen and research all you can! 

from what I hear for people starting out house hacking or brrr method on multi family units is the way to go!

wishing you tons of success :)

maybe consider reaching out to NCPHIF, they might be able to provide resources and discourse in regards to obtaining the funds back. You could always file court proceedings yourself but you would have to find property or assets owned by this person to place liens against. in my experience serial fraudsters do not place and assets which can be liquidated in their own names.

naahrf dot org is the website, hopefully they can help

consider stipulating in your lease the requirement of renters insurance?

Is additional coverage required legally, no. is it a good idea to have in case of injury on your property, absolutely! this is to help avoid any liens against your property or assets in unfortunate circumstances if they were to occur.

@Chester Knapp

which state are you located as your options vary based on state regulations in regards to being a landlord

@Brenden Mitchum 

I believe OP mentioned raising the rent 100 per bed room. If I counted correctly the building is a 5 bedroom resulting in 500 increase per month and 6000 per year. It would take only 3.3 years verses the 4. If you are a DIY person 20k might stretch a bit for updates and renos.  Also take into consideration how much yearly increase percent does your rentals go up by. it the area the building is located going up property value wise?

Run the numbers to see which prospect is best in regards ROI DTI and cashflow, getting out of debt is always a great option!

@Dave Spooner

I've been browsing fannie maes home path properties (I also took thier  course and recieved certification jic i can have them cover closing cost!), hubzu for for properties with finanacing considered and the daily mls. The appeal of a deal for forclosures is so alluring specifically so when you can find them in huge mark up areas in CT. 

I have considered house hacking with multi units but want to avoid the owner occupancy at all cost, the school systems in towns where purchase price/roi are favorable are less than stellar. I have also taken into consideration chfa grants and tax incentives for 2-4 units. 

Cash flow is essential for future acquiring of properties and obviously being able to begin my portfolio as well!  Im begining to debate gaining experience through flip and sell verses being limited to only one property after acquiring and holding to build equity. Although renting out these sfp are possible!

so much to consider !!! 

@jaron walling 

thanks for taking the time to offer your insight! So far the cons i have found are owner occupancy/ primary residence mandated, 180 day resell rule and no DIY option which would cut cost and build sweat equity. 

I have also began looking into a hard money lenders for a flip and sell or flip and rent. But even on thier offers they want the margins no more than 75% of arv. 

I do property comps for the area by viewing homes sold in the past 60-90 days with close to the same lot size, year built, square footage, beds and bathrooms. I'm trying to walk in intending to add a bathroom or completely update for thier add value deals. Basements with plumping already sitting is a win! 

As far as cons , do you think I missing anything 

Thanks

@markweinstein

Through privately hired compliance auditors who's main job is to check.  Taxes, insurance,  utilities.  

Purchasing a apartment in a building is usually viewed as personal property verses owned real estate. This is because you purchase a share of the building that is typically owned by a larger corporation. 

42-44 in my opinion would be the minimum cash assets as dp to get considered for a loan because most lenders require 20% for co ops and that is only a figure on a 200,000k apartment. Get his asking price and see if seller financing is available and the terms. 

Best of luck! Co ops in new York can be a great opportunity if you rent them out I hear but that would be if you're considering the brrr method