All Forum Posts by: Samson Kay

Thanks for the input. I guess I will have to go out for some estimates.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

Oops forgot the link

Check out this link for general requirements.

I just went through this process myself. In general you need to figure out what you can afford. The bank will be looking for at least 3.5% down with 3-6 months in reserves. So A) You have to know what your absolute maximum price is including the cost of the rehab.

I think the credit score requirement would be dependent on the type of property and how much cash you have on hand. If you have plenty of cash, You should be able to find a bank that will give you the loan.

Aside from water, which I pay, tenants are responsible for there own utilities. But the rents were lower than FMR.

On the other hand, the previous owner really let this property go, so its in disrepair. All the Mechanicals are good, just cosmetic issues. But I was thinking with an exisiting central heating unit, it might be a good idea to put in AC and justify increasing the rent to the FMR.

FIRST POST!

Hi Everyone. Looking to get some opinions. I recently acquired a 4 family home and was trying to determine what kinda of capital improvements I can do to the property short term that can add value to the home as well as justify a higher rent price.

I've looked at every apartment listing in a quarter mile and have determined that the main thing they all have in common is a dish washer (which I'm ok with installing) and a Airconditioning unit.

Now the apartments all have a separate central heat system and ducts. Do you think it would be worth it to upgrade the unit to supply airconditioning as well to make my apartments nicer? Do you think its worth the money? Will the house appraise for higher with the upgraded system if I were to put it back on the market in 5-10 years?

Thanks for your insight!