All Forum Posts by: Matt Cyr

Yea. a quick search shows FHA 203K won't work. Back to the drawing board!

I think it might be in the foreclosure process. There is a piece of paper taped on the door. I am going to stop by in the morning to see what it says.

In the description on the various sites, it says possible FHA 203K mortgage eligible. Is this only viable if one plans on living in the home after fixing it up?

Thanks for the replies, Scott and Glenn. I am a numbers guy being an accountant by day.

I can't let my emotions get the best of me. I just hate to see such an eyesore in the neighborhood just sit there. It's been over 6 months.

My dad was the one who mentioned this to me. He said my cousin, who is the real business man in the family, said jokingly that we should buy this house.

Cousin runs a very successful kitchen/bathroom remodel business. I'm pretty sure he has connections that could help keep rehab costs to a minimum.

With the holiday coming up I will have a chance to discuss this with my family. I would want to put up most of the risk on this if we go through with it.

Oh, represent Staten Island! (Wagner College)

Hello, this is my first post. I am a total newb to the REI game. I'm seeking some sort of opinion on a potential investment property. I realize this is the internet and any advice is to be taken with a grain of salt, but after going through the site for awhile this seems like a good place to ask.

That said, I have been looking at a 3 br 2 bath house in Hartford county Connecticut. It is currently listed at 219900. The house is in pretty bad shape right now. From looking at the outside, it looks like it will need a new roof at the least (there is moss or something growing up there). If that is any indication, I can only imagine what other work would need to be done.

I have lived in the area where this house is located all my life (35 years). It is in a great neighborhood, less than 2 miles from excellent public schools that I attended years ago, shopping, highway access, etc. It is in a wonderful town to raise a family. If I had a family and was looking for a house for personal use, I would jump on this one and spend the money to fix it up.

From what I can tell, other houses on the street have been selling for 275-300k in the past year.

If I were to make a go at this, I would potentially have my parents and another relative who could lend some support/partner with.

My main question is, if you were to buy something for 215k, with potential sale price of 300k (I'm rough estimating 30-50k rehab) would this be worth the time and effort? To me it seems like it could turn into a decent return, but being a newb I can see the starting and end points, but the details of getting there are a bit fuzzy.