All Forum Posts by: Nic Bernal

Hi, I am STILL having a difficult time finding a General Contractor to take on my 203k-style renovation loan in Albany, NY. Here's what I've done so far:

• I have exhausted all of google's listings (including all the 1 star reviews). 
• I have reached out to my network, as well as local forums. 
• I have reached out to my Bank (who told me during the original paperwork they have done many of these, now it's 'We have only done a few, and don't know any contractors who have participated')
• Reached out to the 203k consultant
• Reached out to the realtor and their brokerage
• No one wants to work with this program. 

I'm now 2 weeks out to the first proposed closing, and not even a bid. Underwriter is on me to get estimates in. I'm already $3500 into the property between HUD consultants, lawyer fees, and additional (sewer) inspections. I don't know how else to find a contractor, much less get multiple bids. My concern is with only one bid, it may be way off from the consultant's proposed estimate and then I'm back to square one.

Any advice / suggestions would be much appreciated.

What deals are you seeing? Currently inventory is low, and most places have their i$$ues. 

Troy is great for C class apartments. The trash fee, turmoil in local politics, and costs of heating make deals harder to find. Lots of slumlording too, which means a lot of properties ran Into the ground. 

I think it's good if your numbers work with taxes that high. 

Hey Kathuy, I would be happy to send you a referral via PM!

@Justin Roland thanks for the heads up! Do you want to PM me the info? 

 It's like running with weighted shoes!

Hi, 

I am looking at purchasing a home in Albany City with a SONYMA rehab loan. The home I am looking at is a duplex. I am having trouble finding contractors who are available and can participate in the project. Does anyone have any recommendations? I am looking to close in December.

Does anyone have any advice or leads? 

Thanks!

I am looking at doing an owner occupied duplex rehab. I am worried I won't be able to find a contractor who'd work with the SONYMA program. Does anyone have any leads on that? 

@warren what's the tax rate look like there? That's been the main disqualified in many of the properties I've been looking at.

Hey all, just wanted to say thanks for all the help. I feel way more confident in my own deductive reasoning and gut feeling. Nothing lost, just a bit of time. Experience gained was worth it though. 

 I was just thinking that! The current tenants all park on the street. I have off street parking ($50-100 add'l rent a month) and I can't use it. Worst case scenario, I'd be missing out on $1200 a year from two units.