All Forum Posts by: Nick Rutkowski

@Nelly R. Keep trying, you’ll find a property. Us young guys have a lot to prove, show everyone you can do it. I’m rooting for you.

@Pat L. The cheap man pays twice as much.

My girlfriend and I have been renting out our apartment as an AirBNB for a few months. One of our guests, who works for a Supported living facility, uses our BnB as a midpoint to move patients from place to place. His staff is with the patient 24/7 and they keep our place cleaner than normal guests. His communication with us is fantastic. They normally pay for a weekend and sometimes ask to arrive early. We like the situation so much we thought about extending our services to others who move patients. What do you think BP? Good idea, bad idea, anyone thought of doing this themselves?

@Dan Schwartz As long as you’re aware of predatory lending red flags and know what you’re getting yourself into with people you don’t know. I’d approach with caution and would do some research on these guys. Do your due diligence!

@Paul Jackson 840 interest only with a 3 year ballon. 1115-840 = 275 left for taxes, insurance, repairs, capital expenditures per month. Sounds like I’d walk from the duplex unless he lowered his monthly rate by a lot or made it P&I not just interest. Or buy it and immediately take a mortgage out. 840 interest only is ridiculous.

@Onur Ozdemir Chances are slim they will do something about it. There is too much going on for a building department to be directly focused on what you’re doing. Unless, your neighbors complain to them. (So treat your neighbors nicely or they’ll blow you in) Code enforcement aren’t the police but they aren’t the kind of people you want to mess with either. So if they come back, make sure you tell them the truth...not the whole truth but the truth. Let them fill in the gaps.

They have a catchy jingle. When banks say no call COGO! 

My advice to you is never by from SONYMA. I have a listing with them and they took 8 months to sign a contract. The buyers backed out a week later. Foreclosures are slow with stacks of paperwork. If you have a lot of time and patience then foreclosures are for you. 

If you buy a property through an auction, then you will need 10-20% of the purchase price due at the end of the auction. The rest of the money will be laid out in the terms. Have your cash ready on hand. Don't be afraid to walk away.

Does anyone have experience with using grant money from their state to rehab historic properties? If so, would you recommend others using their state for grant money or another alternative? What were some common pitfalls and successes you had? How long did it take you before you received funding? How did your state monitor your spending of the grant money and did it effect your personal life? 

@Ronald Starusnak BOOO SYRACUSE! Just kidding, born and raised. Interesting perspective about the region. I lived in the suburbs of Syracuse and I saw all of my neighbors keep their jobs, houses, cars during the recession but then again I was only 15. How would Syracuse match up for a long term buy and hold strategy, in your opinion?