All Forum Posts by: Phil Char

Looking to get my basement renovated and tenant ready to start this real estate journey. What questions should I be asking contractors when they come to analyze the scope of work and suggest their bid for the project?

I was thinking I would get at least 3 contractor bids so I have options. I’m located in Brooklyn, NY if anyone knows of a good local one -- PLEASE SHARE!

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thank you for the response. I actually looked it up and found the answer. That’s so awesome though.

Originally posted by @Paul Welden:

@Phil Char The FHA 203k actually requires the borrower to use the funds to rehab the property. So, it's only the point of doing a 203k ... it's a requirement.

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I would like to thank everyone that replied so far and would love to connect with a Capable and Knowledgeable agent on the ground in OHiO.

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Originally posted by @Joseph Scorese:

@PhilChar

1.Do necessary renovations on the house including finishing the basement which will bring in rental income especially if we can get 2 bedrooms down there. - Is it zoned to be finished, if not the liability will not be covered in insurance

2.Pay off the current HELOC since it's closed and we can't pull any money from it. Mortgage money is so cheap, they are actually less the standard lines of credit right now

3.Lastly, look for and purchase a turnkey MF property OOS w/ tenants in place. Of course, I would love for a PM to manage tenants and space while I'm here in Brooklyn. This way I avoid doing a FHA loan and pick up a positive cash flow property out the gate. - you can go 5% down conventional no mi on a two family purchase based on income, credit, etc

Thank you for taking the time to reply. 1.The home is zoned as a 2 family although it’s a single family home. When we moved in many years ago, the previous owners had a small “apartment” down there. My dad converted it to a workshop for his craft.

2.I’m expecting some money to come in from my worker’s compensation case so I’m not totally against a mortgage. I wanted to share my plan B scenario and get advice on this strategy as well.

3. Thank you for the idea. Once I know where I stand with funds (which will be soon) I can pro/con FHA/Conventional vs. HELOC.

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Hello BP community,

Newb RE “investor” here looking for some advice. I stumbled upon BP years ago but only now have decided to move forward with getting in to Real Estate.

I currently live in the house I grew up in...here in Brooklyn New York with my mother. The mortgage was paid off several years ago but we still have a HELOC that my dad took out w/ 43k left to pay. I forget the original loan amount but when I got involved with the finances before he passed it was up around 50k. The mortgage was never in my name but the deed has been updated to my name alongside my mothers. The home is worth at least 575k according to the last Department of FINANCE property tax statement. Honestly, might be worth more now.

After reading up on the forums and listening to the podcast I'm wondering if my plan sounds like a good one. I'm thinking about taking another HELOC against the home. Then:

1.Do necessary renovations on the house including finishing the basement which will bring in rental income especially if we can get 2 bedrooms down there.

2.Pay off the current HELOC since it's closed and we can't pull any money from it.

Markets I’ve looked at so far include OHIO, North Carolina and New Jersey. Posted on the FB book but figure I’d post here as well.

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Hey did you guys use funds from the 203k to rehab your first property as well?

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All Forum Posts by: Phil Char

Phil Char has started 2 posts and replied 6 times.

Post: Good Contractor in NYC

Post: Your experience using FHA 203K loan

Post: HELOC or not to HELOC?

Post: HELOC or not to HELOC?

Post: HELOC or not to HELOC?

Post: Your experience using FHA 203K loan