All Forum Posts by: Scott Wolf

@Enzo Pazos I don't know where in NYC you'll be looking, but if it's a co-op(or even some condos), you probably won't be able to use an FHA 3.5% loan. I'd speak with a realtor who specializes in the are you're looking at.

That being said, you can buy a 2-4 family home with a FHA loan.

Good luck!

@Jerry Padilla do you guys finance MHPs?

Any response Joseph?

@Marissa Nadeau seems there are deals to be had in Poughkeepsie and Hyde Park!

I sent you a PM. Would love to chat about your experience with the area.

@Joseph Pichardo have you found a bank to finance this with 3% down, without you occupying one of the units? If so, please do share their name.

@Marissa Nadeau, what @Richard Jahnle said is 100% correct.  Also, if selling is something you're considering you should look at historical sales data and see how much appreciation there actually is to be had in the home.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Hyde Park.

Purchase price: $221,500
Cash invested: $60,000

Three single family homes on two lots, purchased from owner moving to SC for retirement. Originally listed at $250,000, made a low offer and ended up at $221,500. Financed by a local bank with 25% down in an LLC.

Plan is to raise the rents on the two occupied units to market levels (approx. $200 per month more per unit) and lease main house for $1,500 per month. Will update this post as the deal progresses.

What made you interested in investing in this type of deal?

I have been looking and trying for a while to purchase a cash-flowing asset to get myself to FI.

How did you find this deal and how did you negotiate it?

Deal was found on the MLS, and negotiated myself. It had sat on the market at $250,000 for a while and I made an offer of $185,000 (no mortgage contingency, just that if we find a bank that will lend on it, the seller's will allow us to get the financing.)

How did you finance this deal?

Local bank financed it at 25% down in an LLC.

How did you add value to the deal?

No value-add needed. Property was in perfect condition. Seller performed $1,500 worth of upgrades, mostly in replacing a boiler and replacing some gas valve caps.

What was the outcome?

Purchased and listed for rent already.

Lessons learned? Challenges?

TBD

@Anthony Roman welcome!

I just closed on my first investment property in the Hudson Valley. What made you pick that area?

Feel free to reach out to chat!

Just closed on a home in NY and we paid for the survey.  As the bank requires it, and the buyer gets the bank involved, it was paid for by us.  According to our attorney this is pretty standard.

Closing on my first buy & hold in Hyde Park on Wednesday.