All Forum Posts by: Will McGuire

So I should assume that the taxes will triple and run my numbers with that higher figure?

I am looking to buy a three family in Newburgh NY in the Hudson Valley. I am looking at one in particular in which the current taxes are about $4,000 (based on an assessment of ~$105,000). The home sold as a foreclosure in 2015 for $50,000 and i am about to make an offer at $275,000. My question is if anyone has any experience with buying this type of property, did you, after the sale, have a reassessment done which in turn double or even tripled your taxes? I called the assessors office and she said it likely could double or triple the taxes but could apply for historic exemption, but I don’t want to count on that and then be left holding the bill which would kill all cash flow. Does anyone have any experience or advice they could share?

I was wondering if anyone with experience buying Fannie Mae Homepath could give me a little more information about their experience. Will Fannie Mae accept offers that include seller concessions? I was told that you can inspect but can not negotiate on price regardless of what is found..? Does anyone have any info on if that is true?

Any info is greatly appreciated!

@Robert McDowell welcome to BP! Definitely a good place to learn and meet good people. I am also from the Newburgh area and recently just got an accepted offer in Poughkeepsie on a buy and hold. 

Dive in and learn all you can! 

@Ed Burk any different for owner occupied?? 

Even as an owner occupied they were looking for 25% Down 

@Matt Caven I would love that contact info! I'll dm you! 

@Matt Caven have you heard/ had any experience with the lender limiting the number of units on your renovation loans? 

I have been looking for similar properties in the Hudson valley as well. I have found PrimeLending to be the easiest to work with this far. However they (and a few other lenders that I've spoken to) have told me that their rehab loans are only good one 1-2 family properties - which is something I was previously unaware of. 

Daniel, 

Welcome and I look forward to learning along with you! 

Greenwood Lake, to the best of my knowledge, is in a great school district so that's always a plus. On the other side of it I believe it tends to have higher taxes than surrounding areas so that is a consideration as well. 

I wish you the best of luck. Let's chat some more and exchange ideas!