Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Real Estate Agent
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on . Most recent reply

User Stats

73
Posts
22
Votes
Cerwin Haynes
  • Syracuse, NY
22
Votes |
73
Posts

House-shopping in Syracuse - 1st home/owner occupant via FHA

Cerwin Haynes
  • Syracuse, NY
Posted

Hello all. My name is Cerwin and I just joined here last week after checking out a few podcasts over the past couple of months. I'm in the market to begin my real estate investing - I am looking for a 3-unit (or the "right" 2-unit) as an owner occupant to cashflow. I'm looking inner-city Syracuse; while I don't need a "pampered" neighborhood, I also don't want to live somewhere where there's gunshots every night (I joked with my agent that once or twice a week is OK).

Within my financial parameters, I've been looking at houses between 30-70K. Lately, the 50K, 60-65K three-units I've come across are in higher tax areas (around $3800 annually) AND they need substantial rehab, like a total roof replacement. Mortgage broker then says "no can do", even if I consider a purchase offer that subtracts the cost of the expected rehab (203K) from the asking price.

My agent thinks I may need to "steal one" to secure a purchase on a house within my price range that doesn't need over 10, 15K of rehab. I've attained a list of properties from the Syracuse LandBank that aren't foreclosed on but are delinquent or set to be closed upon next year. I've checked out some youtube vids on door-knocking and such, but these houses aren't occupied by the owners (a lot of out of town investors/owners here). So any suggestions on how to reach out to owners of said properties? Thanks.

Loading replies...