yonkers 100+ year old renovation on a three family. looking for c

[John Percoco]

Hello

Waiting to close on my first 3 family investment home  in yonkers. Looking forward to hearing from others with any advise on contractors, renovations on a 100+ year old home.

[Virgilio Garcia]

@John Percoco

Hi,

I am interested in the Yonkers area preferably a 2 to 4 family property. i have been seeing some of the inventory via a agent who has been sending me info on certian multi families in Yonkers and the Bronx, 

i am curious, the property you are waiting to close,

was it on the mls?

did you run the numbers ? if so do they show positive cash flow?

are you planing to live in ? 

i am looking into FHA, that is why i ask.

also, how strong is the rental marker in that area ? 

Thanks and congrats on the new property. can  you share photos ?

[John Percoco]

hi.  No it was through word of mouth and did the deal myself.  Yes It definitely has posture cash flow. About 1000 to 1400 depending on how much rent I get.  

I am doing the fha with 10 percent down.

Decent area with good renters market.

No photos saved as of yet. Actually going next week to the house to get some contractor to start bidding.

I'm looking for more and someone with a good reputation to do the work.

Hoped it help

[Jacqueline Pelzer]

John Percoco FHA you got with 10% down. Was that a first time homebuyer situation? I ask bc I bought a house fha 10 years ago and wondering if I'd qualify again. Congrats. Yonkers rents are good and the taxes are definitely better than where I am which is Mount Vernon.

[John Percoco]

Hello.  Yes fha 10% down.  You can put less but I'm stuck with pmi for 10 yrs and 1.75 added to closing of purchase price.  Great rate of 3.2 though.  I looked in mt. Vernon for a house for the family but taxes are way high and schools are horrible. 

[John Percoco]

Not sure if you can apply again but worth a shot