All Forum Posts by: Alex Kouvatsos

Hey Navin,

Congrats on the successful purchase and rehab in Nyack! I currently live in Nyack and am looking to buy a buy and hold investment as well. Do you have any advice on finding a good deal in the area? Did you find this on the MLS? How does it perform with the high taxes in the area?

Thanks!

Thanks for all the input! The seller accepted an offer from an all cash buyer on this. It's tough to compete with all cash especially with an FHA loan, but on to the next! I agree with everyone's analysis, I believe the rents were undermarket so there was some potential upside there but it still wasn't a home run deal necessarily.

@David Martinez That’s a good point, I’m hoping it would still pass for FHA. I don’t mind putting in the work to rehab, just don’t want to lose out on financing. They are all 1 bedroom units in Goshen

@John B. I agree, it’s just been difficult to get a straight answer or any accurate numbers on the expenses for this building from the seller or sellers agent. It’s in Goshen, small town but close to Middletown. All 1 bedroom units, outside of the building looks good and it’s on Main Street.

@Brent Coombs it’s been hard to get any accurate numbers from the seller or sellers agent. I may call Orange & Rockland myself and see if I can get some pricing on what the bills would be! I got the preapproval and would not mind putting in the money or time to get it fixed up myself, but I don’t know for certain if FHA would be okay to lend on that.

I put in an offer for a Fourplex in Orange County, NY (Upstate NY). 

Sell price $300,000, Taxes $8900, Rents are $950, $950, $750, I would occupy the 4th unit ($950)

Utilities are separate.. no idea what the costs are. Seller's agent gave me a proforma which is not accurate. Floors are sagging hard.. will definitely need to add joists. Empty unit needs some renovation.

I offered $305,000 with FHA.. The agent said he is considering all offers but leaning towards an all cash offer for this property and another one he has.

Should I up my offer? I feel like the numbers are already not great, and it's not in an appreciating area by any means, it's a small town. Middletown, Goshen, Newburgh, area. It's my first deal and I'm just anxious to get in. 

Any advice? 

Hi Chris, thanks for the reply. I'm not trying to be dishonest, I plan on showing all my income I made this year, but I'd like to buy a property as soon as possible, and based on my last year's taxes (before I started my business), it shows that I do not make enough to qualify unfortunately. Is there any lender that will consider giving an FHA for a 4plex to someone who has a lower income with no debt?

Hi, I need help getting pre-approved for an FHA loan for a 4plex in NY. Asking price is $299,000. I have 740 credit score, 0 debt, but don't make enough ($35K a year shown on taxes). I have a side business I made an extra $20K this year but it won't be claimed until I do my taxes this year. I have just over $25K saved up, $30K 401K, and a little bit of money in stocks.

I talked to a mortgage lender and he recommended getting a cosigner to help with the low income, but since the co-signer won't be occupying the property, minimum down payment is now 25% with FHA or 20% with conventional.. it actually made it worse for me.

Is there any way I can get approved for this??

@Jordan Sand - Thanks for all the information, very helpful!

Awesome, that's definitely the plan. So having a lease written out for them is all good as long as it's your primary residence for a year as well?