All Forum Posts by: Alexander George

Hey BP!

I am grateful to say I am being gifted some land upstate in the Liberty, NY area. It is just a few acres with an older cabin on it which needs to be rebuilt. No one in the family has visited in years and it has become quite overgrown. My brother visited over the weekend and found the house. The property is actually off a dirt road. The house needs a lot of work, as it seems like someone opened a window a long time ago, and I don't doubt that local residents of the forest have found a home in there (not to mention potential water damage... gahh!)

Anyway, I have been looking around the area and there have been a number of AirBnB's popping up. I also found an article noting some of the newer activities to enjoy near the area, such as a new casino, breweries, hiking and camping, and more with only about a 2 hour drive from NYC. 

I don't know much about the property outside of this and wanted to get your thoughts. Obviously I am thinking of getting the property surveyed and thinking of building it back up to a potential getaway/airbnb. What do yall think?

Thanks. -Alexander

Just some of my observations in the area lately: I live in on LI now and the market is very different here from other areas of the country. I do feel like coming from one of the most expensive areas in the country does prime you for anything else out there, to say the least. There are open houses which I attend where the agent will say "low taxes" and follow it with "only $15k". All in all there are pockets in areas where there have been updates in the last few years. One area which has seen a major transformation is Patchogue, NY. A big trend right now is large dev corps like TRITEC coming in and building "Luxury" apartments near the LIRR stations for a premium. Since less people are into owning their own homes, developers have been building these huge complexes with just enough perks to push for rents that most locals won't pay... unless they are either older and do not want the house maintenance costs anymore, or if they are younger buy from the city where moving further out seems like a better rent.

Side note: I've dubbed Long Island as the land of illegal apartments. This is because every town seems to keep their heads up high at the idea of allowing multi-fams in, but a large percentage of the single family mini mansions are actually housing multiple residents. In a vigilante sense, much of long island is "house hacking". 

 Excellent information! Really appreciate it! What do you mean by the last point: 

• You get the title within like 1 week if you were low bidder on a first mortgage

To simplify my understanding... Is the purpose of this to keep folks depending on, say their fixed w-2 income to qualify rather than rental income? 

If an individual earned a decent base income from a FT job (relative to the area), then doing owner occupant maybe 3 times in a row, for example, should not a problem... Is my understanding correct?

Welcome @David DeGeorge -- I too am interested in Central MA areas. Let's connect!

what insurance company have you had experience with there in the Woo?

 Thanks for that tip!

@Ted Strzelecki what areas nearby do you like? I guess it is all perspective. I come from parts of NY where taxes are 27k.

This is all great info. I have not heard of this Home Possible. Is this the same as Homepath? 

I am looking for 3-4 MFs in central MA and would like to know all these types of options. 

hey Darina, I am.actually interested in the Woo! Though I don't know much about Marlborough, I'd love to hear of your experience in the Worcester area. Best of luck to you!