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All Forum Posts by: Andy Futterer

Andy Futterer has started 5 posts and replied 9 times.

Post: Buying a duplex with FHA

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Yes you can, I did exactly that 2 years ago and now due to some improvements we have made and the appreciation we have seen in our market, we are refinancing into a conventional mortgage and getting rid of the PMI. You can only have one FHA at a time so after we refi we can start the process over with another multi. Good luck!

Post: Rental Kitchen Cabinets: Is it worth it to buy more expensive?

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

I would agree with most of the replies here.  I just renovated one of the kitchens in a multi I just purchased and we are now getting $300 more for the unit than the previous owner because we made quality upgrades.  I purchased cabinets (plywood boxes, real wood drawers with dovetail) from our local building supplier and had our GC install them for $500.  We did replace the upper cabinets with open shelves which help cut costs but look awesome.  All in, we replaced our cabinets for under $2K.

Post: What I am I doing wrong? Can't get it rented.

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Brad,

I just rented my 1st unit- after I renovated it in under 30 days. I also raised the rent $300 days. It was previously a $1500 a month and I got it up to $1850. I was freaking out myself because construction ran late and we didn't list it until the week before Christmas. So I barely got prospects and the ones I did get- well I thought I was going to have to rob a bank! While I am no expert, I fell your pain and thought I could provide my opinion.

NO do not lower your credit score based off of nobody. I am also a professional sales person. Google "at-bats" or sabre metrics. You are not even letting anyone a chance to get up to the plate! I have been a renter in NYC and Boston for the last 10+ years. People look search from their phones not desktops. They want to stay on the apartment app not get forwarded to questionnaires. They get to yours and are like "WTF". Do me a favor- check out your listing on a mobile device. Or ask a friend. It should be painless to set up a showing appointment from a device to see your stunning appointment!!!

New goal- get as many people in your apartment as possible. The freaks, the crazies, everyone. This is a business. The more people you show this to you the more likely you will get a "renter". You are automatically disqualifying people. Delete every posting and then re-post! 

Then during that showing- if they like it you discuss qualifications. They will ask. People who rent come ready to rent. TAKE EVERYTHING OFF OF YOUR LISTING.

 Don't lower your standards to rent. But absolutely make it easy for anyone to come see your apartment. It's also about the tenant.  I had a graduate student with a 720 credit score and 100k cash apply ( to me this is not an ideal tenant)-- because that money can be gone tomorrow). How will they keep paying me? Its the whole picture? Proof of income + credit report+ employment history!

Post: Seeking RE Agent in Boston North Shore (recommendations welcome)

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Looking for a multi family for a house hack in the Salem, Marblehead, Swampscott area.  Any recs on agents are welcome. 

Post: Need a RE Agent in Saratoga Springs, NY area

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

New investor who is ready to pull the trigger.  Looking at properties in Saratoga Springs, NY area and need a local agent.  Please shoot me a message if you can help.  Thanks!

Post: Approved for a mortgage BUT.....

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Hello All,

Looking for a little guidance here....I have been approved for a mortgage under the assumption it will be my primary residence.  I am looking at multi-family properties with the intention to house hack but what if I decide to NOT live in one of the units?  I know the official answer is that it changes the type of loan (a loan I wont be approved for, I've checked with my broker) but what is the REAL answer?  

Could I live in a unit for a year and then leave? Would I need to inform my lender then? 

Any and all advice is appreciated!

Thanks,

Andy 

Post: Purchasing properties on Auction.com

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Thanks everybody!

Post: Purchasing properties on Auction.com

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Rookie question here...

I am looking for buy and hold properties. I understand that financing should be in place prior to bidding on properties but what about the insanely cheap properties that you cant get conventional loans for?

Is it possible to win an auction, pay your earnest money, find a hard money lender for money to purchase the property and then refinance with the bank?

Any and all advice is appreciated.

Post: New Investor in Brooklyn, NY

Andy FuttererPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 9
  • Votes 5

Hello BP!

My name is Andy and I am a new investor in Brooklyn, NY, 29 years old and in Medical Device sales. I am looking for buy and hold properties to supplement my income and allow me to retire early. I have been obsessed with real estate for some time but have yet to take the plunge. I consider myself to be well informed on my local and surrounding markets and have recently been cured of "analysis paralysis". I am ready to jump in with both feet and start making offers.

I am looking to BP to continue my education in real estate investing by sharing my mistakes (and hopefully successes) and learning from everyone else's as well.

I have been listening to the BP podcast for awhile and now I look forward to being involved with the forums and hopefully working with some of you!