All Forum Posts by: Bryan Cavellier

@Amy H. Those are the digital keypads correct? Im thibking about using those... Would love to know your thoughts and review on them!

@James C Norman Jr my POV on this is simple. A deal works or doesn't based on your situation and the numbers that you pay attention to when buying. No matter the situation the economy is in the deal has to make sense to you. I personally would suggest a B but definetely a C class building because when tough times hit, people will move down a class so the B and C are "recession" proof, theoretically.

Sum it up... People will always need a place to live so if it makes sense for you to buy... Do it!

Best,

Bryan

@Brandon Sturgill ok thanks. Its a deal where the number work well for me, just short handed the $7k and didnt know of any options.

I got my first duplex under contract for 142k with 8k of concessions (FHA, Owner Occupied). Home was appraised for 134k. Hmmm fishy so I contested with a comp and additional information. 2nd apprasial came back and simply raised it to 135k. Personally this appraisal is low but that eill only help me I suppose when I refi!

I have enough money in my bank account to only spend so much at closing so I am now 7k short. Suggestions on next steps? Make a new offer, or leave the deal?

Best,

The Newbie Bryan

@Paulina Lagudi Syracuse NY... But same goes for Rotchester/Binghamton NY if your in that area.

@Jeremy Morton I will share my newbie experience and if it helps, great! I am closing on my first house next month. It is a duplex that I used an FHA for. I will live in one side and rent out the other. Their are rules and criteria you have to meet for FHA but if you qaulify it is a great way to start. Its quicker than saving ALOT of money at once. If you think my newbie POV could help anymore...just ask.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Syracuse.

Purchase price: $134,000
Cash invested: $10,000

First house! 2 unit (2Bed1Bath Each). Both rent at $900. I live in one and rent the other. Mortage is FHA and $1,250 a month, leaving me paying $350 a month as my "rent" (house hacking). Bought for $134k in 2019 in Syracuse,NY.

What made you interested in investing in this type of deal?

House-Hacking, being able to have someone else put money into my invest and bring my monthly expenses down.

How did you find this deal and how did you negotiate it?

MLS and was listed at $140k that was worked down to $134k with $8k of seller concessions.

How did you finance this deal?

I had an FHA loan and not a lot of money in bank account so added seller concessions to get my initial investment as low as possible. Put $8K of my own money down (which was just about everything I had).

Lessons learned? Challenges?

FHA is great to get started but if you can avoid the "red tape" of it all...do so.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

John Arquette was my agent and was great through the process.

@Eric Ippolito I am under contract for my first duplex here in Syracuse NY and I believe this goes for Rochester/Buffalo NY as well. It is a 2 unit(2Bed/1Bath each) that both can go for $900 (rent) each and with work up to $1,100. I purchased for $134k. Units in these three cities are for sure in that budget and if in the right location can be at that "1-2% rule". With that being said NY is crazy taxed so make sure you look at those. Those are just some options of cheaper markets and all have airports to fly into to make an easier commute.