All Forum Posts by: Carini Rochester

We would all like to do it that way!

Everybody (including money lenders) are in business to make money. How are they going to make enough money on a 15k loan to stay in business? Look for other ways to pool together the 15k. (Get a part-time job and save every penny. Then quit once you've got the 15k.)

The town's zoning official can tell you what level of maintenance, upkeep, mowing is required. A phone call away.

The other items you mentioned: no comment.

Yes. Find an accountant. Or buy a book.

Get your taxes paid off. The government is the most expensive and viscous creditor there is. Pay your taxes.

My perspective, you were about to pay 33% more than the property was worth. Walk away.

Alex, this one of the best questions I've seen on this forum! It's a great topic, should prove very interesting for you and will help you in your purchases and renovations.

1) To learn about the code, read the code. Read the IRC, International Residential Code, for one and two family buildings. The IBC International Building Code for multi-family and commercial buildings. The Maintenance Code for keeping older, building in shape. Your state might have a state specific version of these codes. A call to a town building department, or an internet search should answer that for you.

2) I have found The Journal of Light Construction to be an excellent source of information. I have a book they published in 1992 that was a collection of some of their most popular articles from the previous few years. It's still on my bookshelf. I still subscribe to their monthly magazine.

3) I have a book called Carpentry and Construction, Third Edition, from 1999 by Mark R. Miller, Rex Miller and Glen E. Baker.

Learn all you can!

Not a notion. Read your mortgage and/or promissory note and talk to your closing attorney if you want. I haven't read your documents. The chances that you signed something that says that you can't put in offers is right about zero, I would think. 

Well done! I just read the article in the Albany T. U. Very exciting!

The answer to this question requires too much information about your specific circumstances for anyone to even hazard a guess. However, I will say that new construction pretty expensive right now, and may be too expensive for the rent income to justify the cost. If it will cost 300,000 to build a three bedroom house, but you can go down the street and buy a three bedroom house for 250,000, then why build? (maybe for the new roof, the new furnace and AC, the new finishes . . .) You have to get some prices and see. 

I hope you do well!