All Forum Posts by: David Niles

Hi Dave, I'm your neighbor from just down the I90, doing some rehabs in the Buffalo area, just joined the forums myself but welcome aboard!

I was told by a couple lenders and even a mortgage broker in my area that the seasoning most required on title was minimum 90 days or proof of major renovations, meaning more then a couple gallons of paint, anything less then that and they considered it a flip and wouldnt touch it.

lol, perfect time of year to hit it.

Jonathan C. Sorry for the spiel on pre approved etc when you obviously already know that as a realtor, and thanks for not replying with a "huh? are you kidding?" lol.

Sounds like your doing your due diligence just once again lenders failing to do their part, that is so annoying to work hard on a sale to have it fall apart after weeks and weeks of work because someone couldnt do what they are paid to do.
I had one FHA deal go an entire month longer simply because the lender changed loan agents on my clients mid stream and the new agent needed EVERYTHING sent again and started from scratch.

I am surprised the bank even looked at your offer without your proof of funds included. Not much you can do at this point but tell your agent what you posted here and let them handle it.

Couldnt agree with you more about some of the warzone stuff Brian, also with the cash flow, on the whole if your looking for great cash flow you cant beat the area, its everywhere here and the only thing that can take a slight bite out of it is our overpriced NYS taxes...

Brian Burke Howdy neighbor! lol Never understood the dislike for our market here, while we didnt see the big "boom" other areas did years ago, we didnt get the big bust either, its steady and gradual on the whole but you definitely do need somebody that knows the area well as values change dramatically even street by street.

Joshua Dorkin Thanks Joshua, will get one uploaded asap.

J Scott Thanks for the welcome! As I was saying to Brian, plenty of money to made here in both buy / holds and rehabs, just need to make sure you have a pro who knows the areas. I have been mainly working just the suburbs of Buffalo with auctions/foreclosures that I rehab and resell, the city itself has plenty of deals too but on the whole I see most of them as buy/holds right now. Rentals are great though in the city and such as Brian eluded to his Elmwood village which is a REALLY hot spot and more areas coming up too as the city finally gets off its arse and starts to redevelop itself and our waterfront.

Sealing the wood is really not the answer and should not be necessary, instead making sure the leaks are fixed is priority one. As a builder and contractor I can tell you nobody seals floor decking as its not needed, instead you make sure your "wet" areas like kitchen sink area and bathrooms have proper covering like vinyl sheet or ceramic tile, also as Joel said, proper caulk to make sure any spills cant make it around your floor coverings and to the wood. Carpet in these wet areas is always a recipe for disaster as it holds any spills or water on the wood floor creating issues down the road.
I see your discussing using vinyl planks, I would imagine the self stick style? If so, the biggest headache saving point I would give is to make sure the floor you are putting them on is SUPER clean of dust/dirt etc, if not the planks/tiles peel up as the glue gets loaded with the debris vs sticking to the floor. Sweep and vacuum the floor before install.

Like Chris said, maybe a little more info on why your deals are falling apart.
Johns point is quite good too, I dont know if your selling on your own or with an agent but I wouldnt even accept an offer that isnt pre APPROVED, dont get this mistaken with pre QUALIFIED, Pre approved is what you want because it is a much more involved process into the buyers finances and actual filling out of applications.

Hey Dale, thanks for the welcome. I have been rehabbing houses already for the past 5 years, I am hoping to build additional resources/partner/investor to allow me to handle more then one at a time and maybe some buy / holds as well.