All Forum Posts by: Marci Stein

Sure- i own one rental house free and clear, cost $80,000.
i am 10 years away from retirement and will need to supplement my income with another $3,000 a month .
i have $60, 000 cash to invest now. Any help much appreciated.

I read 2 ideas here: First, buy in your backyard so you know the area well,which makes sence. Second, i read some of you are out of state investors if that's where the deals are, which also makes sence. Being a NY'er, I cannot buy in my back yard--way too costly. but i am unaware of
values out of state.
How to decide which route to follow?

youre right on this! Just checked on FEma map--this house is in a 500 yr. flood zone , Zone C, based on the map from 1984-ha!

ok, what info do i need in order to find out? just the address will do?
I figured that any home near a river has to be in a flood zone, right?

Looking to submit offer on a small 1 bedrm cottage in the country,
asking price $37,000.
It is riverfront, and next to a very beautiful home that cost $250,ooo.
The living room wood floor is warped and be it is due to Irene,
but now the County built a huge sand barrier to prevent floods .
Will i needed flood insurance if i buy this property to flip, or rent out?
this ia a foreclosure so no way to know if and when it has been flooded.thanks .

ok..do you know what happens if it has a CO for only 3 units?

Have an offer on a short sale 4 plex, just noticed the records state "triplex".
I'm not sure if that should make a difference to me , as i am still pretty new at investing. i have never had a multi unti before. I will be buying this for half the market value, if my offer is accepted. what does it mean to me that it may be zoned as triplex? thanks very much.

have an offer on a house, lawyer asked if i want to include in contract having an inspection for an underground oil tank.
is this typically done when investors have inspections done? i know there is an oil tank and furnace in the basement, but seller doesnt know if there was ever one under ground.i would have to pay additional money if i want that done.
is it important? thanks.

Excellent suggestions...thanks!

"They" is the lawyer rep. the seller. He wrote it in the contract, which i have not yet signed.