All Forum Posts by: Account Closed

You can only assume something is asbestos until it is tested. 

College grad here.. Will you make 120k out of school as an architect? Probably not. I work in engineering so I work closely with architects. The ones I know are miserable and make less money than the trade guys on site. Learn a trade (They all pay well and everyone is retiring and no help to be found) you'll be worth a lot being young working in a trade. Get your RE license on the side. 

Any 3+ unit buildings in Glens Falls you're looking to sell? 

Yes 

Prime Lending did a loan for me at 80k. I paid a higher rate as it was a high cost mortgage but I closed that deal. Talk to @Jerry Padilla- he is a lender with Prime. 

If you're young and have a w2- dump that 11k into a house hack, yesterday. You can afford to stretch yourself thin. Is more money better? sure. But you might sideline yourself for awhile if you don't make the jump. I've stretched myself thin before as I am scaling my portfolio but if you have available credit- use that to your advantage and make a solid plan for repayment. 

1/3 up front then I run it like my w2.. Contractor submits pay application I review it sign off and pay if the scope is completed that they submitted.

Looking for some insight.. Unfortunately I got a call Wednesday night that one of my tenants had passed. I closed on the duplex last July with a vacant upstairs unit that I completely remodeled myself along with doing two roofs and a 600 sq ft wrap around porch that set me back about 20k on top of the conventional investment down payment. That unit is currently rented and covers my note. 

I knew I would eventually have to rehab the downstairs unit. The tenant had been there 30 years paying well below market rent and going into the deal I knew this would be a major project but I was not expecting it almost a year later. 

I currently have a HELOC on the property for around 40k. The building is in a great neighborhood and appraised well for the HELOC with a dump of a unit on the first floor.

I am tight on cash right now as I started investing 3 years ago and have been actively buying and updating my properties. 

I had spoken to the tenants family and cut them a deal as of now. (I am close to the cousin of the tenant who passed and he has done quite a bit of work for me since I met him about a year ago- he is in construction and does great work). 

I am thinking of using the HELOC (interest only) to renovate the unit and letting the guy stay in the mean time and trade his labor for rent (Bad idea? we have a great mutual relationship). I would then plan to cashout refi when the unit is completed (70% LTV- currently owe 58k comps are around 140ish). Does any one have recommendations for a lender on a cashout refi? Once the unit is renovated I will be able to pull 1k/month. Total of $1750 on the building.

Any advice is appreciated, thank you. 

Jason, 

We had spoke at the Glens Falls meetup. I have some good contacts for these things. Reach out at any time!

Glens Falls is growing- cheapish properties, great rents, strong rental market. We have been seeing an influx of people here due to Saratoga prices, global foundries ect. A lot of people commute from Glens Falls to the southern counties. The Glens Falls market has been great but super competitive with low inventory right now.