All Forum Posts by: Edward Dandrea

I've been having luck on Facebook market place lately.

Found a duplex for 100k in the Hudson valley gonna close on

It just takes hours a day to look for good stuff.

I look for 11% cash on cash or I'm not interested and I get excited for 14% and up.

@Greg Maden I'm in Monticello in Sullivan county. Closing on my second multi so not sure what I can contribute but I'm in.

I'm using Wayne bank for a HELOC they underwrite themselves

I found a seller with no realtor asking 100k for a duplex in upstate NY

The property is filthy needs work with what seems like cosmetic issues. (Hoarding garbage etc.) Exterior painting. Landscaping etc

He was getting $900 a month for each unit but the upstairs tenant isn't paying, but should be out this week.

Taxes are 6000 ish

Ins in my area will probably be 150/mo

Oil heat down stairs

Electric upstairs

Separate meters so should be tenant pays their own.

This is my second property and I will be leveraging a bit to buy it, so I want to be careful and could use some advice . I don't know but I think arv has to be 150k or better

I bought a 5 unit for 114,000 3 years ago I did some Reno and the building NOI is near 35k a year

I am applying for a HELOC to buy more and Pat of the process is getting an appraisal.

I'm not sure what to expect or how I can contribute to getting the highest possible value.

I don't want my cheap purchase price to hurt me. I figure if it makes 35k then 10% cap puts its value around $350

Any advice ?