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All Forum Posts by: James Canoy

James Canoy has started 19 posts and replied 242 times.

Post: What is approx cost of contruction?

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
There are also modular options for single families to apartment complexes.

Post: Mobile homes or single family.

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
I can say this, you are paying top dollar for a rental mobile home at that level. Also, mobile homes don’t appreciate. What the interviewee does is buy mobile homes at the sub 10,000 level which need minimal work then rent or lease option those. He requires about 3,000 down for the lease option and therefore he gets back most of his money and he runs everything based on getting all money back in 10 months. He has started to look into mobile home parks and renting the land out as well. Sfh may appreciate in value and are easier to rent with typically better quality people.

Post: Mobile homes or single family.

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
https://www.biggerpockets.com/renewsblog/2014/06/19/bp-podcast-075-fedro-mobile-home-investing/ That all I’ve got so far. It’s at least worth a listen.

Post: Which strategy builds massive wealth the fastest?

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
What I’ve noticed is that it depends on who you talk to. Also there are ways to make money in any market but not with every deal. Examples: Low income areas with high priced homes like apartments and mobile homes and rental multi families. Outdated homes going relatively cheap compared to new then buy fix and flip or rent depending on the numbers. If there are really expensive homes but it’s worth it to build then make spec homes. You have to find good cheap land in desirable areas though. You may have to buy cheap land that is not so desirable and wait it out. If there are high home prices with decent foreclosures then do that. The numbers have to work and you have to make sure you know rehab costs.
I’m just getting started and trying to dot my I’s. Sorry for the questions. Are these numbers you use to evaluate a rental comprehensive? Is there an app to utilize?
Ask them for a line of credit instead

Post: Freeze Damage to a Property

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
How do you determine the extent of water damage to a house or pipe damage before buying the house? I would assume that no one will turn on the water in the winterized house for me to inspect.

Post: Freeze Damage to a Property

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
Originally posted by @Brad L.:

My plumber told me a lot of winterization companies are a joke, and from my experience a property that was supposedly “winterized” can still have bursted pipes. Foreclosure we bought had 6 that needed to be replaced.

 How much should I assume for any house? Is there anything to guide me? I’d rather not assume something and end up being at a masssive loss.

Post: Freeze Damage to a Property

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
Originally posted by @Brian Pulaski:

My last house in CT was winterized when purchased. Had probably 20 breaks throughout the water and heat loops. They must have winterized it too late. I always assume there are issues and do my best to look for them when I'm there doing my inspection. If I see one break, I assume there are a lot more.

 What’s an approximate average to assume prior to buying? The houses are sold with no electricity or water and I can’t hook up utilities prior to buying.

Post: Freeze Damage to a Property

James CanoyPosted
  • Kingston, Ny
  • Posts 252
  • Votes 138
Originally posted by @Pat L.:

We have dealt with a lot of frozen properties & in most cases you will need to replace all the copper as pin hole cracks can appear in several places in one length. The last one was a single family home & took a week & $2200 in materials as a lot of the cast iron barely functional drains were also replaced. Also some of the older homes could still have soap/dirt/grease coated drum traps that invariably freeze & are tough to get to. 

To this date unless the water lines were purged & then filled with RV freeze protection its not a guarantee. We had a lake house job recently whereby the owner insisted he purged/drained the lines then blew them out with air. A 3/4 copper lateral burst in the most difficult spot to repair/replace with Pex. We eventually replaced all the copper runs with Pex.

We then found an old forgotten P-trap buried in a wall that also cracked & showed up when they moved the washer back to that drain. 

Also if hot water heater tanks, dishwasher pumps etc retain any water you can get freeze damage.

 Where at in upstate?