All Forum Posts by: James Gaffney

I guess I should have specified. I’m currently living in the house. Everything is in working order, it’s just extremely dated, as in nothing has been updated since around the 40s-50s. I had a structural engineer check out the foundation etc. out and it is structurally sound.  The one thing that worries me is that house is shake on shake, no plywood sheathing etc. same for the roof. The house is 1100 square feet as it stands but the attic is large enough to be converted to living space which would add 200 square feet to “living space” it also a business zoned lot and also has a small building near the road that was built in the 50s and was used as an accountants office. Right now it houses all the homes utilities but I’d would like to convert back to an office. I believe that could raise the amount I can rent the home for. 

Hey guys, super new here, I’m actually about to purchase my first home. I haven’t decided if I’d like to use it as a rental or not yet.  A house was left to me, a bank technically owns it because it was reverse mortage.  The buy price is 200k. It’s a 2 bedroom, 2 bathroom and it’s 200 years old. The medium home price in the neighborhood is about 589k. Obviously this house would Under that. It’s needs probably 100k worth of work but I believe I can rent it for about 3k a month. My total expenses would be under 2500 on it per month. I’m not really sure what to do. Does anyone know how I’d go about finding our the appraisal after all the renovations are done. I’m in Islip New York. Suffolk county. Thanks in advance.