All Forum Posts by: John Bucci

@Lenin Garcia

Hey Lenin, I am a plumber in New York and can guide you a little about steam boilers and possibly give you some insight. Basically with steam heat you cannot create or make separate zones. You can only make separate zones with a hot water boiler. If some rooms are getting to hot and cold the system may not be balanced correctly because of the relief vents on the side.

Option 1: Would be to change the radiator valves for each radiator(which will allow tenant to open and close the valves depending on which rooms get to hot). The old one may be faulty and allow steam to pass through. This process may be a little costly because it’s a decent undertaking.

Option 2: Install a hot water boiler with separate zones for each unit. This requires running separate lines with new baseboard or radiators. There may be a possibility you can convert the old steam radiators to hot water radiators but the plumber may spend more time on each individual radiator than you buying new material.

I don’t know much about electric so I can’t give input on that topic.

Good luck! If you need more info please feel free to contact me

@Dmitriy Fomichenko thank you it was a very exciting year

Investment Info:

Single-family residence fix & flip investment in Dobbs Ferry.

Purchase price: $180,000
Cash invested: $120,000
Sale price: $395,000

We stumble across this house because of its conditions and it was a great candidate for a fix and flip. The listing price was at 295k and the negotiations began! The house was in desperate need of repair and also did not have a boiler because of messy divorce (Wife removed boiler because she paid for it). That being said we could not get a conventional mortgage so we did all cash offer at 180k. This project took about 10 months and sold in a week!!! Check out finish product

What made you interested in investing in this type of deal?

I love a good project and this one was in great need of repair

How did you find this deal and how did you negotiate it?

Found this deal on zillow and negotiated myself with the selling agent

How did you finance this deal?

Cash

How did you add value to the deal?

Complete gut renovation of Kitchen and bathrooms. Originally it was a one bath house and we added an additional bathroom.

What was the outcome?

$$$

@Bonnie Low Thank you so much for the info will be reaching out today

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $270,000
Cash invested: $100,000
Sale price: $475,000

This was my first flip at 26 years old. At the time I owned and operated owned and operated plumbing business and decided to get involve with a fix & flip with my investment partners. We bought the property all cash and began renovations. I was able to do the all of the plumbing renovation and we hired a GC to take care of the rest of the work. At the end of the project my partners bought me out at market price and they held the property till this day as an investment.

What made you interested in investing in this type of deal?

The house was sitting on the market for a long time and needed some repairs and was well below market value.

How did you find this deal and how did you negotiate it?

Through the listing agent.

How did you finance this deal?

Cash

How did you add value to the deal?

Whole house renovation. Kitchen and bathrooms

Lessons learned? Challenges?

Biggest challenge was oil to gas conversion.
Learned how to create corporation and use tax laws

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $270,000
Cash invested: $100,000
Sale price: $475,000

This was my first flip at 26 years old. At the time I owned and operated my own plumbing business and decided to get involve with a fix & flip with my investment partners. We bought the property all cash and began renovations. I was able to do the all of the plumbing renovation and we hired a GC to take care of the rest of the work. This project took a little longer than expected because we did an oil to gas conversion which took about 8 months for utility to bring gas to the house. At the end of the project my partners bought me out at market price and they held the property till this day as an investment. It was a very exciting time and the beginning of my journey.

What made you interested in investing in this type of deal?

The house was sitting on the market for a long time and needed some repairs and was well below market value.

How did you find this deal and how did you negotiate it?

Through the listing agent.

How did you finance this deal?

Cash

How did you add value to the deal?

Whole house renovation. Kitchen and bathrooms

Lessons learned? Challenges?

Biggest challenge was oil to gas conversion.
Learned how to create corporation and use tax laws

I am a newbie to this forum and in need of some help. Hopefully I'm positing to the right forum.  I bought my first house in Aug 2020, renovated it, and June 1 2021 it is currently rented.  I put about 120k in renovations cost and a 20% down payment.  I'm looking to take out my investment and purchase another property but when I called to do cash out refi the banks do not offer this option on a rental property.  Citizen Bank which is my original lender says they do not offer and rocket mortgage says that fannie mae and other lenders aren't issuing any more cash out refi at the time for investment properties.  Can someone please guide me in the right direction because I am lost here or find lenders that offer this?