All Forum Posts by: Jordan Moser

Hi all!

I live in a 3 story single-family home, which I'm getting re-appraised in hopes of getting rid of PMI. Our basement has a second kitchen. I'm getting rid of the stove, but is there anything I need to be worried about when the appraiser comes? Is there any risk of getting into trouble with the appraiser or bank, or having them retract or change our loan terms? I live in Beacon in Dutchess County, NY. Thanks!

Hi,

I'll be moving to Beacon, NY on Friday (first house!) and will be looking for contractors to fix up our home.

Can anyone recommend any good contractors for roofing, siding, hardwood floors and plumbing? Also looking for a good general contractor, figure you guys might have some good recommendations. Thanks!

Awesome, thanks so much, this is great info.

Hey guys,

I'm analyzing a property in Beacon, NY (about 1.5 hours outside NYC on the Hudson River) and not sure if it's a good deal. It's for sale by owner, no realtors involved. I'm a first time homebuyer and plan to do FHA. I'm a little weary about doing this without a realtor, can anyone comment on that?

Price is a bit steep ($425k) but looks like it has cash flow potential. 

"Brick Three Family. 1890. Three units separately metered. Major renovations including wood floors, granite counters, etc. No violations. Taxes $6,300 in 2015. Rental income $1,450 + $1,700 + $1,100. Strong ROI. Master unit vacant. Off street parking. Big yard. Nice neighbors."

Any thoughts or advice is appreciated, thanks!

Hey guys,

My sister has a nightmare tenant in Santa Clarita, the apartment is trashed, tenant had animals and it's been deemed unlivable conditions. Just totally gross, I'll spare the details. I'm trying to help her find a deep cleaning service for a SERIOUS cleanup, and am worried that most traditional cleaning services would turn her away. How do I go about finding one that handles this type of thing? Do you have any recommendations?

Thanks guys,

Jordan

Hey all,

Everyone here on BP has been super helpful so far, so of course I knew where to go when I had a tough real estate question. Here's the scenario, I could use your wisdom on this.

My girlfriend and I are looking to make our first real estate investment. We currently live in Manhattan, but because the property is so expensive, we've been looking at multifamily homes to househack in Beacon, NY, about 1.5 hours of the train line.

There aren't many homes with more than 2 units, and our downpayment of 50k allows puts us in the price range of around 325,000 for a 2-unit (3 if we're lucky!) We talked to a lender, and she quoted monthly expenses at approximately $2020, with closing costs of 15k. Also worth noting is that because most of the houses in Beacon are small, not sure it would make sense to do FHA unless we can get a much larger property with more units to rent out.

Looks like househacking may be tough cause we'll still be paying some rent. (we can probably get around 1200-1600 for renting out the other unit.)

Would this be a smart move? Anyone have any recommendations or words of advice? Trying to make this work but there are just so many factors to keep track of. 

Thanks,

Jordan

@Sarah Ziehr Thanks for the reply, good idea to talk to a lender with the financial plan.

Can anyone recommend a good lender to talk to? Would you recommend a local lender in NYC or a bigger bank?

@Adam K.Thanks for the solid advice. 

Is it possible to get a conventional loan with a 10% downpayment in Brooklyn, or even Ridgewood, Queens?  What would you do with 40-60k of funds for a downpayment?

@Matthew Saskin- Do you think FHA loans are possible in Ridgewood? I've read a lot of conflicting information about which neighborhoods FHA is still possible in. Do you think it's possible to househack using an FHA on a duplex or triplex, with enough rental income to cover the mortage costs?

Great info here guys, thank you!

@Shmuel Harris- Thanks for your reply, really useful stuff. Good to know FHA is still possible in some areas.

Would love to meet up to discuss, I'll shoot you a PM. 

It makes sense FHA househacking would be tough in the hot neighborhoods. Could you see it being a possibility in Crown Heights, Brooklyn Heights, Prospect Lefferts Gardens, or even somewhere like Ridgewood, Queens? Good to know East Flatbush, Flatlands and ENY are all options. Are there any additional safe, up-and-coming areas you'd recommend?