All Forum Posts by: Juan Perez

Hi - I don’t have a deal yet but I am actively looking. I have more than 50% of a down payment for the price am looking for to borrow

I can’t view any homes unless I show proof of funds do i need a deal to apply for a hard money loan?

Hi all, and thank you in advance for any feedback/ comments.

I am looking to purchase my first single family home in Long Island NY. I have found several homes but the issue is that I only have roughly 50k to invest and not the full asking price for a cash offer. 

Are there any strategies anyone might recommend on how to win a negotiation battle between a 

financing offer vs a cash offer? 

thanks again

This will be a question for an Architect. Normally it involves a feasibility study and some zoning research to establish bulk and the determine an approximate number of units. Some architects have this as a free consultation while others will charge a small fee.

@Donald Jeune

thanks for the heads up, so what did you end up trying? or what is your strategy now that you see that this method is hard to get something with?

really appreciate your time 

Hi @Eric A.

Thanks for your information!, it is very well detailed and extremely helpful. 

From the research I've done on FHA, " Some of the FHA loan closing cost may be financed, and some may- after being negotiated between buyer and seller-be paid by the seller within the boundaries of the FHA loan programs's rule. The borrower also has the option to pay some closing cost out of pocket" Its why I think FHA program is affordable. as an architect, I'm a bit lucky in the sense that I have some contacts with contractors and can potentially save some cost on the material and construction estimates.

To your last point, I agree - the plan is to find a property with very little improvements to be made. I really appreciate your time and the valuable information you provided.

Have you done any deals in NYC? or any deals with FHA? I see you're in Brooklyn.

@Scott Trench thanks for the feed back!, I read on HUD's website that it must be your primary residence for a minimum of 90 days, yes I do plan on making one of the units my primary residence while renting the other, I do also plan on getting the 203k loan to have at the very least the kitchens renovated, I will not be able to afford a fancy home by no means, I want to buy withing my price range. there is an up and coming neighborhood in Queens NY with LOTS of development happening, also has one of the main transit HUBS connecting millions of New Yorker's and tourist to Midtown Manhattan. Its an area im familiar with and have seen properties that are still affordable with the opportunity for some renovation. I was hoping for this to be an approach that can work and at the turn of a year or so have some profit, I feel it must be a slow start specially in NY.

@Kevin Siedlecki your comments made total sense, How would you suggest approaching this market then, Ill do my HW and re-think of a way but seems that the opportunity is really low for someone like myself to start in NYC.

thanks a lot for your time

Not sure I understand you @Darren Sager, I mentioned at the start of the post that I'm looking to start investing, I'm not speculating or trying to gamble, as a newcomer to this I want to start building a solid foundation of knowledge before taking that first step, I have no experience and I'm just trying to think of ways to start. I just laid out my thought process for someone to advice if it can work the way Im approaching it, if not I would welcome any advice from someone who started just like I am trying to, perticularly in NYC. Thanks for your comment

@Eric A. You're right, it wouldn't have much appreciation within 3 months, But say you found a house for 450k, and after the math is done you determined that after all expenses (holding cost, closing cost, just cosmetic renovations, etc) you can make an offer of 400K. Then after the 3 months you put it back on the market, The bank would send someone to appraise the house, those small cosmetic upgrades would allow for the house to go up in price no? not much but for a newbie like myself would be a win. Thanks for your time, im just trying to learn so I can get started and thought this would be a good way to get into the NYC market.

So i recently started a post with the question of Flipping Houses in Queens or Brooklyn (NYC)

Here is the thing, for someone like myself who is looking to start investing in NYC,where the market is tough to get into and everyone here seems to have negative comments and not much advice for newbies like myself to invest in.

Wouldn't it make sense to get an FHA loan that only require a min of 3.5% down payment. Buy a single family house, or even a 2 family for 350-500k in a neighborhood that's up and coming hold it for the required 90 days - put it back in the market and if you did your math correctly and assumptions, you can have a good profit?

What seems to be missing? doesn't it make sense to do this what i just mentioned above?
It would be awesome if BP could have a webinar on this.