All Forum Posts by: Kevin Smith

Ceasar - thanks for the feedback, much appreciated. I'm definitely going to do an inspection as I want to know as much as possible about what is needed. I'll also ask my bank for a proof of funds letter to put them at ease. I was told there is no mortgage on the property, a title search should confirm that, right?

Thanks again! 

I've also penciled in your meetup for the 8th. I'm down in Manhattan of lower Westchester often so I'll stop by if possible.

Hello BP Community - I am ready to make an offer on a 4 family house and would like some initial feedback if you are experienced in this area. The owner is willing to finance so I won't need to obtain financing. When submitting the offer is there anything I need to include beyond the following:

- purchase price

- down payment

- interest rate

- amortization period

The listing agent is asking for POF letter, which seems a silly to me when it is just for the down payment. Is this still something I should obtain from my bank?

Also, the property is listed 'as-is' but I am sure I would want an inspection period and have the offer contigent on satisfactory inspection reports.

Anything else I am missing? After much reading and local research I am ready to take ACTION!

Thanks in advance,

Kevin

Hello BP Community - Newbie here and I have what I think may be a good deal and would like some feedback from seasoned investors. The property is a legal 2 family, with a possible 3rd unit. My thought would be to rent the 2 units and occupy the 3rd unit. Being that I have little capital at my disposal, I would use a FHA loan to get in. Now, it does need some work to close off the 2 units more permanently and to finish the downstairs unit. Ideas how to either wrap those costs into the loan, or get those funds, would be greatly appreciated. I was thinking maybe seller financing for a portion if they are open to it.

Hi Steve - welcome and best of luck with your business venture! I am new to REI and live in Dutchess as well, Pawling to be exact. Would love to connect and see how we may help each other out.

Kevin

Hi Fab - fellow NY'er here and relatively new to BP and REI as well. The community here is fantastic and super helpful. The information available here is second to none. My suggestion is to check out the podcasts - I started at #1 yesterday and it was great, #2 I listened to today and was so inspired.

Best of luck and hope to collaborate on some business in the future.

Kevin

Welcome Alvina - I'm still pretty new myself and also from NY. Hope we can learn from each other along the way.

Hi Ron - wondering if you were able to sell this unit? I am just seeing it now.

Kevin

Hi Noel - welcome to BP! I am in NY, about an hour north of Yonkers and new here and to REI. My focus is similar to yours, looking forward to hearing how you are progressing and sharing in my steps as well.

Hello there BP community - I am new to Bigger Pockets and new to Real Estate Investing. My goal is to learn as much as possible and be able to have REI be my full time occupation in the next 12-24 months. I spend time in the New York area, about an hour or so north of NYC, and in the Framingham, MA area, which is about 30 minutes west of Boston. I will be looking to network and be active in these locations. Ultimately my goal is to buy and hold properties through wholesaling and flipping to build up capital. So glad I came across Bigger Pockets as the amount of helpful information is simply amazing. Looking forward to meeting you all.