All Forum Posts by: Larry L.

Ready to make my first offer on an out-of-state deal. I've got questions!?!

1. Should I be utilizing a buyer's agent or making the offer on my own? Leaning towards the former.

2. How soon can I request proof of rental income and expenses documentation?

3. Outside of proof of the things in question #2 and an inspection are there any other contingencies my formal offer should contain?

I do not plan on visiting the location prior to purchasing. 

Thank you in advance for all your helpful replies.  

@Abel Curiel thanks for the advice! Lynbrook is one of the areas I’m considering.

Planning on purchasing my first home, the goal is to purchase a multi-family in the beginning of 2021. My goal is to live in the smallest part of the home. Most of the multi-family homes in the areas I like are 2 family. 

- looking for a fixer upper 

- I’m not the most handy but do know how to properly estimate repairs


Any tips on what to look out for would be appreciated , thanks in advance!

Thanks for all the feedback, those were some valid concerns that were shared. I’ve locked in a property manager. They dynamic of doing business with a family member could pose some issues however my concern is finding tenants in such a small town.

So myself and another family member are the new owners of a 3 bedroom 1 bath in a small town in South Carolina, our plan is as follows: Step 1: Create LLC Step 2: Clean out home. It was built in the early 90‘s , its been maintained decently Will require a new roof in a couple of years Drainage issue under the home , will cost roughly $2500 to correct It was rented for a short time 3 months ago for a period of 3 months. New refrigerator purchased 4 months ago Step 3: Find tenant , FRV is $850 planning to rent for $750 Home is in a small town , there is a small college 15 minutes away, other than the college there is not much going on in this town Step 4: Home is roughly valued at $85k, would like to refinance home and take equity replace roof and use remainder to purchase multi unit property Feedback: I plan to use a property manager (I’m located on NYC) Is this strategy flawed in anyway ? Any other routes I could go and still end up with multi unit property? Refinance advice ? Thanks in advance!

Please do @Ceasar Rosas via a PM , also let me know the name of your meetup, I'd like to come to one. 

@CesarRosas  thank you my current lender does not offer 203k loans , i'll search for some that do. Thanks again .  @Hem Kumar I'll PM you. 

Great info being shared on here, I presently live in Queens and am in the similar situation as @Pete Jannello. I'm looking for a duplex to house hack in Queens or LI , I'm currently pre approved for a FHA loan but I'm finding it difficult to find properties that are in my price range and in good enough condition to qualify as FHA approved, it seems like it's a difficult process but its NOT impossible (@Hem Kumar). So I'm up for the challenge. I definitely think my chances are better with finding something off the market. Here to help anyone else on here to get a deal as well. 

New to Bigger Pockets , but have listened to about 10 pod cast in the last week and a half, and have been educating myself on REI for the last 3 years and I'm finally ready to get into it myself.

I work as a property claims adjuster so I'm comfortable determining repair cost and working with contractors is something I do on a daily basis (Please feel free to reach out to me if you need help deciphering an insurance policy or assistance with filing a claim or anything home repair related)

My plan is to House Hack a Duplex in Queens of Nassau County

Finance it through FHA or 203K loan

As a backup I am also considering investing in the Charlotte,NC or Houston, TX markets with multi families however that would still leave me as a renter here in NY. I know my money would go a lot further although I would be responsible for a bigger down payment any ideas on down payment assistance or lower money down options that wont require me to live in the home are welcomed as I don't plan on leaving NY anytime soon.

Open to all advice

Looking forward to being an active member of the BP family