All Forum Posts by: Louis Aller

@Account Closed Did you do your own rehab or use contractors?

@Brian Pulaski welcome to Montgomery, I've lived in the area my whole life and seen it grow by leaps and bounds. Any luck finding places to flip so far?

Hey Derick how did this turn out? Looks like a success story in the making! Thinking about getting started in Middletown

Hey @Anthony Ciani did you attend PBHS? If so I think I remember you! Anyways welcome to the forums, I'm looking to get started with a house hack somewhere in Orange County

Zak, yes FHA the goal in this instance would be to house hack. I have yet to find much in NYS without proportionally high taxes. I saw a 3/1, 2/1 duplex for 129k with rents at 1,200 and 1,400 but the taxes were 8000! Tim, the property has month to month cash paying tenants, my numbers assumed the property was vacated and then filled with tenants I screened. (I used the lowest number I could find for similar units to determine rents) That is the only way I would consider purchasing in this scenario. I do not think there is much expansion beyond adding laundry. Scott, my numbers came out about similar to that. Brett, that is correct, and I tried to use fairly high numbers for maintenance because the property is older.

Hello everyone,

I was wondering if anyone can look at this deal and share some feedback, concerns or questions. I am trying to figure out if the numbers will work and if I should put an offer. I appreciate any help. Here are the details:

Asking Price: 250k

30 year FHA loan at 3.25% with 5% down

Units: 2 one bedrooms at $800, 1 two bedroom at 1075, 1 three bedroom at 1400

Total Gross income: 4,075

Separate Utilities except water (which is outrageously high at $416 per month)

Taxes are 9,200 which is also outrageously high

Year Built: 1900 in C class neighborhood 

Thanks!

Does anyone have an update on this? Is the new zoning being enforced to phase out anything above duplex?

I too am interested in class C neighborhoods of Scranton due to the low entry point for buy and hold rentals. What kind of cash on cash returns have you been seeing? Also do you have any streets or neighborhoods that should be avoided due to  crime?

Hi guys!  

I have a question, I am underwater on a property that I cannot sell or refinance because the loan value is larger than the property value. Value = 350k but leveraged out 100%. However I own a second property outright worth 200k. The underwater property is on an ARM and I would like to refinance to a fixed rate ASAP. Is it possible to use a portfolio lender of some kind who will allow me to refinance to a fixed rate mortgage? I called some of the local banks here in NY but they wouldn't lend because the property I own outright is in Florida. What are my options?

But yes, what is the benefit of a HELOC as opposed to just the regular home equity loan for investment purposes? I like the idea of the fixed interest rate after receiving a lump sum so I can budget the debt load as I am still very new at this.