All Forum Posts by: Maria N.

Thank you all!  I definitely have been blaming myself over anyone else.  I should have done more research, I should've known with how old the house is, etc.  But I know I'll never make the same mistake again.  Thank you for all your valuable advice!

This is the plumbing section of the inspection report.  Really thought inspectors were responsible for inspecting stuff like this.  I had no idea that was an entirely separate inspection I had to do.  What else have I missed?  I would love to get ahead of everything so no big surprises come up soon.

 It is galvanized steel.

Bought an old multifamily last month that passed the inspection with flying colors. I mean, as with all houses, there were a few things here and there that needed to be fixed, but nothing major.  It was my first purchase, and I had no idea I needed to inspect the plumbing separately.  Everything seemed to be working fine.

This week, the tenant tells me the sink and bath are clogged.  I bring a plumber in, he unsuccessfully tries to snake it, then tells me this is really bad, the house needs repiping.  It will cost anywhere from a few thousand to $10,000.  They won't know til they're in there.

Tenant later tells me the previous owner knew of this and brought a handyman 3 different times but didn't solve the issue.  They would temporarily get the drains to work and then the issue would pop up again.  Tenant said the handyman told the owner the situation is really bad and needs a lot of work to actually fix.

I'm glad I have emergency savings for this but I had no idea I would have to tap into it so quickly.  I feel like I made a huge mistake.  My lawyer said the seller was legally supposed to tell me and if I had proof that he knew about these issues I could sue.  But I don't.

Has anyone else been in a similar situation?  It really freaking sucks, and I kind of feel like an idiot.  Trying to look at the brightside, I learned a lesson, but who knows what else will pop up.

@Steven Luttman It's around the corner from Washington Park, closer to downtown in the historical district. 

Thank you for the advice!

Also, it's a 100 year old house so I've estimated maintenance costs of $500 a month.  Inspection is being done today so I'll get a better idea about the condition of everything.

First time home-buyer trying to house hack on a 3-family home using an FHA in Troy, NY. I found one for $260,000. Monthly payments would be $2065 with an interest rate of 2.875%. With utilities & flood insurance, it'll be more like $2400. Once I move out, I'll be making around $3400. I was originally worried because of the really high property tax (3.5%), but the cash flow checks out so I looked past it.

Now I'm in the process of signing documents to close, and I saw, for the first time, just how high the closing costs are going to be. I'll be paying around $16,000... not including the down payment of $9100. Of that, $6120 are for 8 months of property tax, but this doesn't cover the next year, it only covers up until November (the month before my first monthly payment would be due), and back pay to the seller for their property and school taxes. I was expecting max 4% of the property value in closing costs, this is over 6%. Is this still a good idea? I could easily afford it, but the whole point of the FHA for me was to put as little of my own money down. I could use your advice!

Here is a breakdown of the closing costs: 

- 0.25% of loan amount (points): $638
- Origination Fee: $895
- Appraisal Fee: $575
- Credit Report: $66
- Flood Certification: $7
- Inspection fees: $125 (only applies if appraiser requests fixes)
- Title - Settlement Fee: $495
- Title - Courier/Overnight Fee: $75
- Title - Endorsement: $150
- Title - Lender's Title Insurance: $1252
- Title - Mortgage Payoff: $75
- Title - Searches: $265
- Title - Wire Fee: $75
- Recording Fees and other Taxes: $320
- Transfer Taxes: $2553
- Homeowners Insurance Premium (12 months): $780
- Homeowners Insurance (2 months reserves): $130
- Property Taxes (8 months): $6120
- Personal Rep Fee/Borrower's Attorney Fee: $650
- Title - Owner's Title Insurance: $685 (optional but I will get it to be safe)
- Daily Interest 11 days: $221.19

Ideally, I'd like to house hack with a Triplex or 4-plex. I've been pre-approved for a max purchase price of $690,000 with an FHA loan but I think the max I'd be willing to purchase is $500,000. Any advice on where to look?

Thank you!