All Forum Posts by: Matthew Barbaccia

Sounds great Ill look locally first thanks Ryan

Hey BP peeps,

When seeking a HELOC, does anyone know of a financial institution that works well with clients that lack W2 income? Most if not all of my income appears on my Schedule E as rental income from a college rental portfolio that I self manage. I have 3+ years of rental history with these income streams. I recently bought a primary residence all cash and would like to put a HELOC on the property to use as a revolving line of credit for various real estate projects I am working on. If anyone has any recs, I'd greatly appreciate it.

Many thanks!

-Matt

Hey everyone!

I hope everyone is having a nice holiday season.

My wife and I are currently living in Upstate NY and we have made the decision to move somewhere more metro with a greater list of work opportunities (my wife is an event planner for weddings, parties, etc.). 

We are wondering if anyone has a lead on a 3-4 unit MFH in the Pittsburgh area? We are planning to owner occupy and have financing lined up for anything up to a 4 unit. Price would depend on condition and location, but we are open to anything at this point.

Thanks!

-Matt & Carina

Hey Jackie, I came across a deal in this zip, did you ever determine the level of desire for this neighborhood?

@Michael Gessner thanks for the response. My partner is the one running this project be asked me to reach out. I’ll take that advice into consideration I think it’s a good point to fine-tune the plan so that there is a clear directive on what we need. Thanks again

I appreciate everybody’s insights, going back to @Bill Chen’s question, there is a need for some inspections for asbestos and lead paint being that the property is so old. In terms of the structural damage that may be existing, that still needs to be determined as well.

I think there’s still a lot of due diligence on my end that needs to be done, getting such a range of price estimates for this project it was a surprise to me, and as most of you say I shouldn’t be expecting that much to go into a rehab unless there is significant issues. Again the goal is just to make the property functional for rentals.

I’ll update here once I have more information.

Thanks all

-Matt

@Christopher Schink got it thanks!

Hey everyone,

I'm currently working on a rehab project involving a 6 bed 5 bath two family home in Flushing, New York. I've worked on several smaller projects in the past but this is by far the largest rehab I've done. The home is in need of some minor cosmetic rehab work, but there are some potential areas of the home that may need more substantial work.

I've had several contractors quote me for the job, their estimates ranging from $211K to $500K and in between. My concern is that the contractors may have a different vision for what I am looking to accomplish with this rehab. I plan to rent out the property and would ideally like it fixed up to serve that need, not for my own personal use. My question is, how do I determine the right step forward? Should I meet with an architect to go over my plans and then bring those to a contractor rather than having the contractor make those decisions?

-Matt

Hey everyone,

I'm currently working on a rehab project involving a 6 bed 5 bath two family home in Flushing, New York. I've worked on several smaller projects in the past but this is by far the largest rehab I've done. The home is in need of some minor cosmetic rehab work, but there are some potential areas of the home that may need more substantial work.

I've had several contractors quote me for the job, their estimates ranging from $211K to $500K and in between. My concern is that the contractors may have a different vision for what I am looking to accomplish with this rehab. I plan to rent out the property and would ideally like it fixed up to serve that need, not for my own personal use. My question is, how do I determine the right step forward? Should I meet with an architect to go over my plans and then bring those to a contractor rather than having the contractor make those decisions?

-Matt

Hey everyone,

I'm currently working on a rehab project involving a 6 bed 5 bath two family home in Flushing, New York. I've worked on several smaller projects in the past but this is by far the largest rehab I've done. The home is in need of some minor cosmetic rehab work, but there are some potential areas of the home that may need more substantial work. 

I've had several contractors quote me for the job, their estimates ranging from $211K to $500K and in between. My concern is that the contractors may have a different vision for what I am looking to accomplish with this rehab. I plan to rent out the property and would ideally like it fixed up to serve that need, not for my own personal use. My question is, how do I determine the right step forward? Should I meet with an architect to go over my plans and then bring those to a contractor rather than having the contractor make those decisions?

-Matt