All Forum Posts by: Matt Kistner

Good Morning and Happy Saturday-

I checked out a foreclosure yesterday that was in surprisingly good condition. This house is 2400 sq ft 4 bedrooms (3 on the main level and 1 in the basement) as well as a family room in the basement. There is a concern that since the house was built in 1968 that lead based paint was used- and the house has been on and off the market due to price revisions since 2014. The bank is currently repairing the baseboard heat and putting in 2 new air ducts into the boiler. The agent told me that just this past January the house had an offer, and an appraisal and inspection were completed and then the people backed out because they didn't want to wait for the bank to fix the heat... I wonder if that was the case or if there was a costly discovery that they didn't want to deal with. What do you guys think? 

@Account Closed I just checked the public records it was converted from a single family, and now they are selling it for almost what they paid for it back in 09. They boxed the furnace in completely and water heater in a small closet so I don't see how we would be able to fit in a second water heater and furnace for the separate gas line etc.... The only reason I am hung up on this property is because the interior is very nice, and the location is quite convenient (right across the street from the medical district which is the heart and soul of my community). Also finding decent rental properties in my area is far and in between. 

All good advice! Thanks !

Good Afternoon,

I have an offer in with a duplex that only has one gas and electric meter. The the boiler is natural gas so I am looking for estimates on how much it would cost to install new gas lines, a new boiler, and then a second breaker box etc for the electric to separate the utilities amongst the apartments. Could I get some estimates ???

Thanks Bob!

Good Morning Bigger Pockets and Happy Friday! 

I looked at a 4 bedroom duplex last night that is  in a great location, it sits right across the street from UHS hospital in Binghamton, NY. It is in great condition it was built in 1994 and is listed for 139k and was newly updated by the realtor's brother who owns his own contracting company. I would like to know how much capital I should have saved up to get a gauge of where I am at currently prior to going through with an  investment property.

I understand every situation is different and that I must be prepared for the worst case scenario (vacancy, evictions, etc) I am just wondering if my earned income is 2500 take home a month, and my expenses such as a mortgage payment, taxes, and insurance all come to 1100 can I get away with having 5 grand in the bank after the down payment or is this walking the fine line? I will be having a home inspection done assuming I go through with this purchase. 

Thanks,

Matt Kistner

This is all making sense now! Thank You !

Hello everyone, Can I use a conventional mortgage of 5 percent down on a multi family home that I plan on renting out ? Also do I have to occupy the house for a certain period of time? Regards, -Matt

Thanks everyone

Hi Everyone,

I was wondering if I could get some feedback on pursuing cash transactions for purchasing investment property. I know that there is risk because of the lack of paper trail, but could this also raise a red flag for the seller not wanting the banks to get involved? In other words can I still pay in cash after getting a rental mortgage to pay the seller and get an inspection done on the house before signing the dotted line? 

Thanks in advance,

-Matt K