All Forum Posts by: Matt V.

I'm by no means an expert but seems decent. You'd want to pull some comps to be sure and depending on your rehab costs skills, get some contractor proposals as well. From there lock it under contract and find that buyer.

What's the market like? Sellers market, buyers market, a lot of rentals available or not?

I have run a number of properties through the tax foreclosure process in other states (than NC) and can say that each county and state is different but typically there is a good chunk of time from when the tax foreclosure is initiated (3-6 months). The current property owner will have all the way up to the actual sale date to pay their taxes and save the property so you should have some time to get your deal together. Make sure the seller watches their mail for the final date notice from the county.

Welcome to BP @Jaime Borbon ! I used my VA loan on my first place and yea there are some extra hoops but it is tough to beat zero down and rates are decent. We went with Navy Fed for ours and it was relatively smooth.

Good to know on the Homestyle. The conventional we are looking at will require a 10% down so we'll see if that works first but explore Homestyle if need be if the appraisal is a no go.

Thanks @Joe Impagliazzo ! I spoke with a mortgage broker and it looks like both the 203K and Homestyle are out of the question because the home is a multifamily and apparently those loans are only for single family residences. On top of that yea the out of state thing was becoming an issue although we were entertaining bringing in a family member as a "credit partner" merely for their residency.

We are exploring more traditional mortgages now that would be used to purchase our "2nd home" as long as it will pass appraisal. We see how that goes and have a better idea of what we are working with.

Welcome @Ryan Moore ! I too realized that I was kind of an accidental investor when I did something very similar to your moving around and buying places. 

I have a question regarding the home energy audits, specifically in CNY. I'm currently looking at a place with @Jim Wilson  and entertaining the idea of possibly using a NYSERDA loan for energy upgrades. Have you ever had experience with that loan type or been contracted to do the audits for them and if so, can you run through the basic process or any pre-qualifications that need to be met prior to approval? I am all for energy improvements on an owner-occupied investment especially in with the winters being as nasty as they are.

I am going to try and keep this post out of the weeds but there are a lot of parts. If anyone thinks I need to split it up into their respective forums(?), please let me know.

My father and I (I know, family partnerships...) have decided to launch head first into real estate investing after spending years doing our own thing. He's a master carpenter and project manager and I have spent the past couple years in land and tax lien investing as an employee. He has two properties, one in NY with $60K-70K market at 100% equity and one in CT valued at $300K-$325K with ~75% equity. I have one property in TX that's valued at $165K with just under 10% equity. The CT and TX properties are both rentals with low vacancy rates with positive cash flow. The TX property is financed with a VA loan.

One of the first orders of business is that I need to relocate back to the east coast. I have identified a Homepath home where I grew up that is very attractive on the numbers side ($95K buy, $35K rehab, $225K ARV) that I would like to jump on. I would owner occupy and there is a small apartment attached that would rent to a local college student for ~$400/mo. Side note, my Dad actually worked on this house back when I was a kid and he was doing renovations and SF construction in the area so just a tidbit of nostalgia. I am looking at 203K loans as an option but wondering if there are other options I should examine that make this a better deal. We don't have any friends or family for owner-occupied to pull from and I can't afford a 30% down with a private or hard money lender.

Second, my Dad found an REO property that we feel would be a good starting point for another buy and hold. Currently being offered at $55K, $30K in rehab with an ARV of $150K and monthly rental potential of $900-$1000. Using the BP calculator it would cash flow ~$200/mo. We were thinking of 30% down using the current CT house HELOC and then use a friend investor to carry 70% purchase plus rehab. Once the rehab was complete we'd go for a conventional refi however not sure how to handle that if we are both working full time flipping or wholesaling other properties. I know, we're asking a lot here :-/

What I am looking for is a little guidance/advice on how some of the more seasoned BP members might handle these two potential properties given our current circumstances/portfolio. We are reading everything possible and spending countless hours on BP educating ourselves but nothing beats experience. Any suggestions/critiques are greatly appreciated.

Thanks in advance!

@Wane Tango , yea I had a similar experience where I was sending post cards for a concrete business I was running. Not that we were lazy but with some of the neighborhoods we just didn't see any harm in putting cards directly in the mailboxes. We ended up getting a notice from the Post Office notifying us of our misdoing. Live and learn I guess.

My wife and I are planning to relocate soon and with that are looking at properties that would need some work so that over time  they would yield a nice equity position. With that we are thinking of utilizing a 203K loan.

My question is, with us living out of state to where we would be purchasing, what is the best way to handle the whole 203K process? I am thinking that we should hire a consultant regardless if it is a Streamlined 203 or not just because we will not be able to be present for inspections and whatnot. Is there anything else we factor?

Next, should I be approaching lenders in my current area and see if they can lend over there or should I approach NY lenders and see if they can work with a remote borrower?

To add a level of complexity, the home we are currently looking at is a Homepath home so not sure if that will matter.

Thanks in advance!

Just know that when using @Chad Clanton 's last method above, don't actually put the mailer in the mailbox as the Post Office will get upset with you. You're better off taping it next to the garage door or slipping it in the crack of the front door leaving it exposed.