All Forum Posts by: Nestaly Nin

@Account Closed Okay that seems affordable in the scheme of things. That also makes me think, how would I go about a GC bidding process? Might something like that only be available after closing? 

@Chris T. Thank you! This will definitely help when I get a hold of a few good GCs. 

@Michael Hayworth I have yet to purchase any property. I agree, it would be foolish to waste anyone's time on anything that isn't locked down. To answer your question, we are currently under contract. The home inspection proved to be very beneficial, the garage is useless due to foundation issues and the rear porch is in bad shape and to make it more interesting the seller had "someone" make an addition onto it so I'm sure you can imagine what the cluster may look like. Attending an REI meeting will be next on my list. Thank you for your time!

@Account Closed I absolutely considered paying for the GC's estimate but that begs the question of how much would be fair for everyone?

I appreciate everyone's thoughts and suggestions!

Hey team, I'm in the process of buying a two unit property in Amsterdam, NY. The intention is to buy and hold and this is my first purchase. For future reference, I'd like to know if it's normal or appropriate to have one or two GCs walk through the property for the first time before submitting an initial offer. I figured I could get a list of major repairs and general estimates as to save time afterwards? Thoughts, comments or suggestions? Any response is greatly appreciated.

Zach Matteo thank you for reaching out! It'd be great to get coffee or lunch sometime and chat about our next steps in real estate! I'll be out of town this weekend but let me know what your availability is during the next week so we can meet up!

Andrew Pope I'm glad you reached out. Could you let me know if you'd be open to meeting up and having coffee at the Hudson River Coffee House sometime next week? I'd like to discuss your experience with investing in Albany up until now.

Thanks everyone! @Bill Regan if possible, would you be able to offer any advice on the best approaches you had for screening tenants in the Albany area? I understand there are dozens of ways to go about it :) 

My name is Nestaly Nin and my girlfriend’s name is Maria. We are fresh into the Real Estate industry. I am from Gloversville, NY about an hour west of Albany. I am a software support engineer working at Pitney Bowes. I envision purchasing multi-unit residential properties until I have enough assets to collaborate with other investors to buy into a larger apartment complex. I am ecstatic at the idea of major passive cash flow and steadily growing my net worth.

Maria introduced me to Bigger Pockets and after I listened to a podcast, I was determined to listen to every available podcast to date. I started listening in order from the beginning and I am currently on episode 45. It helps that my commute from home to work is a little over an hour! Recently I started listening to the podcast at twice the speed. It took a bit of getting used to but I am comfortable with the pace. I can comfortably listen to two podcasts each way.

We finally decided to join Bigger Pockets after watching a webinar with Brandon.

We are looking forward to networking and helping out in any way possible! :)

Thank you for the quick follow-up, Sean!

If I take out the loan wouldn't I need to be on the title? I figured I could just keep it in her name so that I'm not associated with owning a home (not sure if that makes sense).

I believe the conventional lender wouldn't have had a problem if it wasn't for the short sale on her credit report from a few years ago.

Let me know if this helps clarify. 

Hey team, my mom is a few steps in the process of purchasing her second two unit property listed at (I'm helping). The seller accepted an offer of 73,000. The mortgage broker just informed me he found a short sale record on her credit report from December 2014 (long story but the short of it is she cosigned my sister's home which she defaulted on and ended up buying as a short sale). In order to qualify for a conventional loan the short sale closing record needs to be 4 years or greater.

She won't be able to take out the loan and I'll be next up to qualify for the loan.

If I go through with this loan, she would be paying the 20% down and mortgage payments. I don't have any worries about her being responsible.

BUT! I want to know, would I ruin my chances as a first time home buyer (unable to get an FHA loan on the next property I'd like to buy) by putting my name on this conventional loan? Any drawbacks or repercussions?

I have until the next day to get back to the mortgage broker so any advice is greatly appreciated!