All Forum Posts by: Account Closed

Also not all banks will give you that 100% out of the property. And... The VA is expecting you to plan to owner occupy the home but does not specify a period. FHA is 1 year but the VA is rumored to be about 3. But realistically, who's going to check. I'd just make sure to stay at least 1 year as an OO. Great use of your VA benefit here!!

I'm running into this same problem. I'm in contract for a triplex with one oil tank/boiler.   The heating expense during the winter months is $400-$500.  I cash flow well despite this expense.    I'll be living in the building as well; trying to weigh out my options now. And Gas is not available

Hey Greg, sounds like it's time to start one!   And I'll be there

Hi Natalie, I'm curious, did you buy this property and how did it go?

Hello everyone, I just wanted to share my numbers on the duplex I'm buying and ask a little advice about separating OIL HEAT.    

Purchase price: 158K 20% Down Conventional Financing @ 4% I have my PITI at about $1200 per month. One tenant occupies a unit at $900 per month (no lease, that's a whole other issue). There is an above ground large mostly finished, heated and plumbed (is that a word) basement that I plan to finish and occupy. I quickly plan to turn the duplex into a triplex, every zoning indication is leaning toward this not being a problem. There's already 3 electric meters and a separate septic tank for this basement. The owner died before he could finish it.

I estimate 40-50K to finish the 2 bedroom basement. I plan to live downstairs and rent the two units upstairs and live for free downstairs. I'm really excited about all my numbers all the way around except: I pay for oil heating and the hot water. I will eventually switch to 3 separate electric hot water heaters but how about Oil?   

Is there any way to legally make the tenants pay for heat in this situation?  I'm just looking for some basic ideas from anyone who's been through something similar.  Natural Gas is not available.

I'm estimating this monthly heating expense at $400 per month. 

Also, I'm currently renting.  I'd want this house even if I couldn't finish the basement and I'd keep the property a duplex. 

Nice to meet you Jacob.   I'm Nick, I'm new to Albany and fairly new to investing.  If you ever want to talk Albany real estate and run numbers let me know!       I'm currently looking for multi-family to owner occupy myself.    Welcome :)

Wow, great input on the pest control and HVAC systems. I'm glad I threw it out there and really appreciate the feedback on here.   @ Jay Hinrichs: I was stationed in Hawaii and agree about the systems out there.   I guess I'm still just trying to identify my niche. 

I personally want to live in the warmer climates and invest locally.  I have lots more research to do.

Again, thanks for all the input, I'll be sure to post my progress on here...

All great points, thanks.   Hopefully a hurricane doesn't wipe me out.  I guess my post was adversarial towards investors in the colder climates and well deserving of that response.

It's just with: vacancies, repairs, and all of the other issues that arrive on us all, why not eliminate the need for a furnace? I mean, just overall: moving past hurricanes, would it not make more sense to look for cash flow in Phoenix, rather than Maine?   

Just hypothetically, sorry to offend... 

Let me start by apologizing if this is posted in the wrong spot or with the wrong headings, but I've been developing my life around my strategy, and am actually going to move to NC/SC to live and buy rental properties. My units in PA had pipes freeze this winter and I got to thinking: Why deal with this if I don't HAVE to?  The duplex is built in 1910, cash flows well, but has snow sitting on the roof half the year, I have to replace the furnace already, worry about ice/snow removal, and of course, had to pay for that frozen pipe (that goodness it didn't burst).   

I'm moving to be an owner occupant of one or multi-family homes and hopefully get the benefits there (tax/mortgage) before I buy a SF.  

I know people like to invest local, have different strategies and look for the best cap rates in decent neighborhoods, but can't everyone find that down South also?  

Why deal with the cold and the older homes?

Hey Mike, I'm still in Ohio and trying to get down to Charlotte soon as well.   I'm looking to buy and hold, but would definitely look to network once I get down there.