All Forum Posts by: Qusay F.

Wow...I'm truly grateful for the time everyone took to reply to my question. Each and every response was truly helpful in my decision-making. I decided to go for it. 

Thank you!

Hello all,

About 6 months ago I purchased my first property, a duplex on the MLS at below asking price (and below market based on comps) in a high-demand, albeit up-and-coming neighborhood of Buffalo, NY. I've since rehabbed it and just about ready to list it for rent. The rehab has been exhausting, but a great learning experience. I work a full-time job so I want to find something more "turn-key" for my next investment purchase. I made an offer on a similar home, but in a higher-class area. Again, I found the property on the MLS, made an offer, had an inspection, etc. My realtor thinks I got a great deal, even though I went against my ideals this time and offered above asking price and I feel I may have made an emotional decision with the offer. The owner declined negotiating the inspection addendum and I have an out, but I think there is good long-term opportunity here according to my calcs - good cash flow + appreciation + stable rental market.

To sum it up, my question is: in your opinion(s), when is it acceptable to purchase an investment property in a hot rental market at asking (or above). what would you compromise on with initial up-front cost (i.e. no rehab, appreciation prospects, etc.)?

Thanks

Hello Yvonne,

I moved to Buffalo this year and just about to close on my first multi-family rental property. Let me know if you have any questions, Id be happy to help out!

Q

Good strategy @Neil Schoepp. Getting a lease signed shouldnt be difficult with the spiking demand and falling inventory of quality SFR rentals here. Thanks

Thanks for your reply @Forrest. Its encouraging to hear from others who have succeeded in similar endeavors. I will be reaching out to other brokers as well.

Hello BP community,

I would kindly ask for your input on this issue.

I recently spoke with a mortgage broker regarding purchasing a second home and renting out my current residence. He gave me rates based on different scenarios. I currently live in a SFR that I purchased with a conventional mortgage. Due to family changes and ever increasing taxes in my area, I am looking to purchase a duplex nearby and make it my primary residence.

The broker told me I would have to sell my current SFR in order to purchase the duplex as a primary residence even though I qualify to buy it as an investment property (at a higher APR, of course). I was puzzled. He told me its so people don't try to "cheat the system". I have lived in my current residence for over a year and I'm looking to downsize, rent out my SFR, and have the added cash flow subsidize my mortgage payments.

I would like to hear from other buyers/investors/brokers - is there truth to this rule? Or is the broker trying to get me to borrow at a higher rate? Any suggestions or strategy is much appreciated.

Thanks

Q

I agree Psycho Cybernetics by Maltz is an  excellent book on adopting a mind-set that will help any driven individual succeed. It's old school but the concepts are still valid today.

Forgive me if this is not the right forum to post in. I am looking for a RE agent in Buffalo, NY who specializes in foreclosures and distressed properties. Please contact me if you would like to discuss further. 

Thank you.

Im pretty sure its the size of the crack. The owner tried filling it with cement, but that was just superficial and did not address the actual structural problem. Thanks

Thanks for your reply. The supports are for the basement wall, which is bowing in and has a 1.5 inch crack along the entire length of it.