All Forum Posts by: Raina B.

Ray Lai yes thankfully it is in the upward 470s. The comps for the properties of this caliber in the neighborhood are running in the mid 500ks I don't really see value going down in this market either, it has been steadily growing for a couple of years now.

@brandonbattle thank you for your input. A sellers disclosure is everything the seller knows about the property. Well these sellers have proven to be a tad bit shady, don't know why. The fha inspector did a very good job of digging up any issues. unfortunately there are plenty properties in Westchester that still have oil tanks. I will get it removed and that shall continue to be the first thing to do on each property I invest in moving forward. 

@joevilleneuve your numbers are for the most part correct. The reserves for the reno are built into the loan amount for 22k. Thanks for the feedback!

@Scott Wolf yes I shall be residing in one of the apartments, that rent was just the number I'm projecting for the future. I did ask the inspector about the basement conversions and with the architect I'll know shortly whether or not I could do it. Thanks for the feedback.

@Ingrid J. Great advice I will definitely start forming relationships with insurance agents and brokers. 

@brentcoombs thanks for the advice I'll try to work on the permits for the two additional apartments as soon as I can, especially since with the loan I'll already have the architect handy. I've also told the inspector to include the oil tank removal into the project.

I have been searching for a property to house hack since June of this year, in Westchester, NY. I made a few offers and finally got an acceptance on one I really feel good about. The house was being advertised as a duplex and the asking price was $309,999. I initially offered 275k because it needs a lot of work, the seller countered with 295k and my agent advised me to go with it since there were other offers. The seller accepted the offer! I am doing a Fha 203k loan so I had the inspector walk through the house with the contractor, they found that the house needs about 150k of work and there were some structural issues, mold, and water damage. Also there was no seller's disclosure, still not quite too sure what that is so please if anyone could clarify that I'd appreciate it! So I had my agent go back with a lower offer and with that I got the price down to 287500. Sellers also agreed to paying closing. Now with the 203k loan with all of the renovations and fees, which I will explain shortly, comes out to be 185k including the cash reserve of 22k. The fees are for the architect and permits because apparently the house is not a legal two family it is setup to be one with two water meters but just not legal. So where I stand now is waiting for the lawyers and loan officer to do their stuff so that I can go into contract and hand over my downpayment which is only 3.5%. The agent said it should be another 3-4wks after that, for when I go into closing. Then 4-6months for renovations to be complete and I can move in! The house has: a basement that is big enough to be a one bedroom apt,first floor is one bedroom unit, second floor has two bedrooms, office, kitchen, bathroom but no living room, the third floor has two bedrooms, bathroom, living room, small alcove that can be converted into a kitchenette. I am thinking about making the smaller bedroom and office on the second floor into a living room and then it would become a one bedroom unit. Rents for one bedroom units in Mt. Vernon range between 1400-1600. Two bedrooms are 1600 and up. So ideally with no vacancies this house can produce when all conversions are done, at the very least 5,800 a month in rents. Taxes are 13000 a year. I am only having the contractor for now convert home into a two family completely and then will do rest of conversion at a later date. Here are my questions: When do I start looking at insurance and what kind? Any suggestions for home security? Should I put bars on my windows on the first floor and basement? Should I have the oil tank removed in the 203k renovations? Is there anything I am missing and or should consider? Thank you! Look forward to hearing from you all!

Hi please add me to the meetup list! [email protected]!!

@Michael Cohen that's what I was wondering if it was an overlay they were adding on. I will be most definitely reaching out to you! Thanks so much!

Hi I'm not sure if this was mentioned or not I'm in the progress of reading through the thread now, but how would one fund a bid on here? I found a house that was listed on RE/MAX and realtor.com but then come to find out it's a house on the auction. The hubzub Rep said they closed the auction because they didn't like any of the bids and will be opening it up again soon. I would like to have a chance at it but right now do not have the full amount cash. Can I use a fha mortgage?

Hi I would love to meet up with you all as well! I'm from the Bronx but would rather purchase in Westchester. Just found out a house I was interested in is being auctioned, but I don't know how to finance it. Any ideas?

I searching more in Westchester county feels like more property for your money. Which matters right now to me since this will also be my primary residence. Yonkers has a lot of abandoned and foreclosed homes, which is kinda hard to track down the abandoned ones owners. The site has good recommendations on how to do it though! A house that needs rehab I think is the best way to go starting out, because it allows you to work out some kinks and see stuff at a different level which can be useful in the future! I have to start working on my investment analysis skills so I'll be posting one in working on on a place I found in Mt. Vernon soon. Have you linked with an agent yet?

@Odie Ayaga thank you for the welcome and the recommendation! I will most definitely look into it!