All Forum Posts by: Rich Becker

Hey Shawn, i have investments in Rensselaer, next town over from Troy, and i would personally stay within Rensselaer county (Troy), because it has lower taxes than Albany & Schenectady counties

Hey BP, investor here based out of Capital District (near Albany) Upstate NY. If any investors/vendors in the area want to connect, shoot me a message. 2020 is going to be a big year! Checking out off market and on market deals as I write this message. Targeting certain neighborhoods of Troy, Albany, Rensselaer, and Schenectady.  Also, would be willing to partner with the right people. 

Shoot me a message if you want chat further! 

-Rich

Hi Joni, I am from NY and purchased my first investment property in Pittsburgh this summer and currently looking for more deals. DM me and I can give you a few referrals.

I agree with the above. The property I bought was close to turn key. I allocated 6% R&M and 7% Capex. Older property would probably kick it up a little bit.

@Edita D. I have a 1% in Bloomfield (literally at the boarder of Lawrenceville) and have young professionals in there. @Anthony Angotti was my agent, who i highly recommend.

@Seepaul Paray The goal of the 80/10/10 is "piggy back loan" to avoid PMI which you will have to pay on a loan less than 20% LTV, therefore saves you unnecessary mortgage costs.

This article helps summarize it in more detail.

https://mymortgageinsider.com/80-10-10-piggyback-m...

Jason Little sure, can you please DM with the contact information?

Hi All-I want to secure a working relationship with a local bank in the area that is investor friendly. Can somebody please refer me to a bank and provide the contact name, if available? Aside from the typical 20% down payment loan, I am seeking a bank that would help finance the renovation costs as well.

Dwight Rigel I want to do a BRRRR and was seeing if it was possible with a conventional mortgage to purchase. The mortgage broker told me they would not lend if the house does not have a working Kitchen, baths, electric plumbing etc. In your opinion, if I wanted to do rehab like siding, floors, kitchen/bathroom updates, etc so no structure change at all, do you think I would qualify for this vacant policy and this policy would be an acceptable home owners insurance policy for my local credit union. Thanks!

Hi Mike, welcome! So I looked into house hacking on LI before and will eventually do it when I purchase my first residence in the fall (i currently pay a lot of rent :) ) I am not sure where on LI you intend on living but for a multi family duplex I don't think it's possible to live rent free without expenses, but surely a rent discount is possible. Especially with low money down, you're going to have a lot of debt service costs, not to mention the high taxes you'll have to cover and that's not even going into any other expense (repairs,capex vacancy, insurance, PM down the line ). The way I am viewing it is that when I make the decision to leave that property in two-three years will it be cash flow positive? For instance, without living it the property, you estimate each side of a duplex market rents after rehab is $1.5k , so $3.0k total a month. If your total operating costs are say $2.5k a month, thus $500 positive cash flow you're sitting in a good spot IMO. So for the years you'll be living there, you'll just need to pay $1k on top of your $1.5k rent on one side to cover your total operating costs, thus a discount from $1.5k, and you'll be gaining equity during that time. Side note-if you have 10%-I'd def consider Bethpage Federal Credit Union, they still do a 80/10/10 Mortgage/HELOC/Downpayment loan, which forgoes PMI, which is a total waste of money. DM me for any specifics on this.