All Forum Posts by: Sara Blouin

Please share your personal experiences. What is the process for getting a condemned unit/building uncondemned after renovation or fixing any issues? What kind of time frame? This property is in Upstate NY if anybody has relevant experience in the area.

Hey BP!

I’m looking for recommendations for an investor/mf friendly lawyer that is familiar with the Binghamton NY area. I am a couple hours SE of there and will like to discuss a property purchase.

Thanks in advance!

I am looking for actual experiences, most of these responses I am fully aware of, just looking at what the cost was vs. what was remediated.

I am starting to research online agent classes. Does anyone have any suggestions the best route to do this? Is in-person preferred? 

Hello all,

I have a leaking UST on property I am under contract with. The soil borings came back as 20,000 ppm. Remediation starts at 5,100 ppm according to EPA from what the company states and what i have read. Does anyone have any experience with analyzing how bad 20,000 ppm is on the spectrum? What is the worst you have all seen? What were your costs to remediate? Please share your experiences!!

Thanks for your input!

Is anyone familiar with a Homestyle Owner Occupied Renovation loan? Looking for banks to directly work with? Not finding anything on direct bank websites ( BOA, Columbia, Chase, Etc). Seems like only brokers deal with this type of loan? I am located in NY/NJ, this specific property will be in NJ.

Regardless of current situation, you want to underwrite with all possible variables involved. Therefore, there is economic AND physical vacancy for your area that should be factored. In addition, Property Management, Utilities (Sewer, Water, Gas, Electric) if it can't be billed to the tenant. Generally expenses would be around 50%, and P&I should be less than 50% in order to conservatively cash flow. What would stop you from using a FHA loan?

Ask yourself, why is there no interior access? Is it because there are tenants in place? Is it because there is a safety issue with the property making it a hazard to enter? Etc. Based on the listing, the city blocked access. You can assume it is vacant and not safe to enter based on that. Additionally, if it was a tenant issue, you can make interior access part of your due diligence contingencies. If the owner really wants to sell it, they will make access happen.

@Jonathan Guerrero I PM'd you with a recommendation.