All Forum Posts by: Frank Gucciardo

 Don, the agent told me she couldn't submit another offer but would hold mine as a backup in case the current deal falls through.

Spoke with the agent.  No accepted offer yet and the buyer (owner occ) is dragging their feet on responding to Fannie's counter-offer.  I am going to go look at it next early next week (along with a couple of duplexes in the area) with the agent and make a backup offer if it looks worthwhile.

Thanks again everyone.  I'll keep you posted.

Thank you for the speedy responses @Jennifer Ryan and @Jay C. .

I'm talking to the Listing Agent at 2:30 this afternoon and will hopefully get some more info.

I have not see the inside of this place (aside from the listing photos), would you suggest that I make my backup offer over the phone contingent on passing inspection or should I ask to see it before I make an offer?  I assume if I ask to see it she's not going to want to spend the time since there's already an offer.

Hi All,

I'm still in the hunt for my first B&H property and have my eye on a homepath SFR in an up and coming area in Kingston, NY.

I finally got in touch with the Realtor and she let me know, by e-mail, that there is already an offer on the property and is being negotiated.

My question is, and the answer may be obvious, but is there a chance that I can still get an offer in and what is everyone's experience in this situation?  Will Fannie negotiate with two (or more) prospective buyers?  The property is not under contract, so I'm hopeful that I still have a shot but will not go above the price that works for my numbers.

The property is cheap enough so my plan is to do a cash deal and then re-fi out once I rehab and the title seasons.

My #'s have it cash-flowing at 265/mo. (2bd 1ba - could potentially be a 3bd which would be a huge win).

Thanks in advance!

what a cool story.  Thanks for sharing.

Ed, I'm interested in figuring out the same info.  Living here is giving me a sense that NY (outside of NYC) is a waste land.  I'm in the hudson valley and the same houses have been on the market for ages.  Curious to hear what others have to say.

Just wanted to say hi in this thread as I'm located in the HV (Highland) as well and always looking for people to connect to.  Still have not pulled the trigger on a Buy and Hold yet.

There is a REIA group that meets monthly (http://www.mhv-reia.com/).  I've been to a few meetings and there are a number of people who have extensive experience in the Hudson Valley.

Best of luck

Andrew

Are you sure about the property tax numbers? That seems way too low for NY.

Im banging my head against the wall because all deals I come across don't work because of the high taxes.

Edit.. Didn't realize I responded to an 8mos old thread

Andrew, I just accepted your colleague request. Good to see other people interested in the area, makes me think I'm less insane than I originally thought.

I'd be interested to get feedback on filling multi-families in these small communities as well. The property I'm currently looking at has 1 apt that has been vacant going on 2mos now. The agent/PM says it's because she is picky as to who rents but I'm starting to suspect a soft market and few inquiries.

Best of luck in your endeavors.

Quick update on this one.

I've seen the property twice (couldn't see the downstairs apt the first time).

My father in law is very concerned with the roof since it has multiple layers of shingles and Yankee gutters (built into the eaves).

Both boilers are ancient as well.

I'm feeling like this could become a money pit very quickly.

I'm between giving a lowball offer and walking away from this one.

I figure, if she accepts 70-80k for it, I'll have more than enough equity to cover an emergency roof replacement and still cash flow.