All Forum Posts by: Sean A.

I think it all depends on the home. I havent done this yet, but am looking into it. As far as the banks I havent looked into it yet. This was just an idea I thought of because I dont have deep enough pockets for a down payment plus rehab in cash for Long Island. @matthewcassella

@Erik Baumer I'd love to hear your input on the topic.

Hey guys I was considering investing in properties with a homestyle loan on long island, ny. Was just curious if anyone has done this and made a profit doing so. Whether doing a fix and flip. Using it as a buy and hold or using the brrrr strategy with this creative financing method. Any advice is greatly appreciated. If anyone has any advice for investing on long island at all besides deep pockets or house hacking I'm all ears. Thanks in advance.

Hey guys I was considering investing in properties with a homestyle loan on long island, ny. Was just curious if anyone has done this and made a profit doing so. Whether doing a fix and flip. Using it as a buy and hold or using the brrrr strategy with this creative financing method. Any advice is greatly appreciated. If anyone has any advice for investing on long island at all besides deep pockets or house hacking I'm all ears. Thanks in advance.

Thanks everyone. No I havent purchased it because I think the numbers might be a little too tight. @Preston Quinn

Hey Roger,

Thanks for the reply yes I put 10% in there for unforeseen circumstances. Anything else you can see that I missed? @rogervonurff

Hey guys just want to make sure I'm analyzing this correctly. I'm looking at a home in long island New York for a flip. The home was built in the late 1920's. It's a 3 bed 1.5 bath. It's a foreclosure that just hit the market for 275k. ARV is approximately 415,000k.Taxes are $14,000 annually. I'm taking money from my heloc for a down payment and to pay the holding costs and the rehab. Let me know if I'm missing anything or if anything needs correction or clarification. I know this isnt a good deal, but I just want to make sure my analysis is proper. Thank you.

BUYING COSTS

DOWN PAYMENT 20% = $55,000

REHAB $85,000

CLOSING COSTS $15,000

HOLDING COSTS

MORTGAGE W/TAXES AND INSURANCE $2,540 per month

HELOC $800 per month @5% interest min. payment

Utilities $500 per month 

SELLING COSTS 

Commission - @ 6% $24,000

All that have followed so far assuming I held onto this from start to finish for 8 months and sold it at ARV of $415k. My holding costs would be appx. $31,000 including utilities, monthly insurance, monthly mortgage, and heloc payments interest only. Like I said earlier i know this deal wont work, but am I missing anything in terms of analyzing. Thanks.

-Sean

Hey BP members I am considering purchasing a property in the southeast and the investment would be out of state. I own my primary free and clear. I have a good amount of equity in my primary. My plan is to put 25% down on a sfh for my first investment to get my feet wet with a heloc. I just wanted to get everyone's idea/opinion on what you guys think about a retail sfh that cash flows for a first investment. The area is an AB class area with an AB tenant pool. After all said and done I'd be profiting about $500 including all fees from a property manager and applying the 50 percent rule. The homes I'd be looking at are going for about 170k retail that are rent ready. Any input is greatly appreciated. Any more info you might need for some healthy criticism I'd be more than happy to share.

Hey BP members I am considering purchasing a property in the southeast and the investment would be out of state. I own my primary free and clear. I have a good amount of equity in my primary. My plan is to put 25% down on a sfh for my first investment to get my feet wet with a heloc. I just wanted to get everyone's idea/opinion on what you guys think about a retail sfh that cash flows for a first investment. The area is an AB class area with an AB tenant pool. After all said and done I'd be profiting about $500 including all fees from a property manager and applying the 50 percent rule. The homes I'd be looking at are going for about 170k retail that are rent ready. Any input is greatly appreciated. Any more info you might need for some healthy criticism I'd be more than happy to share. 

 Thank you Mr. Sager I appreciate the welcome. Any other tips or advice would be greatly appreciated.