All Forum Posts by: Sean Tracey

I thought it might be educational to read some specific examples of why you've had to unload a poor performing property. When did you realize you couldn't salvage the investment? What were the exact causes and financial loss? Were there things you learned that have helped you avoid similar circumstances after?

@Mike Parelli I did notice that the schools seemed to be ranked a bit low. Makes me wonder if finding properties that are marketable to young singles or couples would be a better route. There was a good corporate presence there from what I read. 

@Dan Leyden thanks for the info. Interesting to read that. Any thoughts on why developers are buying people out?

I've been looking into Stamford for multifamily (FHA route) and was wondering if some locals would be kind enough to offer feedback on what they consider good areas. Based on a brief look at some properties on Zillow and a few Google Street View tours, it looks like the area has some room to grow appreciation wise. Of course, I realize that analysis isn't even scratching the surface, so any info on the area would be much appreciated.

@Account Closed a number of people in this thread mentioned it should just take a simple phone call to get the ball rolling. It may not turn out in your favor, but perhaps if you don't get the answer you're looking for you can then employ a company. Plus, it's in their best interest to make it seem like this is a very daunting task, so I wouldn't necessarily be deterred by their statistics. 

Thanks for the reply @Jaysen Medhurst. I'll take a look at Stamford. 

Thanks for the detailed response @Ryan Goldfarb I'll check out the areas along those transportation lines. Do you have an opinion on Mount Vernon? I'm totally in the dark about it, but after a quick glance at the numbers it looked more realistic in terms of my price range. 

Thanks @Olga Roginkin. I started checking out some of the places you mentioned. Looks promising.

@Lelith Walker thanks very much for the suggestions. I hadn't thought about Philly or Connecticut. I'll definitely look into the Metro North development there. I'd imagine that could make a location much more attractive. Great tip about fighting the taxes. I'll keep that in mind. 

Hi, 

I kind of gave up on the idea of house hacking within my area because of a few factors:

• High prices in NY for not much value in my opinion.
• Currently like where I am living and am a bit stuck there due to it being a co-op and gf not being able to rent place out for more than 2 years at a time.

Then I thought:

• FHA loan could allow us to buy a higher cost multifamily property (if it makes sense) for very little down, and use a 203k loan to force a bump in equity if done right.
• Can live there for a year, then move back to co-op and rent out unit we're vacating. 

I haven't thought about this for too long, so I'm not sure of exactly what type of property and price point I'd be aiming for, but something like a triplex or quad for 450k or under within an hour's commute to midtown by some type of public transportation. I could potentially drive if it was an absolute necessity, but I'd rather avoid it. I'd like to buy a place that needs some work, so that I can increase my equity and try to borrow against it to fund more RE purchases. 

Any suggestions for markets or tips for making something like this work would be much appreciated.