All Forum Posts by: Susan Carman

Thank you Scott I'll check it out!

After years of webinars, podcasts, and reading every BP book I've finally got my first deal and need a 203K Loan Contractor.

The house is located in Yonkers - Any suggestions? 

Hello,

Thank you for your post. I'm too am developing a coliving space and would love an opportunity to discuss, share and brainstorm with you.  

If your not opposed, kindly reply thank you!

looking forward to hearing back, 

Susan Carman

Mott Haven, Bronx, NY

Hi BP Family,

I've put in an offer on a 2 family in Mott Haven, Bronx NY and need to now what's going on. 

Can anyone recommend a good Certified Building Inspector? 

Looking forward to hearing back!

Thank you both Mark and Jerome,

The comps are all over the place - There weren't any exact matches. There weren't any square footage nor similar house styles comps within 1/5 mile in the past 6 months. So to compensate for the lack, used the various styles of homes (ranch, colonial, contemporary etc) with un-matching square footage that sold over 1 year's time... 

Regardless, you're 100% correct.  If I can't get a true value I should not more forward unless I get an appraisal and then rehab or wholesale from there...

This home is located in Western Massachusetts, the Berkshires - the market is heavy with a lot of second home buyers. Although I have a second home in the same town - this is not my farm area. The 99k is what pulled my attention from my goal of acquiring multi families. 

thank you both again!

S   

Hello BP Family, 

Tonight I found a seriously distressed property with an asking price is 99K (I'm pretty sure I could get it even lower). The house needs around 300k worth of work. The Comps are running between $239-$899 averaging $493K. 

My hesitations are based on the fact that the house is part of a small private association that maintains the road and provides water from a shared well for about $1,000/year. There is a "no-rent" clause in the association bylaws so the house can only be used by its owners. (there goes my BRRR idea). The other thing that has me on pause is the average days on market in that area is 300 Days (that's a lot of holding cost)

As I am new what are my blind spots? whatdoyouthink? Any suggestions?  

Eagerly looking forward to feedback from my BP family!

Su

What fantastic advise, thank you Charlie! 

All the best, 

Susan 

Thanks Isuf. I'll check him out and give him a call!

Hello BP Family, 

When everything finally falls into place I will have closed my first deal. 

Yet today, I am in looking for a good General Contractor. The property is in the South Bronx - Mott Haven area.

Any recommendations?

Susan