All Forum Posts by: Shane Brown

@Nick Rutkowski I grew up right across the bridge in Alburg, so I spent a ton of time in Plattsburgh growing up. We had a camp over in Peru so I would stop in there every weekend as a kid to stock up on junk food for the weekend haha.

@Samantha Cash I did a quick search but it only seemed to bring up people located in Plattsburgh. Unfortunately I was unable to find any threads related specifically to Plattsburgh.

I would self manage especially because It would be my first deal so I’ll save some money there.

Thanks for the input!

@Kyle Reece nice, do you have any trouble finding renters in Plattsburgh or Chazy area?

I live in Vermont and the entry point cost a bit more. So I have started to look more in NY. However, I was unsure how the rental market is there, if it’s difficult to find renters. It seems much more land lord friendly than VT though.

Hi all,

Does anyone invest in upstate New York. Specifically an area such as Plattsburgh NY or a relatively close area to Plattsburgh?

Thanks

@Tom S. yes, we got preapprove for it, the interest rate was rather high though 6.25%. Made the numbers a little tougher to work with, but we wanted to offer a little less then the bank is asking for it. We were told that they already had offers coming in and the fit will probably go for 20,000 more then we were willing to offer. Not sure if it is a cash buyer scooping it up, but at that price it just won’t work for us.

@Josh Bondesen cool i will give them a call tomorrow to see what they can do, thanks for the heads up.

@Tom S. I do not believe the rehab will be much more then 10k. Its basic stuff, flooring, paint unless something unforeseen comes up which is possible. But i will have to look into that bank hopefully they are able to help out in this situation. 

@Josh Bondesen that sounds like what I am looking for. Are they a local bank here in Vermont? Thanks for the heads up!

@Keith Gilbert yeah we are not really sure which way we want to go with it yet. It’ll cash flow a good amount which would be good for me, but also increasing my capital real quick would be nice as well.

@Tom S. problem is I believe it will need a rehab loan, or something of the sort. I don’t believe a bank would finance it conventionally.

@Keith Gilbert it is a foreclosure sale, I have thought about hard money but this being my possible first deal I’m leaning towards a bank loan just to get my feet wet and get a feel for everything.

Hello all,

Found a property I am trying to find financing for. It is a foreclosure that needs a little rehabbing 5-10k. We might turn this into a fix and flip or just a buy and hold. I am trying to find the best way to go about the financing part of this.

This is a SFH, I have the money for 20-25% down. I currently have an FHA loan so I cant go that route. It does need like i said some rehab so i believe it would require a rehab loan. My question is my father who i will be partnering with is a GC, my brother an electrician. We are able and want to do all the work ourselves because it is not that much. Do we have any options for this? Or if we go the rehab loan which it will probably require do we have to have someone else do the work for us?

What options do i have?

Thank for any info!

@Amy Paradis I am hopefully going to check it out tomorrow, I kind of just put a rough estimate on the heating cost based on my house size. I know its natural gas and ran off monitors it looks like from the pictures.

@Daniel Burke It is right inside the city close to everything which is good. The down part is it is on the cusp of the bad part of town, which again small town Vermont isnt bad compared to other areas.

@Cody L. That is kind of how i am feeling, as long as it is cash flowing a decent amount i would be happy with that just to get my feet in the water and learn the process.

@Ken Breeze I know the area well its only a few streets up from me, I plan to do the PM for the first few years myself to save money. Its after that i am accoutning for. Also good idea, how much do you lower rent by if tenants pay all utilities?

@Megan Phillips Yeah it has been on the market for over 100 days i believe so hopefully they will lower it. how many sqft is one of the units in your duplex though because this one is only 500ish each. Yeah st.a market is not easy to get into right now, only properties seem to take a boat load of rehabbing.