All Forum Posts by: Sebastian Naczas

My 5 cents:

- I looked at Troy and it's choppy ... there is a good block then a bad block then a good block ... South Troy is below park ... I went there after dark sets in and decided that I wasn't interested in living there myself, my wife wouldn't feels safe there ... check the crime map on Trulia and zoom in, if it's red/orange - don't buy ...

- Yes there is a lot of nanotech development in the area ... but I feel you need to be walking distance to the projects of interest ...

- If you are in it for the cash flow then go for it ...

I decided to invest in Albany next to hospitals, medical students are great!  And also good school districts ...

Ben,

  Winters do get cold here -20 to -30F can hold for a couple weeks, this is rather extreme example, however you should be ready for it anyhow.

  You should find out what kind of electric heaters are those, people told me that newer versions are a lot more energy efficient.  Do some research.  Call Niagara Mohawk and ask them what the tenants have been paying past winters.  That should give you a decent idea.

  I myself stay away from houses heated by electricity, it doesn't sound very appealing to renters.  Connecting gas to house is ~3K I think ...

  Anyhow hope this helps at least a little bit.

Cheers

Sebastian

@Micki M. actually I have in mind a 3 plex ... So I'm still not sure if I can afford conventional+203k loan or will have to go with FHA+203k ... House - 15k already stripped down to studs (looks like a pipe broke inside and now they want to walk away) ... I told my realtor to put full offer on it ... my wife will meet with the lender tomorrow. Hope this goes through. We'll probably need 100k to fix it up the way we want to ...

Any suggestions how I can find contractors which are familiar with 203k loans?

Thanks! Micki great information! I guess I should sit down and talk through more details.  That Homestyle loan sounds good ... I have to find out more about it ... 

If I decide to do a loan with 203K and the house costs 100K and I need another 100K for fixing it ... do I pay 20% of the cost of the house (100K) or the total loan amount (200K)?

Hi All,

  I'm about to put an offer on a house that needs a total rehab ... I'll be taking 203K loan and need contractors that are familiar with this type of loan.  I'd appreciate any contact information or other suggestions.

Thanks in advance,

Sebastian

Thanks Guys!

If I'm paying on the whole loan amount right away then what happens if I don't use all the money attached to 203k?

Also the advantage of taking straight FHA and then 203k is that they are at different rates 3.75% vs. 4.35% I think are the current numbers. But from your answers it doesn't look like it possible to separate them.

Is it possible to buy a house with straight FHA loan, then do a little demo and things I can take are of ... and then apply for 203K so the contractors can finish up?

Thanks!

Thanks for sharing Shane ... puts things in perspective.

Property is in upstate NY - Albany area.  It's a solid brick building built in 1874.  Dry basement, comes out it's a 3 unit (1 floor was split in 2 apt. before), I just saw it couple hours ago and the owner was there.  Older guy had it since 70's, seems like he did all the work there ... a lot of patch up stuff ... there is some plaster on the walls, probably asbestos is there also ... that's why I'd like to do a total gut, not sure how up to code things are done there.  It would be a place where I'd live also.  Any advices?