All Forum Posts by: Matthew L.

I'm looking to connect with an agent in Queens, NY that has submitted offers on Homepath properties (and ideally has closed on at least one).

I'm not flipping it (unless you consider selling in 2 years a flip). I'm planning on renovating as quickly as possible and living in one of the units for 2 years so I'm eligible for the $250k capital gains exclusion. Financing would be either a homepath/fha renovation loan or hard money loan from a family member and pay for the reno out of pocket before refinancing in a few months.

Thanks @Michael Sessa! Do you know if Fannie Mae will accept a lower offer for a cash buyer owner occupant vs financing owner occupant or are they just looking to get top dollar regardless?

@Michael Noto it's a multifamily I will be owner occupying. I know all about the first look period so I'm hoping since it appears to be a total gut job from the drive by I did that competition with other owner occupants will be limited. It has boarded up windows, graffiti on the outside and a seriously overgrown yard.

I've been looking into buying a Homepath property and I've noticed that a few I've been watching that were "coming soon" end up disappearing from the Homepath website before actually being listed. Are the properties actually owned by Fannie Mae while the status is "coming soon" or are they in the process of foreclosing? Are there ways to make a deal on the coming soon properties before they're actually listed? There's one right now I'm very interested in and if there's a way to make a deal before it's listed I'd love to know.

I had a yellow cast iron tub reglazed to white for around $500. It would have run about the same cost to put in a new horrible quality tub.

I think your reason of Atlanta having consistent appreciation return over the last few years is exactly why it's not a great investment right now. I just sold a condo I bought there in 2013 for 70% more than I paid (and I paid retail) with no improvements done. That market has been super frothy and I wouldn't predict a crash in prices is coming but I certainly expect it to flatten out for a while. I'm taking my $ and looking at other cities.

If you're ok with roommates why don't you get a 3 or 4br single family and rent out rooms? Might be enough to cover your monthly payments.

 Yup. This is why I'm really nervous about buying right now and ultimately why I probably won't until there is a correction. In NYC where I live I went to an open house for a homepath duplex last week that needed a good amount of work and there were 40+ people on line outside waiting to get in. My coworkers who've never shown an interest in real estate have started talking about investing in the last few months. I hate trying to time the market but I'd rather be safe that sorry with the signs that are out there.

My first rental condo that I bought in 2013 in Atlanta I just got under contract to sell for 73% more than I paid! That is insanity!!! It wasn't even a distressed property, I paid retail. When I started seeing the avg time on market for units in my building under 7 days I knew it was time to get out and take the six figure profit. Gonna wait it out a bit and hopefully be able to fully take advantage of the next downcycle because I didn't have the capital or knowledge to buy more during the last one.

I've been looking at Columbus and Cleveland. What would be the benefits of Cleveland over Columbus? I've been leaning towards Columbus because it looks to have a stronger, more diverse economy and strong population growth. Need to get out to both cities this year to take a look.

I think it all depends on what your needs are. My expenses last year were only around $24k so it's not going to take 100 houses over 10 years to cover that nut. Now if you need to live in a half million dollar house and drive a Tesla it's going to take you much longer.