All Forum Posts by: Account Closed

Hi all, I saw a property for sale for 130,000 - a duplex with a bait shop /boat rental shop attached....Sadly, I spent all my savings on a car I needed. I'd like to turn the shop into a kayak/canoe/paddleboard shop - its located right on an inlet to a popular lake in my area with a park in walking distance with a beach and parking lot! What is the best loan to get? How would I find an investor for some $$?

Thanks for all the replies!! @Joel Owens so the 5% down would be acceptable if it was an owner occupancy (which is what I would do)? I didn't even think of that, but it makes sense! If I were to buy another duplex after my first and live in that one as owner occupancy- would the 5% down still apply or no because it would be my second mortgage? Oh and am I doing the "@" thing right? Is there something special I need to do to get it to hyperlink? In my late 20's and already behind technology!! Oi!

To anyone who rents houses out on the west side of the city -19th Ward... I've been told its a little "rough" over there, do you do Section 8? How are the tenants with paying their rent every month? It seems the lower priced Multifamilies (under 100,000) are within the "rougher" neighborhoods... What have been your experiences? I'd like to find a decent lower priced house around Monroe ave, south wedge, Corn Hill, North Winton, park ave but they seem few and far between. Also are you looking for homes which will appreciate with the neighborhood?

I am unsure if I should go with a FHA or traditional 30 yr loan.... With the traditional it would have to be 20% down and I don't have the funds quite there... Close! But when I went to the bank and talked to a mortgage officer he said recently the FHA loans have been terrible and not worth it. The extra monthly payments you have to make are for the lifetime of the mortgage now and not only 5 years or so.... Has anyone else heard this? At the time the guy was telling my I could do 5% with a traditional and ran all the numbers for that... Then sends me an email a week later telling me it has to be 20%, not 5%
For Multifamilies.... Needless to say on that one I'm going with another bank!

Hello fellow Rochesterians! I don't own anything yet, but REI has being running through my mind now and again, and I think it's time to bite the bullet!! BP I hope will get a fire under my behind and get something going! I need all the advise I can get! Currently my plan is to buy my landlords duplex in which I am living in today. @Michael Wagner- I saw the FFREIA meeting last week and you were presenting, but I was unable to make it. I hope to make the next monthly meeting in July. BP is great and I hope to learn a lot and get going on these REI's!! Time waits for no one! Oh and a couple questions, I would like to buy MF's in good neighboorhoods for not a lot of money, what neighboorhoods does anyone recommend? I currently live in the North Winton Village and love it here! Also is it hard to buy a foreclosed multifamily around Rochester? If my original plan doesn't work out, I would buy another for less than 100,000.

Thanks Jeff, your right! How would I write her an offer? Is it official? I asked for her offer but she said she will have to look into it.

Thanks Karen! I planned on reading the guide tonight, after work (blah!)! Thanks for replying to my post, and for the advise!

Hello all, I am a newbie to Bigger Pockets and also to REI as well! I'm originally from
Syracuse, NY and moved to Rochester, NY about 3 years ago! I have a great boyfriend of 5 years whom I can credit for putting REI in my head where it has been stewing around for a couple years. I currently work for a civil engineering group as a wetland/environmental specialist... It's been the career path I've been on since graduating from college with a bachelors in Wildlife Management. I'd like to jump to another career path within Wildlife Management but sadly, it is very difficult because all my "real life" experience has been with wetlands!!
Anyways, I am looking for that financial freedom and have my money work for me! Some people want to settle, get married, have babies... I want to travel, meet new people and have new experiences... But I can't do that working full time. This is my chance to change it!!
So far my plan is to buy the duplex I am currently renting out (landlord said she's ready to sell soon)... I'd live in one apartment and rent out the other. That's as far as I've gotten haha! I'd like to be able to live off my investments in 2-3 years... I figure that would be about 5 houses with a positive cash flow of 500.00 a month. Does that sound about right? After I am able to save enough for larger down payments I will buy larger
Houses (didn't mention those 5 houses would be below 100,000)... And then get into flipping maybe or building.
I am so glad I found this site through my researching, I look forward to be active in learning more about what REI has to offer and the best way to be successful at it!!! Any questions about me, or what I hope to achieve- I would be excited to answer! I'm an open book, and I will be using explanation marks quite frequently, because I think REI is exciting!!! Yay!!