Would Love Advice on what to buy?

If you do decide to go the flip route, you can probably qualify for some grant funding from the State Energy Research Development Authority. They have state funded programs to help home owners cover the cost of mechanical, envelope (insulation) upgrades. Hope that helps….

energyefficiencygrantsguru

in Brownstoner Renovation 12 years ago

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vvsers | 12 years ago

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I’m looking into buying a multi family (preferably 3 family unit) in Bedstuy to live in (I want the other 2 units as rental to offset the mortgage). This would be my first home and I’m looking to spend no more than $1m tops. I’m looking mostly in the Bedstuy area and I’ve noticed that all of the new places are going for more than what I like plus it seems that the materials aren’t super wonderful. Would if be cheaper to buy something that needs gut renovations and renovate it? I’m trying to figure out what the most affordable path would be, even if I have to wait another 5 months to move in. Any suggestions or advice? Thanks!

stuyheights | 12 years ago

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Buying a “flip” that has been gut renovated has its pros and cons. Pros- 1\. There seems to be more flips on the market right now in bed stuy then regular sales 2\. The home is finished and you can start collecting rent immediately. 3\. The “gap” in price between a home that needs major repair and one that has been redone already isn’t a big margin. cons- 1\. You have no idea what is behind the walls. 2\. 90% of the “flip” houses I looked up do not even have registered plans with the DOB. No permits filed whatsoever, so I would imagine all of this work is being completed by unlicensed people doing a half A$$ job. 3\. The more desirable blocks have a lot less flips 4\. They don’t keep anything of the original home. Most don’t have any of the charm left… No pocket doors, wood mantels, molding… Nothing. Home depot specials with ultra contemporary kitchens in a brownstone never made much sense to me.. But hey, thats me… People are obviously buying them. So to answer your question, I think its too broad of a question to answer and will be a case by case bases on each and every house… Advise? See as many houses and you can and network with as many agents as you can. At this point its a numbers game. Good luck. Its tough out there.

mrohrmann | 12 years ago

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If you want someone who I think can help you sort through the answers and find you some good options send me a message for some recommendations. mrohrmann at G mail dot com good luck.

vvsers | 12 years ago

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just5581 thank you so much for the advice, we’re definitely hitting the grindstone in terms of doing our research. mrohrmann I shot you an email. Any advice helps 🙂

stuyheights | 12 years ago

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Vsers – Your welcome. Im at just8155 at g mail.. happy to help as well.

resident2 | 12 years ago

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Buying a building that needs a gut renovation, if it has not been snapped up by an investor already, is probably not a cheaper alternative to buying something that is already fixed up, because it takes CASH & lots of it. Look for properties that are livable, mortgage able and that can be “improved” over time. Some of the best are the filthy houses with bad housekeeping. Often sadly Estate sales with family members still in occupancy that is difficult to see the house through all the stuff!

tinlady | 12 years ago

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I just bought and renovated a house in PLG Itusing renovation loan. It was not an easy process but I did not want to buy a flip — I wanted control over what was put in. If you are interested, we used a mortgage broker who specialized in these types of loans and was awesome. His name is Michael Stein and he’s at Wells Fargo. Michael.B.Sein@wellsfargo.com Its called a 503 loan.

Roark | 12 years ago

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resident 2 has the best advice if you want it your way and dont have a couple hundred grand left after closing and a year and a half of your life. find something that has a c of o and will pass appraisal then work as you can afford construction loans are really tough. the flip houses are another good choice its not impossible to figure out whats in the walls remove covers from outlet boxes and panels look up from cellar ceilings go into access doors or through recessed lights fixtures under sinks etc the flipper knows how to gut renovate for 100k not 1m like on this site you start by excluding dob architects engineers and general contractors all incompetent parasites so you start with something livable and go from there