hhhaha
Almost bought a house in colonie a couple of months ago, made deal. Found major repairs needed on house, was well over 10k. Went back to renegotiate, dude wouldn’t come down. So we pulled the deal. Had been looking for 2.5 years. Nothing under 120k is even livable, by any standards. Neighborhood is hugely important, btw in watervliet u better be prepared for neighbor complaints if you plan to work on cars and shit. No house there seems to have more than 20 feet between them.
Closing costs…shop around. Many banks offer little or no closing costs, only escrow taxes in an account but they will have a higher interest rate. The more money you have to put down the better off you will be. So shop around and get the best deal, there are as many banks vying for your bussiness as there are car companies. In fact more!
Lastly if you can get a piece of land like I was lucky enough to do…just build your own damn house like I am. Between contractor and modular work I’m spending less money than I was going to be buying the shithole in colonie. And now I will be living in halfmoon instead… So keep your options open, be patient and shop, shop and shop some more.
Might want to look into mortgage match programs from various banks/credit unions.
:rofl
Benny the mod :skid
If you can make the payments, and can do the labor.
403K (irc was the name) mortgage for fixer-uppers.
You tell them/show them what the est to repair/remodel the home will cost. That is rolled into the mortgage. IE, $50K house needing $35K to make baller again… $85K mortgage.
My bank I had 6 months to complete it the work. You get 6 or so inspections when you complete a project part and they pay out that amount of the 35K example used above. So you cover the expenses to complete the sub-projects, but get paid back after they sign off on the completion. If you are handy, and can find sick deals or get contractor discounts you are way ahead. If the est from a contractor bid was 35K to fix the place, and your labor is free, you have 35K in materials to work with, where the contractors would only have 16k into materials. Meaning you get to spend it on much nicer shit! Also, get ahead on the first sub-project and the out of pocket for the rest is none or atleast alot less.
I bought my house for $80K. Did the 403k for a total of 150K. Closing costs rolled in too btw. Spent 70K or so on materials to remodel the entire house, that would normally be about $150K at least in contracted renovations. I paid out of pocket for the demo in the house, got reimbursed alot more than I actually spent on it, and was + for the next sub project. by the time I had to spend $25K on kitchen materials, I didnt have a dime out of pocket for them.
Play the cards right and it will work out. If I were to find another place to fix up and rent, I would do the same 403K deal on that one.
also, homedepot credit account helps too!
-0% for 6 months, so you dont pay any intrest by the time the projects done.
-no out of pocket for materials for the subprojects.
-finish the project by the end of the month and get paid, then pay off the card.
-builds your credit
look for the crappiest house in the nicest neighborhood you can afford is a good rule of thumb from what i understand as opposed to the nicest house in a shitty neighborhood. (unless you get lucky and people are going to be gentrifying the neighborhood).
look into programs like NYSERDA and RUPCO. They really hook you up with incentives.