Start with:
4 unit, lansingburgh, Cohoes… and only in schenectady if the building is super solid with very good rents in a decent area… the taxes there are terrible.
One can find 4 units with 2100 of monthly income for 100k-130k … would likely profit 700-1200 per month right from closing date.
more than 4 units is commercial which has higher down payments requirements and other stipulations, such as garbage removeal fees and sometimes sprinkler needs etc. Small than 4 unit and your just reducing monthly income.
These properties wont likely be sexy and often do not have garages and all the stuff we want…but thats the breaks.
I always have a small list of homes I would buy if anyone has a need. I cherry pick, but there are a fair amount of good options
Non-owner occupied mortgages require more down payment… keep this in mind. Weather you move into said property or not, if the bank is aware you are not living there, expect to need alot more down payment. Plan on living there for a short time, taking advantage of only a few % downpayment… and use seller concessions (up to 6%) if the place will appraise. It better appraise or your not buying it right. If it needs alot of painting, has rot, bad roof etc, FHA may NOT allow the purchase without escrow or the owner making repairs. This can help if the owner has owned the building a long time, is not upside down on it, and is motivated to sell, as he may pay for the work. Its a game.
Also, for the tax credit, you can not purchase from an immediate family member, i.e. your sister… however, it remains to be seen if there will be an office staffed by the government that will actually check this at any point. You also need to be under contract soon, mainly because attorney offices, title companies and the like are going to be swamped…and worse of all is Obamanation’s choice of ending it on a vacation week when many of these high paid professionals will be spending time with family for Thanksgiving…some offices will indeed have a skeliton crew… but sub par pros may be doing some of the work… and that can lead to issues. Remember, often when you get a mortgage, the money is transferred via wire or surity check into the attorneys IOLA acct. Alot of people need to be at work, and not home, to get the task completed. If you make an offer , intending on the tax credit, make the closing date on or before November 22 if at all possible. Extensions, or changes are ALL rumor. I will guess there will be a mild extension for those caught up with apprasial issues or whatever may have delayed the closing.
available now.