Hi Everybody,

I am a cash investor who has some properties in Albany.

I have been looking for  multi family REOs in upstate these days and this week I found a potential "great deal" in Poughkeepsie.

But I am not yet making offer to it due to two things.I need help to solve these questions and love to ask you guys for any answers.

1)The house is overall not a bad condition for REO(new furnace,separate meters, etc) but there's "mold" on walls. I know if that is toxic mold, it takes costly to remove it and some potential contamination behind the wall. If you know anything about it, please tell me if it's worth to buy this house with mold....

2)I don't know any contractor in Poughkeepsie nor my RE agent. I think it's best that I get referral from you since I trust real investors' experiences and good judgments.

If you or your investor friends who know a contractor who is reasonable and not take advantage of people, around there, please let me know.

Thanks so much in advance!!!

Mimi

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Replies

  • Best of luck to you Mimi!
  • Hi Albert,

     

    It was nice to meet you at meeting the other day and thanks for great advices. I just sent a mail to local REIA.

    I did some rehabs before, but this is new area for me and I don't know any contractors....in addition, I don't look "tough"  enough and being Asian woman from other country...oh well.

     

    Thanks a lot, Albert! happy investing!

     

     

     

  • Mimi,

     

    What you could do is look for any reia's near the poughkepsie area.

    -I would call them and get recommendations from their REIA president.

    -Depending on the type of rehab you have, you may want to try calling supply yards and finding out if they have any contractors they can recommend ( you will still have to screen them ). For electricians - electricial supply shops etc.

     

    If you find a good contractor or a subcontractor, they will likely know who are other good players in the area as they don't want to work with people who are no reliable.

     

    good luck, feel free to give me a ring if you have any other questions. 800-595-4058

     

    Albert

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