Nov 05

HUD Homes Picks for this week.

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The stock market is currently down 200 points after the election of a new president. Hmm, what to do.

Well I think the stock market is a great place to buy-NOW-however a more practical and stable approach is the rental market in real estate.  Owning rentals is probably the best income generating investment today and even when the market changes tomorrow.  Here are my top picks in the HUD market.

SOLD-31 Powers Drive in Lacona, NY.  Just outside of sandy Creek is this 2483 sqft colonial home with 4 BR and 2 full baths on a half acre parcel.  HUD had it priced at $36,000 but is now $32,400 and open to investors.





SOLDMy favorite pick is 2262 Lamson Rd. Phoenix in the town of Lysander.  Sold in 2006 for $69,900.  The home has 3 bedrooms 1 bath. The lot size is approx. 1.5 acres.  Well and septic. HUD’s original asking price was $59,000 which went to $52,000 and sold then popped back on the market for $45,500 and awaits an investor or home owner occupant.  There is one foot of water in the basement, the hot water heater and furnace will need replacing. Call if you dare for your showing today. 

Oct 31

City of Oswego HUD Home Back on Market

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                                                             SOLD-4 Varick St. is on the west end of Oswego.  It sports 2 bedrooms but you could manage 3rd since there is a small room w/o a closet right off the living room.  There is a large eat in kitchen and a formal dining-room.  The one bath off the dining room needs new floor covering, tub surround, sink and cabinet about $200 for the flooring but up to $2000 worth of work depending on your taste and goals. The aluminum siding needs a paint job $1500.  There are hardwood flooring and wood paneling. Great on wear and tear but poor for resale. The tax assessment is $43,500.  HUD’s asking price is $30,000.  Only owner occupant bids are being accepted until Nov. 5th then investors can bid.  Good house for college kids rental, rental and an ok flipper depending what price you manage to get it for and your resourcefulness in fixing it up. For your showing give us a call.  But hurry the bid deadline is Nov. 4th.  Office 315-695-6434.

Oct 17

Town of Van Buren HUD Home

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img_6140.jpgSOLD-7653 Van Buren Rd., just south of Baldwinsville sets our next featured 3 BR 2 Bath HUD home. Curb appeal is currently poor to fair. Here are the interior repairs needed: New heating boiler $2000, Kitchen $10,000, 2 baths $7500, paint $1000, floor covering $4000.  Exterior needs: Stain $1500, Jack and level front porch $500.  Figure $30,000 to get you off to a good start.  There is a FHA 203K rehab loan available for owner occupants. That is where you can add to your mortgage the repair money needed fix it up. After closing you pay the contractors and get reimbursed in up to 4 phases. HUD’s asking price is $80,000.  Price is $72,000 as of 11/07/08. The tax assessed value is $105,000. has it valued at $115k.  Some of the good qualities of this home are its close proximity of 1 mile to rt.690, property taxes of $2844 per year before STAR exemption. How about its massive 2688 sq.ft. interior. HUD will help with some of your closing costs. You will still need approx. $7k to close.  Offers can be submitted by owner occupants, investors and out of state purchasers. Call for your showing today. 315-952-2671 Broker John Adolfi.


Oct 15

Charming Fulton City HUD Home

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img_6167.jpgMany times HUD homes are pretty beat up and come with multiple liabilities. When one opens the door to a good condition HUD home like 156 W. Third St. it’s like a breath of fresh air.  I like this home because of its condition.  Here’s why: #1 it’s a good flipper and #2 a great rental. Roof, siding, exterior doors, vinyl windows are approx. 8 years old and in good shape.  The layout is standard with a living room, second living room and formal dining room with what appears to be new carpeting.  The kitchen is passable to some standard but could pass with a good paint job or remodel it for $3-$5k. (need to keep costs low on this one)  Add a bathroom floor and a good interior paint job and your looking at another $1000. Not bad really. 

img_6171.jpgimg_6168.jpgimg_6170.jpg img_6169.jpgimg_6173.jpgimg_6179.jpg

This property sold for $51,600 after seller’s concessions in 2000. HUD had it on the market for $47,000 and just lowered it to $42,300.  Buying it right will make this a decent flipper.  Oh I almost forgot there is a “barn” like garage on this home’s double yard (66x132) and three large bedrooms upstairs with an overall square footage of 1407′. Owner occupants, investors and out of area buyers are welcome to bid, first come first served as of today. The fastest way to see this is to call  me, John Adolfi 315-952-2671.   

Oct 13

Spooky Hud Home Rises Again

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img_6217.jpgSOLD-Strange title, strange home.  For 22 years I’ve monitored the HUD and VA foreclosure listings and this one keeps reprising its roll as a foreclosure.  Which makes it a “spooky” investment.  Over the last two decades I’ve seen this house become a foreclosure at least 3-4 times, I’ve lost track. 

img_6218.jpgPart of the reason for this is the house is only 45 feet from Rt. 104.  Also the poor placement of the driveway in respect to the home (see below) and the condition of the home has not improved in 15 years. I know I even sold this home once 13 years ago!  So the interior will need all new floor covering, take the paneling down and sheetrock it, remodel the kitchen and bath.  approx. cost $15-$25k.   Exterior: repaint the faded aluminum siding; install all windows except one with vinyl replacements.  Take the driveway and either move it or blacktop it to lead down to the garage.   approx. $8-$15k. If you can do the interior work yourself and are cost conscience cut those figures in half.

img_6224.jpgSo why buy this house?#1 With 4 bedrooms and 1,736 sq.ft. this makes for a nice sized home. It includes a one-acre lot with treed area beyond.  It’s tax accessed value is $78,000.  So someone thinks its worth something. I’ll show you how to lower those taxes immediately after closing.#2 It could be a nice rental if properly fixed.#3 Priced reasonably at $30,000 and investors are welcome to bid.It would be great never to see this home again as a foreclosure.  Rehabbing this home will make you a hero at least in one realtors mind.  Here’s the address: 8442 State Route 104, Hannibal.  

Oct 06

Great North Syracuse HUD investment

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ams_371308601_163_20080612_11.jpgSOLD-This HUD home located at 208 Sunnybrook Drive in North Syracuse, N.Y. is a very good investment for the owner occupant or an investor looking for a rental house. Not a good “flipper” due to small profit margins. This house is small, small bedrooms overall its 1192 square feet. It needs a new roof and an exterior paint job, interior remodeling and a furnace.   So figure $20,000-$30,000 to whip this distressed property into shape.Now for some insiders tips:  this home is by far the worst on the street, where according to ,the range of neighboring home values is $89k-$152k.  The tax assessed value of this home is $92k which means the yearly property taxes are $3700 (w/o star exemption) If you buy this I’ll show you how to lower the taxes immediately. This home sold in 2002 for $65,000 and in my estimation it’s worth $75k+ give or take depending how its fixed.  Asking price was $60,000, new price is $54,000.  Investors can bid on this property and all bidders will need a realtor.  It’s first come first served.   Call John Adolfi 315-952-2671.  or e-mail me at [email protected].  Out of state purchasers are welcome.