Long Island Real Estate Investor Tells Homebuyers What to Know before Looking to Purchase a House “As Is”

VALLEY STREAM, NEW YORK — Buying a house “as is” might be a fast track to the dream of homeownership, but the unknowns that may come with it can become a nightmare. Levi Kushnir, President, Stable Holdings, says there are some things people need to know before making that purchase.

The main advantages of buying a house in its current condition are that the price will be lower than other houses that are in better shape and there are fewer people interested in the house. “You’re not going to have to compete with the typical bidders over how much you want to pay for the home,” he says. “There is way less competition.”

However, Mr. Kushnir says, the disadvantages of buying such a house are the quick turnaround time and the unpleasant surprises the homebuyer may face. “When you buy a house as is, there are going to be unknowns, and the seller may be anxious to sell and is usually pressed for time,” he says. “You won’t have the time to apply for and secure a traditional mortgage.”

When people look to buy a house that is in less-than-perfect condition, they believe they are buying for the same reasons as a “fixer-upper,” but Mr. Kushnir says that is not the case. “With an as-is house, the seller is usually in some sort of situation and needs to sell the house quickly,” he says. “With a fixer-upper, the owner may just sell the house because they gave up on doing the renovations themselves or the contractors took too long. In either case, the house would need significant repairs.”

Mr. Kushnir says that, by law, the seller should disclose to the buyers of any lead paint in the house, as well as any structural or other problems with the house, according to the Property Condition Disclosure Act (PCDA). “The PCDA requires the seller to list anything that may be defective with the property prior to closing,” he says. “Should it be discovered that it was not discussed and resolved prior to closing, it is possible the seller may be held liable for damages incurred by the buyer.”

To avoid such legal problems, Mr. Kushnir says, the seller will offer a $500 property disclosure credit. “By doing this, the seller can completely avoid having to go through the process by trying to list every single possible defect there may be with the home, thus avoiding a lot of liability or recourse,” he says.

Finally, Mr. Kushnir says, when ordering an inspection on an as-is house, some sellers may not even allow this. “Should you be allowed to, do not expect any price reductions or any credit at closing for any problems or defects found at this inspection,” he says. “This inspection is solely for the purpose of the buyer knowing the ins and outs of the property, but it is likely that if you nickel-and-dime your seller, he will see that you are not a real as-is buyer and will refuse to deal with you.”

For more information, visit www.stableholdings.com.

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About Stable Holdings

Founded in 2019, Stable Holdings is a real estate development firm based in Valley Stream, New York. The company purchases, renovates and sells properties and land. In addition, Stable Holdings negotiates with buyers and sellers of properties, managing and coordinating full renovations and all aspects of renovations and construction. Stable Holdings was founded by Levi Kushnir, a real estate investor who got his start in the business when he was 18. Under Mr. Kushnir’s leadership, Stable Holdings has raised and invested in tens of millions of dollars in real estate properties. For more information, visit www.stableholdings.com.

Long Island Real Estate Expert Says Biden’s Proposed Cuts to FHA Mortgage Insurance Premiums Won’t Really Help First-Time, Low-Income Homebuyers

VALLEY STREAM, NEW YORK — In an effort to help those who are buying a house for the first time, but cannot afford a conventional mortgage, President Joe Biden is proposing cutting insurance premiums on new Fair Housing Administration (FHA) loans.

While some say this will help prospective buyers achieve their dreams of homeownership, others believe this will continue to push home prices to record highs. Levi Kushnir, Founder/Owner, Stable Holdings, says the proposed savings on the insurance premiums is a paltry amount and, therefore, will not help low-income homebuyers in the long run.

President Biden recently introduced a plan in which insurance premiums on mortgages insured by the FHA would be cut. Those in the mortgage industry are seeking a reduction of $50 to $70 a month for new borrowers, but the FHA said any cut the agency proposes would be less than that. This proposal comes as median home prices exceeded $400,000 for the first time this year in May and the 30-year fixed-rate mortgage rate was 5.7%

Mr. Kushnir says the savings are negligible and would be wiped out by any mortgage rate increases. “For the typical homeowner, $70 a month is nothing,” he says. “This proposal is not going to save anyone any money. The facts of the matter are interest rates have gone up a lot more than the proposed premium cuts would be, the cost of living is becoming more expensive, and people just don’t have the same amount of money they used to have to spend on a home.”

For more information, visit www.stableholdings.com.

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About Stable Holdings

Founded in 2019, Stable Holdings is a real estate development firm based in Valley Stream, New York. The company purchases, renovates and sells properties and land. In addition, Stable Holdings negotiates with buyers and sellers of properties, managing and coordinating full renovations and all aspects of renovations and construction. Stable Holdings was founded by Levi Kushnir, a real estate investor who got his start in the business when he was 18. Under Mr. Kushnir’s leadership, Stable Holdings has raised and invested in tens of millions of dollars in real estate properties. For more information, visit www.stableholdings.com.

Long Island Real Estate Investor Starts His Business from the Ground Up at an Early Age

Levi Kushnir Flipped and Sold His First House at the Age of 19

VALLEY STREAM, NEW YORK — Ever since he got his start in the real estate industry in 2012, Levi Kushnir has exhibited the drive and hustle needed to succeed in the tumultuous real estate market. His hard work paid off and he soon formed his own company that is a reflection of his success.

Levi Kushnir

His company, Stable Holdings, and its predecessor raised tens of millions of dollars and sold several hundred properties. “After some time with other firms, I decided to branch out on my own,” he said. “Since branching out, I have never been more successful.”

Mr. Kushnir began his real estate career at the age of 18 as an intern with First Meridian Mortgage in Brooklyn. His responsibilities included selling and closing loans in the secondary market. “I was able to quickly learn the business and, six months later, they promoted me to Salesperson,” he said. “As a result, I brought in my first deal when I was still an intern and closed my first mortgage.”

When he was 19 years old, Mr. Kushnir flipped his first home. He bought a three-family house in Elmont for the purpose of making renovations to the house and selling it for a profit. He used $35,000 of his own money, borrowed $50,000 from a relative and the balance from a private lender. “As part of the deal, I would pay him a generous rate of return and a portion of my profits, and he agreed,” he said.

After making the renovations, he put the house on the market. Months went by and there were no buyers. “I had to take out a cash-out refinance and continued to pay my investor before I could pay myself,” Mr. Kushnir said.

He soon had a buyer for the house. They worked out a rent-to-own agreement and settled on a purchase price. “Everything worked out in the end and that is how I closed my first deal,” Mr. Kushnir said. “I was able to pay back my investor and put some extra money in my pocket.”

Mr. Kushnir attributes his success to several factors. First, he does not pressure his clients into making a deal. Second, he makes it a point to meet with his clients personally; no matter how busy he may be, Mr. Kushnir will make his clients feel that they are his only priority. Lastly, he is honest and direct with the people he deals with; if he learns of any issues with the property or the transaction, he will let his clients know immediately.

The main challenge for Mr. Kushnir is to find available properties for investment opportunities. “As an investor, you have to work harder to find properties to purchase and execute with precision to avoid supply chain issues and cost overruns and ensure you can find sellable properties in the market before there are any possible drops in inventory and rising home prices.”

For more information, visit www.stableholdings.com.

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About Stable Holdings

Founded in 2019, Stable Holdings is a real estate development firm based in Valley Stream, New York. The company purchases, renovates and sells properties and land. In addition, Stable Holdings negotiates with buyers and sellers of properties, managing and coordinating full renovations and all aspects of renovations and construction. Stable Holdings was founded by Levi Kushnir, a real estate investor who got his start in the business when he was 18. Under Mr. Kushnir’s leadership, Stable Holdings has raised and invested in more than $10 million in real estate properties. For more information, visit www.stableholdings.com.

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