All Forum Posts by: Andres Ospina

Hi Everyone. I just purchased my first househack in Jersey City near the Heights. I moved here from Manhattan and am looking to network with others in real estate around the area to exchange contacts, resources, and helpful tips. Excited to get going!

Hey Ryan,

I run a small meet up every other Wednesday near by. If you want to come and network let me know. You could message me privately

1 Vote

Jersey City, New Jersey

Even tho I am a realtor, I have a local realtor in the area find my qualified tenants. I never want to be the agent on my own properties. When its for my clients, I help them find tenants, screen them, and bring them the most qualified tenants.

In our area the tenants pay the broker fees so it doesn’t cost landlords anything to rent their apartment out.

0 Votes

Hey Daniel,

Don’t be scared of large debt, as long as its good debt! You will need debt to grow a real estate portfolio and using debt wisely will help you create more passive income.

I know its a hurdle and a big mind shift at times, I experienced it my self when I was getting started.

There are many low money down loans you could look for. I invest in North Jersey. Let’s connect and we can do a 1 on 1!

0 Votes

Jersey City, New Jersey

I will recommend double checking your interest rates. Talk to your lender first.

Where is the property located? Let me know I can help you verify the rental price. 3 bed 1.5 bath rents for $1,800 seems very low for New Jersey

1 Vote

Jersey City, New Jersey

Quote from @Leandro Bongiovanni:

Hello everybody this is my first post and I sincerely appreciate any feedback. I am 24 years old working a (mostly) cash job so my income on paper is insufficient for a loan and my credit isn't great. I recently came into a fairly significant lump sum of money totaling around 150k. I've always been dead set on real estate but don't really know where to start. I know this is plenty of money to get started and eventually catapult me to financial freedom. I am looking for some suggestions, ideas, tips, or anything that might lead me in the right direction. Again, I sincerely appreciate all feedback. Also, id like to mention if anyone is interested in a partnership or is in need of financing id look to go in that direction as well.

Hey Leandro.

I do 1 on 1 with people to help them create a plan and get started in real estate. I’ve been investing in real estate for a little over 9 years now. And have been a real estate agent for about 10 years now. sent you a request so we can connect.

0 Votes

Jersey City, New Jersey

Quote from @Alexander Lemos Jr.:

Hi everyone,

The tenants that had lived in the first floor of my parent's duplex have finally moved out after 10+ years. Although this is great news as they weren't the easiest people to deal with, there is a lot of work to be done to restore the first floor, and rent out at market rates.

I am located in Clifton NJ, and have come onto the BP forum seeking help. If any of you know how to go about renovating a first floor unit in Northern NJ I would really appreciate any help I can get. Things to be renovated include the entire bathroom, kitchen, cabinets, etc.

I am open to qualified contractors the forum suggests. Thank you for your help.

Best Regards,

Alex

Hey Alex,

Give Miguel a call. 201-320-0364 he is a licensed contractor.

0 Votes

Jersey City, New Jersey

The properties market value after repairs multiplied by .7 should be equal to your cost off acquisition and repairs. Some people will choose to include holding costs, finance costs, and closing costs into the all in cost of the property so when you refinance you have none of your own money into it. That is the ideal situation but not always the case. I personally wouldn't mind if my all in cost are at 75% - 80% of the ARV. I will try and find a lender when refinancing to let me take 75% and if I can't I just take what I can get and make up the difference over time with the rent money.

1 Vote

Jersey City, New Jersey

Quote from @Margaret Pattillo:

Hello! Looking for an investor friendly real estate agent in the Newark, NJ area - someone local and familiar with flips and BRRRRing in the area.

If you are still looking for an agent. Message me!

0 Votes

Newark, New Jersey

Quote from @Christian Leon:

@Andres Ospina

I was thinking about that as well. Have you ever done a HELOC for a down payment and brrr'd the property to pay back your HELOC? That was another route I was thinking of going too.

I never did a BRRRR. I have used a HELOC to fund the down payment on a fix and flip and some of the rehab. And paid the HELOC back when the property sold.

2 Votes

Jersey City, New Jersey

Hey Emily,
I have a HELOC with investors bank. They are local to North Jersey. M&T and Lakeland also have flexible options.

0 Votes

Jersey City, New Jersey

All Forum Posts by: Andres Ospina

Andres Ospina has started 12 posts and replied 48 times.

Post: First Time Homebuyer New to Jersey City

Post: What platforms do you use to find tenants for long-term rentals?

Post: Help with new multifamily Investment.

Post: [Calc Review] Help me analyze this deal

Post: Looking to get started in Real Estate investing

Post: Renovation to first Floor Apartment in Clifton NJ

Post: question for brrrr strategy

Post: Looking for a Real Estate Agent!

Post: Heloc to acquire another investment property

Post: Home Equity Line of Credit