All Forum Posts by: Andrew Jennings Freerks

@James Harris let me know if you find out anything and I'll do the same!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $133,000
Cash invested: $61,000

This is a foreclosure fix and flip. We closed in early February 2022 and are currently renovating

What made you interested in investing in this type of deal?

Hands off deal with high upside

How did you find this deal and how did you negotiate it?

Chase Foreclosures

How did you finance this deal?

hard money/ line of credit

How did you add value to the deal?

Gut renovate the entire house. I also walked the property before renovation with the contractor to identify certain ideas to maximize the resale value

What was the outcome?

Still being renovated

https://www.tax.ny.gov/pit/pro...

The same thing happened In my condo that I purchased in the South Bronx in 2018. The taxes went up heavily in 2019 and we (the entire building) hired an attorney to fight the tax increase. Unfortunately we are still fighting it with no real progress in the last six months.

On another note, have you applied for the star credit? Assuming you live in the property this credit is a good way to decrease your taxes by 20%.

Has anyone found a better alternative to Property Shark for pulling property data?

Hi BP friends, I usually use PropertyShark to examine and compare properties for my analysis.  Their fees are quite high ($129/ month) for the ability to pull up property details across the US.  Does anyone else recommend an alternative that is better priced, but equally as data heavy?  I use PropertyShark to find the lot size, previous/ current owners, square footage, sale history, ect... 

Thanks for your help.

@Bin Chen What type of assets have you be investing in up in Riverdale?  Have you thought about branching into Kingsbridge?  Also, areas like Mosholu Parkway, Morris Park, Pelham Gardens are solid neighborhoods in the North Bx

@Eric Ng Looking forward to it

@Yosef Lee thanks for sharing.  Are you planning to purchase more out there?  Who is doing your MGMT?  I know that is the biggest issue with investing from afar.