All Forum Posts by: Account Closed

Market does really look that strong in Menlo Park.

Looking for single families under $150k. @Account Closed

Does anyone know where the best low income area to invest in right now near NYC.

I've been looking at Newark, Jersey City, and also outside of Philadelphia.

Any exact neighborhoods coming up in those areas that anyone knows about? I don't really want to invest in a war zone, but my financial situation is restricting me to do so.

Thanks for the input!

Is it possible to find a co-op that allows a 10% down payment? Especially in the Yonkers/White Plains area. I understand there will be mortgage insurance attached to my payments which is no problem.

The way I see it is:

$129k for the property -

After 10% down and interest and insurance I'm estimating a payment of $380/month

plus HOA fees im looking at an expense of about $885 a month

$1300 income - $885 expense = $415 cash flow before deductions.

Does this seam feasible?  

@Aldo Ricaurte I have been looking into wholesale, but I don't know enough investors to pick and chose who to assign contracts too. I feel like a need to have some type of reputation before I can successfully start wholesaling. 

Unless someone can break down key factors to look for when wholesaling a property. I have been reading the guides and watching some video but I feel like I wouldn't know how to identify a good property to give to a rehab-er. 

Plus how does the compensation work anyway? Is it similar to deed-flipping?

I can't believe all the support I have been receiving on this forum. 

As of now I'm looking in the Yonkers/White Plains area for a co-op that allows subletting. In that area the prices are reasonable around the 80k-120k area, so it would be possible to make a down payment on the property in the very soon future. The rent prices tend to stay in 1100-1400 area for a 1 bedroom. If I find a good deal I could be looking at $400-$600 cash flow after the expenses. 

I can't wait to get started, if anyone is looking for a partner or a "newbie" to tag along while looking for investments, be sure to send me a message. I would appreciate the help and experience! 

Thanks again everyone, I couldn't be anymore grateful!

@Jesse T. Being that I have my own store, a transfer/promotion isn't really an option at this point. Unless a new career path is in the stars (I am 21, some people say that's young, I don't believe it however). I'm just looking at decent properties within an hour or so from my current location. I might have to buy into a war zone but that's the sacrifice that I have to make if I want to start this NOW. 

Joe Fairless I feel like seller financing is taboo and is a big no no. Aren't the odds slim to none to have a seller agree to that? How would I gain leverage to convince the seller to agree?

John Salerno Barbara Goodman Having a partner sounds like a great idea! Anything that can help me gain some experience and push me to begin my journey would help. I'm not looking to move so if anyone can help me get to a 20% down payment, it would mean the world to me! Gaining a huge profit isn't such a big deal right now, I just want to get the ball rolling! Thanks again to everyone who has posted in this thread, you guys have helped me so much and motivated me more then I've ever been!

Bob Couture I'm going to download the book tonight and get started thanks ! Rhonda Eason I would love to work with a partner and do something together but I never know what kind of structure to negotiate. The key work you said was "trusted"!

@Rhonda E. @Deondra Carter It nice to see people who know the deal! Im looking to go to some meetups but I still believe I'm going to need more capital to make any deals. Unless you guys know some secret ways?! 

I appreciate the advice, hopefully in the near to very close future I can jump back into real estate and find a good broker to work with. Hopefully it will shed some light on my situation!

Thanks!