All Forum Posts by: Barbara G.

4th day of closing on this house:

We had estimated $25,000 for rehab but we had not decieded to replace the 2 decks (one off each apartment) at the back of the house.  Now we believe we have to replace them so we will be looking at a $30,000 renovation .

This was bought as a BRRR .  We will be refinancing it at 70% so if it  appraises at $130,000 we will get a $91,000 mortgage and have a $29,000 down payment + costs. It should rent for $1,900 a month.  We are hoping ro renovate and rent it in 2 months.

I am sure if you carefully look at the internet every day you might find something on the Island in New York that you could buy.  Why don't you join a real estate club and a Real Estate  meet up group and see if you can figure something out there.   Its a network and that's what you can do there.   If you seek you will finnd.  How much can you sell your co op for at this point?

Get active on Bigger Pockets.

Read everything on Bigger Pockets along with Real Estate investment Books.  Run your deals by Bigger Pockets, run your deals by your Real Estate and Meet up Groups.  let us know how you and your son are doing.

You are doing the right thing for your son and it will work well for both of you

How much did you buy the co op for and how much can you sell it for? How much did you put down on it?    Will your co op fees be  going up?  Can you invest in a multi family without selling your co op?  Why do you have to look out of state and not try to find something closer?

You say:  "Some of the multi family buildings cost just as much as my coop and adding all of possible rent assuming that its 100% occupies equals what I get for my coop."
Well  you answered that question.  Clearly "some" won't cut it.  Sounds like you have to keep looking for multi houses that pay you more if that's what you want to do.

Do you know what it will  approx appraise for when it is completed and rented?  How long will it take you to rehab it and how fast can you do it?  How much cash do you have?   Will the sellers wait by holding  a short term $10,000 Mortgage?   Have you spoken to the small community banks in the area?    I take it you don't have a home you can borrow on?  Can you borrow on your credit cards?      Can  you borrow hard money staggered to your  constuction progress .  Once you have it rented  will the local bank refinance it with a conventional mortgage.  Can your supplies be put on a extended payment, no interest card at a Home Depot?   

Can some one walk me thru how to post before and after pictures???  I can not locate the camera icon?   I can not figure out how to do it an I do not have a child around to help me!!!

The cash flow looks OK?  We put $112,000 down and we should cash flow $20,000?  BUT it doesn't look like we made any money on the buy side.

Will this Fast track Bus improve the values of houses in Bristol and New Britain or not make any difference?

We live in Putnam County but have our investment houses in Conn up to this point.  We are going to close on 2 duplexes in Bristol.  I am not excited about that buy.  We had to put too much down (30%).  There is no renovation needed as they are  newer construction.   There is a slim possibility, although we have not investigated it and did not consider it when we bought, that we might (might) have room to put a new matching duplex up.  That  would interest us if we could put it up at the right price and if there is room and if it is allowed.

You say "There was a recent light railish project in the area making a devoted bus lane into and out of Hartford- which I believe will change some of these neighborhoods".  Unfortunetley I do not know what you mean.  What does "light rallish project" mean?  and how will it change these neighborhoods?

"analysis paralysis. I need to do something. The therapy comment really resonates with me. Hopefully a year from now, I'll be on the way. The partner suggestion is great as well."

---------------------------------------------------------------------------------Chris you have been saying you want a Job.  You have been saying you would work for very little just to get into real estate.  Well if you buy an inexpensive place where the numbers  work you will get all the education you need.  You would get that job working for a little money (that you say you want).  Buy a place and you would be able to move in since you say you are ready to move.  You want to learn about tenant screening well you will be screening your own tenants.  You are uncomfortable with managers?  Well you will be managing that little property because you would be living in it and seeing every little thing that has to be attended to.

A year is too long, its just another way to avoid the whole buying thing.  What can you lose?  Buying property is an adventure, its Fun, and its profitable.

Hi

Is this the house you were thinking of using glass Brick for the Bathroom windows?  Did you ever do that?  If so how did it work out?  If you did not do that why did you not do it?
I also have a question about buying in Conn since you are a Conn resident and Conn specialist.

How does New Britain and Plainsville ? compare to Danbury and Waterbury  (I know Waterbury is depressed)  and Bristol Conn.