All Forum Posts by: Daniel Ribeiro

Hello BP!

I will be in the Allentown area on Friday, October 19th. Would love to meet with local investors, agents or PM. We can grab an early dinner or coffee, let’s connect!

@Ibrahim Hughes once received, will gladly share more information. When I refer to raising the rent, I refer to being able to charge on the higher side of market value as opposed to the median. Of course that cannot be guaranteed which is why the question is raised. Will keep you updated !

@Wayne Brooks correct. It will be owner occupied. Is there any info that I can provide you that can help you make an opinion?

Hello BP!

As the title states, I have a question in regards to my options utilizing a 203k loan. I currently am purchasing a distressed rehab rental property in East Orange, NJ. The first set of contractors sent to the property provided a preliminary estimate of repairs in which they are quoting a total of $86,000. Please note, this includes: the roof, plumbing, electrical, HVAC, kitchen, etc.

We had another set of contractors who gave us a quote $130,000. Although we haven't received a preliminary estimate of repairs yet, we were told today that they would fix the property from top to bottom inclusive of roof, side paneling, plumbing, etc.

My question is: Should I take the route of the $86,000 in which the essentials are taken care of or should I take the route of the $130,000 in which the property is fully renovated? 

Note, regardless of choice the ARV would put us in the ball park of similar properties in the area. Additionally, since the $86,000 is being allocated to multiple projects around the property, the units will not be fully renovated but the rent be at market value. The $130,000 allows us to possibly raise the ARV significantly as well as raise the rent a bit over market value as the property will be fully renovated. My concern is the loan amount increases over $50,000. Both alternatives allow for the property to cash flow respective to their rent roll.

Any guidance would be greatly appreciated, thank you!

Currently work for a large financial institution, I absolutely hate it but agree with other posters who look at the 9-5 as a way to begin your RE investing. With that being said, you can always go to a financial institution and work as an analyst in a commercial real estate role or work for a Real Estate Development Company or Broker and see how you can utilize your skills to transition into a new career. Note many of the roles I see (I’m actively looking for RE roles) include number crunching roles that involve calculating cash flow & other pieces of information. Other roles include sales such as RE agent, etc.

@Ryan Dietrich @Theo Hicks @Jake Walroth thanks for the fantastic information!!

Cincinnati is currently on the list of areas my partner and I are looking into invest into. Have a couple of friends who recommended Over-the-Rhine, Evanston, Norwood, Oakley, and Hyde Park as places that would be worth looking into. Question for the Cincy community is how would you grade these communities? To my understanding, Cincinnati can be very sectional. We are specifically looking for B- through B+ areas to invest in small multifamily (2-4) homes. Eventually, we plan to visit the area.

Appreciate any input on the above, thank you!

As the title suggests, I am new to long distance real estate investing. I am looking to simply spark some conversations surrounding Long distance investing. Just picked up David Greene's book and excited about the opportunities that are out there. In your experience:

• What metrics did you utilize to evaluate a city?
• Other than BP, how did you develop your relationships with Property Managers, Contractors, etc?
• What are some positives you find about REI outside of your local area? What are some negatives?
• Please feel free to share any recent or favorite stories.

I would also love to connect personally with everyone and learn more about your cities or where you chose to invest so please free to message me!

Following. Cincinnati is on my radar for potential areas to invest in. Looking to connect with locals!

please add me to your list.

[email protected]