All Forum Posts by: Emma Hopegood

Hello BP ladies! 

It’s SO nice to see everyone here, I am a new investor who moved to NYC 9 months ago. I had my real estate license in Florida from 20-22, graduated college at 23 and decided that I wanted to be more on the investing side of real estate for now!  I am in the process of purchasing my first turn key rental property in Florida. I am constantly overwhelmed at the BP community and forever thankful for everyone in it. 

Please feel free to connect with me! I always love to grow, learn and meet like minded people. 

Best of luck to everyone! 

Save, and build your credit. You will need more capital than you think to get started, and want to have reserves incase anything goes wrong.

Thanks Daniel ! Your words of wisdom really helped settle my nerves and remember to look at real estate investing as a long term game

I have been eager to make my first real estate investment for about a year. I’ve read plenty of book, and it seems like the last thing to do, is to just do it. 

I moved to NYC last September and started working and living with a wealthy family, I get paid a salary and was able to save enough money for a down payment on an investment property. 

Of course, I can not afford anything in the city right now, so I put an offer in on a turn key unit in Florida. I used to live there and know the area. 

We are under contract now, but I am worried about a recession, and loosing money. Is this a legitimate concern? Are tenants allowed to not pay, or in other words, not be evicted for non payment? Will there be a recession soon that will tank real estate prices? 

The Purchase price of the unit was $185,000, I knew it was over priced and worth about $170,000-$175,000. We countered back and forth and I accepted $175,000 with $2500/$5500 towards closing costs.

I am in the process of getting a check to the title company and setting up an inspection. There are tenants in the unit until August 1st. They may or may not renew but are paying $1400/mo. With HOA, principal, insurance, everything factored in the total monthly is $1342.

Please advise,

Sincerely,

An eager, young, first time investor, in the middle of a global pandemic