All Forum Posts by: J Usmonov

Hello,

I have heard of house hacking before and started recently to dive deep into this. I reside in NYC, particularly in Brooklyn, but can be open to NJ as well, as long as the commute to the city is not far. 
I am interested in house hacking, primary in south part of Brooklyn, (midwood area).
has anyone done the same in Brooklyn? Can you please recommend any good agents with an experience? also, is 10% down payment good for house hacking

For newbies that want to get into flipping business, how hard is it to get a fund from a private lender? Do they tend to give a loan to those who already have an experience or they can give to newbies but for higher percentage?

Hi. Wanted to know if any of you guys invest in Albany and how are cash flows on duplex/multi family?

+ 1

@Matt Berklacy thanks for your comments. Yeah me and my friend we want to use our money as much as possible. But when it comes to find a deal, isn’t it better to find an agent when you already have a cash or that can be done while saving money?

@Gina Kopera hm, thanks for your input. When you started your first flip, was the location A+? Right now, I do see some properties where I can purchase with cash for like 40K, but location is F and to be honest, I am not quite ready to start investing in sketchy places

@Mike McCarthy thanks for your input. If you don’t mind me asking was your first flip a completely distressed house? Was it a single family? Did you choose a location that was expensive? And based on your experience would you suggest a newbie to start hard money or conventional loan?

Last but not least, when you do your flip projects for how long do you plan to hold it max after rehab was done?

Hi. I have been reading J Scotts book about flipping houses and I am in chapter 6 so far. And from what I understood so far, flipping make sense if you purchase the property all in cash and otherwise it is not that profitable? Did you guys also had that impressions? I know I have posted few posts ago regarding flip experience, but still would like to hear from you all, how you started your first flip? Did you purchase the property all cash and loaned the rehab part? or was it all financed? 

@Greg Dickerson when you say local, do you mean portfolio/investor loans?

@Greg Dickerson I see. But for financing if I want to use conventional loan, -a) will banks allow it for flipping especially if the loan is for 30 years b) since conventional loan requires a move-in condition, I fee like this term is quite vague. Do they mean that house needs to be in perfect shape?