All Forum Posts by: J Usmonov

Want to your experience about flipping, especially in expensive area! Did you purchase the property all cash or financed?

@Andrea Weule make sense. Do you do flipping in NY Metro Area?

@Andrea Weule thanks for your input. When it comes to numbers and analyzing whether it is a good deal or not, how does one know if it is a good deal or not? Should I set up a number in my mind like at what price to purchase and how much I will need to repair the property?

Hi, all. I recently joined BP and pretty excited about my RE journey.  I have a question for those who have done flipping in NY area (NJ,Long Island, Upstate). My question is, is it possible to flip a house and make money out of it, by getting a mortgage on the property? Me and my friend want to get into flipping houses in the areas that I have mentioned above, we do have downpayment, but as we all know flipping requires a lot of money to get it done. So how realistic is it to get a flipping done by borrowing a money from a bank? I would appreciate your two cents.

EDIT: I know a lot of people open LLC and then do the flipping. But my another question is, if LLC is newly opened isn't it going to be hard when financing and its credit score? I mean, my personal credit score is 790 and have zero debt.

@Mike Dymski but what does this mean to RE investment?

@Joe P. your advice sounds great. But I have a question. Lets say you bought a property, living yourself and renting out other unit, and it is mortgage. Lets say after two years or so, you decide to buy another duplex and want to rent it out. Since you have not paid off your first mortgage, isn't your second mortgage going to be with higher %? 

@Jason Lee thank so much for your input. Definitely didn’t know about the various types of apartments. And for the types that you have enlisted above, can they be found in zillow and other apps? Or they can be found only via agents?

@Scott Wolf thanks a lot for your input. So basically condos do make sense more than co-ops?

would you mind to elaborate why it is not worth investing? and what type of house or apartments I should be focused on?

Hi. I am interested in purchasing an apartment in NYC (Brooklyn) and rent it out. I came across many apartments, but all of them are mostly co-ops. Are co-ops worth investing? did anyone in this community invested in RE in NYC or JC area and can you please share your experience, if you do not min? Looking forward to hear from you all.