All Forum Posts by: Juan Catano

@Scott Wolf thanks for the insight.

How’s the inventory in the area for flipping?

Hi community, we are a family of four with two toddlers living in California and are considering moving to NY to be closer to family.

The grandparents are in Manhattan and Hudson so we are considering Westchester or Putnam counties to move into and invest.

What are your thoughts on the real estate market in these areas?

Thanks!

@Kumar Gaurav

Hey Kumar, that would be a really tough find, I just closed on a triplex in the Diamond district for $780K, my range was $700k-$1.2M. Anything I found in that range over 4 units was very rundown and required lot of work. Maybe an off market deal but I don't think you'll find anything like that on the MLS.

Part of the problem is that the second bedroom is too small to add a closet so we were thinking on making the family room into a master bedroom and converting the small second bedroom into a laundry/storage area.

I'm leaning toward either dropping the price or converting it into a true 2/1 and permitting the family room.

I really appreciate everyone's input THANKS!!!

Theresa, I found the average number of days on market on Redfin was 14 days and Zillow 44 days.

The agent did agent tours and open house. The feedback he received was that it not being a true 2 bedroom and the unpermitted spaces were a turn off, this is why I'm looking into addressing these issues potentially.

Hi Theresa, it has been on the market for almost 3 weeks. 

Thank you for the thoughtful reply Dan, you made some good points!

Jo-Ann, I think if I were to refinance or to sell I think I still have enough funds for the downpayment of a 3plex or 4 plex. I'm trying to stay in the Bay Area, ideally Oakland where I own a 3plex.

Hi BP community, I’m somewhat new to real estate investing so I’m looking to get your expert opinion. I own a single family home in Livermore, CA that I have up for sale with the idea of doing a 1031 exchange into a 3 or 4 plex. It is listed for $595K, during the open house there was a good amount of traffic but we didn’t get any offers. A couple of issues are that it is a 2 BR/1 BATH but the 2nd bedroom doesn’t actually have a closet and there is a family room that was built without permits prior to me buying it. I owe $175K and I was renting it for $2,095mo.

I’m considering the following options:

Opt 1 – Wait for one more month to see if a buyer comes

Opt 2 – Drop price to $550K

Opt 3 – Refi then use the funds to convert to true 2/1, then re-list for $630-$650

Opt 4 - Keep original house layout, refi to add an ADU and rent both units ($3,200 mo)

Opt 5 – Hold as is, re-rent and refi to get fund for down payment

Opt 6 – Convert it into a nursing home (My wife doesn’t like this option)

What would you suggest?

Thanks for reading, looking forward to your input… Cheers