All Forum Posts by: Pearly Tan

@Ross Denman

This the infamous snowball effect :)

There should always be some kind of closing costs that you should budget for like title, attorney fees, inspection, etc.

It depends. I think each individual's situation will dictate what their priorities will be. If someone already has a full time job, then leveraging more to build longer term wealth may be more of a priority than generating immediate high cash flow compared to someone who will be needing that cash flow now as they are doing RE full time. So, the individual's situation will play a big part in this decision.

@Terence Eng

I would keep all your options open. Just getting your first deal done even if it is a SFH will start you on the learning process from going through a deal from start to finish. The BRRRR strategy has got a lot of components to it. Good luck and feel free to share your experiences with the community!

@Marsha Fils

Another thing to keep in mind is some towns are not short-term rental friendly (airbnb) and have instituted ordinances to essentially ban them. Just keep that in mind when you choose locations as that may remove an option for your other unit(s) while you house hack. Best of luck!

@Elenis Camargo Congratulations on your success and sharing your story, I agree with you on your point about saving money. It is hard in the NYC area, but it can be done if you follow your plan diligently and live below your means.

How did you manage your rehabs as an OOS investor? Did you trust your GC to do the job completely, or did you have a boots on the ground project manager to oversee and manage the entire rehab process. How did you get updates on the progress of the rehabs? I'm about to embark on the same journey soon and interested to know how other folks are doing it. 

Total newb question here - do folks typically get an inspection done for a property being sold as-is and requires a lot of work? Knowing that the seller will not put in any repairs.

Also, is there any added benefit to getting an inspection for a property that’s completely gutted already? Thanks!

@Zach Lemaster I’d love to get the contact of your lender as well if you don’t mind sharing.

@Snehann Kapnadak Hey I'm in the NY/NJ area too, definitely love to connect locally someday. I just closed on my first KC property too. Got SFH but hope to move on to duplex/multi family quick.

Hope to see more pics in your next update @Lesley Resnick :) Will you be posting progress of your other projects as well?

Thank you @Jonathan Cope for your input, I'll pass your feedback along. I hope she listens!