All Forum Posts by: Pearly Tan

Thank you @Theo Hicks, that sounds like a common theme I've been hearing about Cincinnati. I'll check out those areas you mentioned. 

My mother-in-law owns her single family home outright in Hoboken NJ, bought it 30-something years ago when it was a slump town. Obviously it's worth a lot more these days, but she's not willing to let go of the house. Those who are familiar with the area know that single-family houses with a driveway are hard to come by in Hoboken. This house hasn't really been taken care of, especially since both her sons moved out and her husband passed away. She now wants to do a complete gut job or even tear it down and rebuild it into a 3-family house. She plans to rent out 2 units while living in 1.

She consulted some local architects and they came back with a ballpark of 1 - 1.5mill to complete the job with a 2-year timeline. That seems really high and I'm not sure if the numbers make sense to me. Upon rehabbing, she would probably get perhaps $2700 - $3500 rent per unit. Currently her property taxes are at $14k/year, it's going to be a heck lot more once she converts it into a 3-family residence.

I guess my question is, for those who have done similar projects, can you share your experiences/costs of completion? As a little retired lady, how would she be able to secure a loan to do this? She's saved up a good chunk for retirement + pension and wants to use it against her rehab project, but I don't think it's a good idea and I can't talk her out of it (neither can her sons).

Any advice? Thanks!!

@Lance Johnson - No particular reason, aside from having friends in Cincy, ATL and STL to provide insights on the local neighborhoods. I am open to other cities as well.

@James Wise - Thank you! I'm excited to be part of this community :)

@Joel Owens - We are aiming for cash flow. You do bring up very good points, which I have considered as well and will continue to keep that in mind. I hope we are lucky enough to come across honest brokers/agents like you who will work in the best interest of the investors. I truly appreciate your input.

@Brandon L. Those links have been a great help for getting me started. Thanks so much!

@Sean Carroll I'm looking to buy and hold, ideally a multi-family duplex. I'd love to connect with you if that's ok.

@Account Closed Will definitely reach out. Thanks!

Thank you @Germain Mopa, @David Fawcett for your kind words, I'll definitely check out the webinars. BP is a wealth of resource and there is so much to learn!

@Franklin Curry Jr Glad to hear I'm not alone :) Good luck to you and your wife as well.

 That's exciting! I have a similar goal too, and i'm going to hustle my way to make it happen.

Hello everyone!

Absolute newbie here! It feels a little intimidating coming out of lurking status to introduce myself, but I guess we've gotta start somewhere right? I've always been a BiggerPockets fan and have always wanted to get my feet wet in the real estate world. My husband and I had previously own a condo, lived there for 10 years, decided we needed more space for our kids, so we bought a bigger house and rented out the condo. However, the rental did not meet the 2% rule and we were at negative cashflow every month (high HOA & state taxes in Northern NJ ugh), after 3 years we ended up selling it and barely broke even. Well that stung a little...

A year later, here I am again learning and trying to figure out the in's and out's of real estate, and hopefully be able to buy our next investment property either in Cincinnati or Atlanta (or others!). I also hope to get out of my comfort zone and network with some of you folks here as I go along my journey. We're looking to start small, possibly between a 50k-100k property to buy & hold. Any pointers/advice you can give this newbie here would be extremely appreciative. Even if it's just a quick HI :)