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All Forum Posts by: Jorge P.

Jorge P. has started 18 posts and replied 145 times.

Post: My architect delivered plans With Wrong room Dimensions!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

Dear BP Community , I need your advice on how you would handle this situation.

I am deep into my first fix and flip in NYC. I just determined that my architect delivered plans/renderings that are not accurate. My plumber discovered this when planning for the installation of new pipes. After taking a closer look and measuring myself, I found there are rooms that show windows where windows are not even located! This is not a small mistake. 

In NYC the inspectors seem to prey on this kind of error and a violation could pop up any moment. That's not all - Framing has begun and we worked off of the plans. Now we are realizing some rooms need to be reframed. This lack of attention to detail is costing me time and money and I have clearly lost faith in this architect. BUT I need him to finish the job. 

So as I mentioned - I would love some constructive feedback. What would you do in my situation?

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Alex Boyce Thanks Alex! Man it was a loooong time but I kept at it. 

Why did I use a HML oppose to other financing..? That's a great question. The honest truth is I show to little of an annual income on my taxes. A traditional bank would had not given me the loan amount needed to purchase & rehab (203k loan). This is why I seeked out an asset base HML lender who saw how great a deal it was. It would had beeen great to get a lower rate from a bank , maybe on the next one.

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Joshua Ferrey Thank you Joshua! I really appreciate that, I'm super excited! I will def keep the updates coming as i move along the renovation. 

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Josh Malenfant  your pro flipping the home, got it. Thanks Josh. How long have you been investing? how many flips have you done or how many buy& holds do you own if you don't mind me asking?

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Josh Malenfant thank you  for the advise!  I could be wrong but I don't think the 2% rule applies to higher end markets. You would never be able to get 2% of the purchase price in rent in NYC. You can't expect to get $13,000 in rent on a $650k home . If you can find me one, please let me know.. Ill be happy to buy it :-)  

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@David Zheng Thank you for the advise David. Luckily I have a construction project managing background and have been a real estate inviting broker for 10+ years, so I don't feel as intimidated. However, thank you very much for the advise, well said. 

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Pierre A. Thank you very much I really appreciate it.  Will keep the updates coming 

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Marlon Fong Thank you buddy! I will keep it going , I'm looking for the 2nd deal as we speak :-)

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@James Caruso Thank you very much James I really appreciate it! I will def keep the  updates coming along with some pictures pre-renovation , etc. Thank you again! 

Post: Closed ON 1st Deal With HM in NYC!

Jorge P.Posted
  • Rental Property Investor
  • Jersey City, NJ
  • Posts 152
  • Votes 126

@Jason D. Thats a great point Jason. Its def. something I'm seriously considering. I have a call with my architect today to start the subdivisions :-)