All Forum Posts by: Ryan A Rodriguez-Wiggins

Hi,

My wife and I bought two properties in Winnsboro, SC and are looking to purchase more in the region. We had a bad expeirence with our first contractor running away with our initial deposit. We are currently working with someone who is great, but is doing us a favor and can't really scale with our growth. Would love any recommendations / insights in the region.

Thanks!

@Steven Foster Wilson

Haven't been on BP in awhile, but thinking about Cincinnati or Columbus. Would love to connect.

@Courtney Jenkins

Haven't been on BP in awhile but thinking about Cincinnati as well. Curious how it's going there?

We are in the same area, have property in NJ / CT but everything is too darn expensive up here lol.

Hi @Kyle Maglio, would be great to connect. I've done a bit of a house hack on my last property, and also have experience with BRRRR as well. Currently looking to invest more in CT. Will shoot you a direct message.

Hi @Dane Silchenstedt - I was just wondering the same thing. Tried to use the foreclosures look up here on BP and wondering if its worth it. Let me know if you hear back from anyone. Will try to keep looking as well. Thanks for posting!

Same here. Grew up in NYC, and have been doing realestate in Northern NJ, and CT. Would be happy to chat LI and see if there are opportunities to partner together. Thanks!

@Grant Schroeder wow, good to know! We bought back in September. Crazy how's fast the regs change haha

@Nicholas Delgado agreed with the other comments. Really depends on your team / contractors. We recently did a reno, bought the place in September, renovation on one apartment and they are just finishing up. Delays due to covid for cabinents etc. We paid a pretty premium price to a contractor company for the bathroom because we were installing a washer dryer, they promised us a bunch, sub contracted, missed schedules, mismanaged the project, went over budget, and 2 months over time line.

That said 3 months should be enough if its well oiled, but I would definitely plan for the worst, and hope for the best :)

@Natasha Shamoon agreed with @Caleb Brown here. I'm also looking at OOS as the NYC/NJ area is extremely expensive.

Nothing wrong with OOS, there's actually tons of BiggerPockets videos on YouTube that talk about this in detail. I would start there and see if its up your alley.

@Tadiwanashe Chirongoma Definitely on the right track. My Fiance and I literally just did this for a house hack in September. 3.5% down FHA.

Beware though: with FHA that low you will have the mortgage insurance premium (mandated at less than 20%) for the LIFE of the loan in most circumstances. Which means you'll be throwing money away every mortgage payment. You need to check and see if once you have 20% in you can remove MIP.

If not, try to get to 5% and do a conventional loan that can drop the MIP. This will save you in the long run. We are in a similar high price market (NJ/NY) and for us the MIP is 500 a month... which is a mid west mortgage lol