All Forum Posts by: Sergio Dorval

Hi Caesar, Thank you for replying. I just sent you an email including the link. Sergio

Good morning, everyone

I decided to buy a multifamily property in The Bronx to live in one unit and rent the others. I am pre-approved and $600K would be the maximum for my mortgage. 

There is a property I am interested in putting an offer for. It's a 2bedrooms/1bath over 2beds/1bath over a fully refurbished walk-out basement. The property cost $550,000.00 and I am using the FHA program. I used the BP rental calculator and my cash flow is negative. Could anybody have a look at my PDF file ( https://www.biggerpockets.com/buy_and_hold_results/204612.pdf )and let me know if my calculation for this property is wrong? Any help is appreciated.

Sergio. 

@Bryan O.

Cash flow after expenses.. (sorry for not being clear. )

@Thomas Franklin

Hello and thank you for your input, particularly on Asset Protection. 

My FICO is 709, medium score. Is it a respectable number?

To answer your question on Flipping, I thought about it. That was one of the reasons why I visited Miami and Charleston, NC at the beginning of Spring. i quickly learned, just like @Corby Goade said - it's an active work that requires lots of time, attention, detail( not to say that other forms of investment dont require the same diligence, but from the little i know, flipping is a puzzle that requires a large team of professionals to get it done right) and you must know what you are doing. However, I'd love to talk to you and hear your strategies. 

@Bryan O., i like the NYC rental market. if i am able to get a deal, it would be a home-run because of how high the rent is for the little that's offered here. Case in point is my ex-coworker's example i mentioned above. To get $1300.00 per month from a multifamily home bought for $176K is a pretty good deal to me. Do you agree?...

@Corby Goade, Rental property portfolio is where i see myself heading to. My current goal is to get to where i am earning $10K after all expenses paid. Obviously, once i get there, the ambition will grow, as growth is pretty much a duty of all man/woman who consider themselves to be entrepreneurs/investors, but i don't want to get ahead of myself right now. i believe that my current goal is definitely attainable. 

I've come accross a few co-op deals in the Bronx area of NY.  My research and gut feeling are telling me not to get those(not really owning the unit/s, having to ask permission from the co-op board for virtually everything Id like to do to to the unit, not being able to rent the space during the first 2years, and having potential neighbors perform open surgery on my financials doesnt sound fun to me.) However, I am curious what you all think about it. Did any of you ever do that type of investment?

Hi everyone, 

i hope everyone is well and succeeding in your investment ventures. I apologize to everyone who replied to my original post for MIA for a whole year. I thank you all your feedback and hope to re-establish our communication. 

Sergio. 

@Corby Goade, What are the other scenarios I should consider? 

Hi Corby and Franky, 

Thank you for the advice. I am 27 years old and yes, my expenses include my rent. i live in a studio apt that my relatives used to live in for decades. i recognize how lucky i am in that regard and now want to maximize my opportunities to build wealth and help someone else, perhaps a college student strugling with his/her expenses. 

i came to the realization that i was ready to invest after a chat with an ex-coworker of mine who bought 2 multi-family homes in Clifton,NJ. One of the homes cost him approx 176K(a STEAL), which he bought with a conventional loan. He is renting it and is clearing $1300.00 after mortgage payment and expenses, per month. The second home(in which he lives), was bought using FHA and he regretted it because of the PMI he has to pay. He has a family and therefore his expenses are greater than mine, while his financial narrative was very similar to mine.....again, i realized that i have been WASTING time and need to do something before interest rates go up. Can steals like the example above be still found in the Tri-State area?

I recently visited Miami, Florida and Charleston, SC, and got a chance to check their RE markets. I thought both markets were great considering how inexpensive they are comparing to NYC, but i am not a resident of those states so my property taxes would be much higher as a result. Plus, I would have to hire a property manager to handle the operation. I am not convinced thats the route to go - I'd be cheating myself of the learning experience as a long distance investor. What is your opinion on long distance investing?

House hacking is a good idea. i figured i could occupy one floor or even live in the basement. i reallly dont need much space and i am always working anyway. Do I need to look  out for permits/codes pertaining to basement living? 

Good morning everyone, 

it's been a year since I last showed up here, looking for  advice from investors with proven success records in real estate. I took your advice but was too timid to take the first step and dive into the investing world. However, now I am ready but still need your guiance and mentorship. The following is my current financial profile in a nutshell: 

Credit Score: 709

Cash in hand: 50K

Salary : 74K

Monthly living expenses: $1500.00

Debt: None

Residence: New York City

Marital Status: Single, no kids

What would you do if you were in my situation? What RE investment strategy would you advice me to take? Any suggestions will be greatly appreciated. 

Sergio. 

Hello everyone, I am interested in real estate investing. I am invited to what would be my first seminar next week in NYC, where I live. http://www.thansnyevent.com. The seminar will be covering topics from house flipping to rental properties. I am not sure of what format those type of seminars have but I assume that at some point there will be an open forum for questions and answers.. What questions should I ask? Sergio.