All Forum Posts by: Walmsley Gedeon

Close a deal!

It can be done and I know people who are doing it. First off your looking at prices way to high. I would find something that needs work that is about $150k and under and finance it with a 203k loan to repair the property with that cost built into your loan. Let say a another 50k in renovations to make it a 200k loan on a 3-4 plex with a minimum of 8 beds. Make sure you can get good rents in that area that cover your mortgage so you can live rent free for a year as an owner occupant. After a year rent your unit for positive cash flow or added positive cash flow. Then repeat the process. The end.

I'm currently bidding on a property in which I was asked for my highest and best. I haven't closed on my first deal yet so this part always gets me nervous. It's not my first bidding war but it's obvious I've lost all my others being that I have yet to close on a property. I wanted to ask the community how do you place a good enough bid when you don't know what others are bidding on the property? How do I not price myself out or over pay with my bid? How am I supposed to assess this? Are they required to tell me what the other bids are? I have until Friday 23rd. Any advice would be greatly appreciated. Thanks all!

Michael Noto thanks Michael I didn't know that. That's a great piece of info.

Does anyone have leads on lenders for FHA in the Hartford Connecticut area? I also need leads on contractors and a good real estate agent. I'm looking to find a 4-plex or more units under $150k. Please give @ me with the info pls. Thanks all!

Peter T. Do you live in the area or are familiar with it? Why do you ask that?

Appreciate the response. I noticed the same. I'm getting mixed reviews about the area. Didn't know if this was a deal or not.

Thinking about moving to East Orange NJ to house hack. I would be closer to the Irvington and Newark border in this area. Does anyone have any opinions on this area of NJ?

Vas Bouras it would seem to me that the best deals for buy and hold are in seemingly not so great neighborhoods. I think I'm ok with that if I just go section 8 on the property but how are you getting properties for your deals? I'm essentially looking at the rents in the area versus my expense analysis on the property and trying to find deals that the rent surpasses that expense theoretically. I've heard what you mentioned about PMI before but how much so a difference does it make?

Vas Bouras thank you so much for this. Totally appreciate the full disclosure and the tip on the property. I'm looking for a multi-unit and was looking to leverage the FHA situation being that I don't have a heck of a lot of capital I can throw at it and it gives me a chance to move and that was going to be my application of BRRR. Do you mind if I have any questions going further if I @ you for more info?