All Forum Posts by: Yinna Wang

SO...question, with an FHA 203k, the reno costs are rolled into the loan. And the reno costs are estimated and approved by the FHA folks. Your final loan is determined by the ARV, so there is no chance of it getting appraised at higher than what you put in. How would this work as a BRRRR?

@mattjohn That sounds like a very clean deal, except what about 1 month holding costs, and the private money lender probably also wants an interest return on his money. Was this a deal you did? Wish that existed here in nj/ny! 

Also, 75% is used a lot here as the amount a bank would allow you to refi for, but is this actually related to the 70% rule? 

Any updates on this thread? We are looking at a property in NJ that is owned by a church. They currently pay zero property taxes. Is there a way to take over the property and somehow keep the religious exemption? The property includes half a lot that is being used as church parking lot. Maybe if the parking lot was still used by the church? What about a "wrap", just heard this on the podcast, where the owner essentially keeps ownership of the property until the loan is paid off. 

Thanks @Manuel Rosa!

@Manuel Rosa great job, love the dishwasher, nice touch. Could you recommend the GC? 

Thanks @Jessica Zolotorofe and @Jonathan Greene! 

Wow I didn't realize that...it's actually the highest in the country according to this site: Property Taxes by State

How would I find an agent that knows about off-market properties? That sounds like something a wholesaler would know. 

1. I've heard the $300/door mark, and also the 2% rule, so the closer the better, although I'm realistic. Also my first property might be as owner occupy, so if I live for free or close to free, I consider that cash flow.

2. I'm calculating in 8% property management costs, even as owner occupy just to be safe. I haven't managed rental properties before beyond airbnb, so this will be a learn as I go. 

3. What is block value? Is it what current similar properties are renting for?

4. Would a contractor be able to estimate renovation costs, or would I need a property inspector as well? 

Thanks so much for all this valuable help, much appreciated!!

Thanks @Mark Nolan! I definitely love webinars, managed to see the last one live, which is how i learned about brrrr. Even though the other webinars look very good, I'm not sure I'm ready to pay for the Pro yet. Is it worth it even though I'm a newbie?

Hi Bigger Pockets Community!

After multiple google searches about real estate kept leading to biggerpockets.com, I couldn't help but be pulled in. I do wonder though, shouldn't it have been called deeper pockets? :))

Regardless..this site is seems so healthy and full of information in every direction, I'm excited to get started!

After 27 years living and renting in New York, I'm finally ready to own and build my passive income. But NY is so overpriced that I'm actually thinking about New Jersey, specifically Essex County. 

I'm interesting in finding even cheaper (smarter?) ways of getting in, ie foreclosures, fha loans, brrrr, owner-occupy on multi-family properties. Any leads in these areas would be awesome!! x