Getting started Suffolk County NY

[Manfred Philo]

Hi Everyone,

Brand new to BP and I’m learning a lot every minute I spend on the App and website. During my time reading I’ve realized I have made some mistakes and I wish I found BP 1 year sooner.

So last September my wife and I purchased our first home a condo 2 bdr 1bth in Suffolk County. It was a bank owned foreclosure that we got for 305k and we put 15k down. Other condos in the development are selling currently for 320k-335k. The only work needed was new flooring, paint and the kitchen (functional) needs to be updated. So far we painted and replaced the carpet in the bedrooms and laminate everywhere else for about 6k and we want to redo the kitchen soon.

I've discovered BP podcasts and other similar sources of info on YouTube and I'm now interested in cash flowing properties using BRRR. Our board does not allow for the condo to be rented unless it's to family (rumors around the development was the last owner of our unit got caught renting during the early stages of foreclosure) I currently have no savings besides 2k in stocks and 3k in our bank account. We used our savings to get into the condo and pay for flooring, paint and furniture.

I am thinking that the best course of action would be to finance updating the kitchen (make it nice but don’t go overboard) sell for as much as I can and use the profit to pay off the kitchen and purchase a multi family to house hack.

From that point I am hoping that the income coming in from the rental will allow us to live off one income and use the other to purchase other properties to BRRR.

Is this realistic or should I hold onto the condo longer to build more equity. I’m afraid of selling to soon and not having the same or more than before the condo purchase. At the moment we are not able to save much due to mortgage and other expenses that keep popping up ( I am going to have to scrap 1 of our 2 cars by the end of the year that is over 10 years old). I would appreciate any feedback I can get.