All Forum Posts by: Adrienn S.

Hello!

I`m interested in investing out of state and have a few questions to understand the Detroit market now and figure out my budget. 

- Do you think Trulia crime rate map is trustable for Detroit area? I m asking bc even my super safe neighborhood in NYC has almost the highest level crime rate just like half of the city even Manhattan. Is there any tip how to search more efficiently and to avoid warzones? I walked through the streets in Google maps checking the neighborhoods but would be happy to listen to better solutions.

- Is Detroit a hot market now? What is the average closing period? Are the asking prices in Zillow/Realtor.. close to the final selling price?

- Does any of the non local investors have experience with major rehab? Would you recommend it for first project? 

- Is it hard to find refinancing for smaller projects (under $100k ARV)? Just read in other posts that out of state investors faced issues in other states? Did anyone have similar experience in MI?

- Do you think 2%+ cash flow is still achievable? I saw couple of posts about it but this is a different market I guess than was 1 or 2 years ago.

Thanks,

Adrienn

Hi!

Can someone help me in understanding the tax impact of property sold abroad? I moved to the US couple of years ago and still have a property in my home country. Now learning so much about real estate I m considering selling it an investing the money here. Do you know what is tax the impact? It was my primary reaidence before moving here and bought it like 10 yrs ago.

Thank you!!

Thank you All! I think the best for me now is to wait and see how the end of this year will look like.

Thank you Anthony!

Hi BP community!

I currently rent in NYC but planning to move into my first home this year (my lease is over in December so that would be my preference to find something till that time). My goal is to find a single family home about $300k or a multi family up to $400k, I would prefer the latter. As NY state has a higher price range or it is far away form the city I started looking in northern NJ in the past weeks (just browsing Zillows/Trulia..). Location wise I don't really have a preference if it is in one hour commute to Manhattan and safe. I have couple of questions concerning me now and would be really helpful to know your thoughts.

- What do you think about the current market? Is it the right time to buy in NJ now or should I wait another year to see how it looks like post-COVID?

- Do you think my price range is realistic? Prices I saw in most cases are higher but in the sold properties I see a lot which would be fine for me too.

- Which town/areas would you recommend? I was looking at Bayonne, Newark etc bc of the price but found some bad articles about safety.. so happy to hear thoughts from those who are not journalist or blogger but really know those places.

Any other considerations are more than welcome.

Thanks,

Adrienn