All Forum Posts by: Alejandro Obando

Thank you all for the feedback,

I did inform my lawyer, supposedly the person is moving out this Friday.

What a crazy introduction to RE investing lol.

@Dennis Yosco it will cashflow once I move out. He never collected any security deposit from that person smh.

As a standard protocol before closing we had done our walk-through on a three family house hack in northern NJ.

The 3rd floor unit was cleared out and vacant. as per contract for me to move in.

The day after closing the former owner rushes to tell me he had rented out the third floor before we actually closed,

He physically cleared out all of the tenants property just for our walk through. Without disclosing it to anybody.

This came to me as a huge shock and since it is my first deal, I got no clue how to handle this.

I reached out to my lawyer and he told me the 3rd floor person now has legal rights as a tenant and will be thought to take them out.

If anyone can give me some feedback or point of view would greatly appreciate it.

Should I proceed to sue seller? Or handle this without suing? And how?

Thanks for the help!

Best,

Alejandro

Greetings BP, 

My name is Alejandro, I'm a new Investor looking to House Hack in Northen NJ. (Hudson County). 
Been putting offers for the past 4 months, but nothing seems to bite. 

Just came across a 2 Family House going for $800K (6 beds 4.5 baths) 
the property in mint condition, BUT the taxes are close to $15,000

it is understood that NJ taxes are the highest. Looking to see any feedback/ insight or a different point of view as to why anybody would agree to Invest in RE in a high tax area?   

Thank you All!! 

Hello BP!

With the help of this amazing forum, I've been able to connect with amazing people and gather a lot of valuable information. 

LIttle about myself, currently renting in Queens, I am an NYC Electrician (6+ years), 26 years young. Currently, have $120k liquid to utilize for the down payment and closing costs towards my first HOUSE HACK.

Been searching all the boroughs and as of now, The Bronx (Morris Park/ District 9) seems like a place I would invest in. It seems like I'm priced out of Brooklyn and Queens. 

I've been studying RE for almost 10 months, which I know there is plenty more to learn, I'm seeking advice and guidance from Investors in NYC that could guide me towards a specific neighborhood or Investing strategy that has worked out well. (or any horror stories would be helpful also) 

I am open to any ideas or advice, and would enjoy connecting with you!

best 

Alejandro O

@Guifre Mora ahh I see, thanks for clarification.. How could a new investor that does not have the 20% to put down calculate the time it will take to remove PMI??

Thank you for reviewing the report. @Guifre Mora from your experience, do investors calculate how long it will take for them to remove PMI from their investments (when applied) or is it typical to just refinance out of that initial Mortgage loan in order to then remove PMI? 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hellow Investors, 

I'm looking to purchase my first property in NYC/NJ utilizing an FHA loan (currently renting in Queens NYC). 

I have not visited the property in person but by the pictures, it seems like it does not need much repair, so I accounted for $10k towards any repairs that do come up. I should also mention that I am an Electrician by trade, so any renovations needed I would be able to accomplish. 

Since I do not have the 20% DP, I do understand that PMI plays a big factor when looking at "Cashflow" or breaking even. When thinking long term, I'm curious to know whether there is a formula or strategy I should consider in order to get rid of the PMI which is $606/M. or how long will it take me to build the 20% equity on the property in order to remove the PMI?  

I do not mind living in a basement ($930/M) for 2 years while renting out the rest of the property, as I build up more capital to purchase my next investment (did not include rental income if basement were to be rented out). 

Any advice or knowledge on how to better analyze properties will be much appreciated. I am constantly learning more about RE and networking in order to become a great investor. 

Thank you all for your input. STAY SAFE AND PROTECT YOURSELF!! 

Alejandro. 

@Keila Rosario

Ive also been looking in those areas as well, idk if I'll move to PA since I work in the city, but NJ does seem more convincing.

I'll recommend one book that change the way I look at RE investing is "The Millionaire Real Estate Investor" - Gary Keller.

He breaks down everything from. Budgeting to building a "work network" to making a checklist on they type of property you are looking for.

Reading has become part of my daily habit, and enjoy exchanging ideas with people who are in the same position as us as well as people that are 10 steps ahead of us.

Good luck with your success!

Best

Alejandro Obando

@Abel Curiel thank you for the insight, have not considered looking into upstate NY, but it definitely opens up my horizon.