All Forum Posts by: Andre Walker

@Ralph Chiaia that's great advice, i really appreciate it. Have you looked in Sunset park? That neighborhood is on the rise, especially as industry city continues to grow. 

@Tony Gorokhovsky Thanks, that's a great idea! Are you apart of any Real estate investing groups in Brooklyn? Definitely looking to network a little more. Message me.

Thanks everyone for your feed, 

Ralph the zip code is 32254, let's connect, I'd love to know how you got started, and what your journey has been like thus far. What part of Brooklyn you invest in? I know a nice up coming area as you can look into, let me know if you are interested.

I will definitely get an inspection, and double check the rehab and comps. 

I would ideally like to get started locally but real estate in Brooklyn is a little out of my price range at the moment Michael. However, I have read David Green's Long Distance Real Estate Investing book throughly, which is motivating me to jump in. 

Hey Everyone, I am new to real estate investing and looking to close my first BRRRR deal. I found a property in Jacksonville FL, ask is $57k, the owners are flippers in the area that rehabbed most the property, but found better deals and want to sell to fund their new deal.

They just added a brand new roof and said they have a 15 year warranty from the materials company. From the pictures and what they told me the property still needs some work, minor plumbing, a new toilet, flooring/carpet (only about half the house) and to replace a 1 or 2 windows. They said it should be about $10k (still doing my own research to verify that, seems little low). 

Rent in the area is about 695-800 according to the rental property analyzer on Biggerpockets, so RTP ratio is just above 1%, i am looking at about $230/month in cashflow, and RTI ratio in Jacksonville is about 27% so still room for growth. 2 homes in the area sold for $103k and $108k (both within the last 6 month, and the property that sold for 103K is on the same block, 3 houses down), the property located near a very good high school and Elementary (both 5 stars according to google, lol). So all the indicators are telling me this is a good deal, but as i said it is my first deal so im a little nervous, i am also thinking about flipping the property as the comps seems to support it. But I'm 26 looking to quit my job and retire in the next 3-5 years so cashflow is more enticing to me right now. I just want to get some feedback on what you guys think, what i should be looking out for? What i might be missing? Or what I am doing right, (thats always encouraging). The X factor is I am from Brooklyn, NY so i would be out of state investing. But any advice would be super helpful, as well as any info for good contractors/property managers in the area.

Thanks everyone

@Evan Polaski i see what you mean and appreciate the info... I guess it’s one of those things the more you do the better you know.... time to get to work lol thanks again!!

@Luke Marsh thanks I will look into these... do you know of any averages or rules of thumb I can use for quick analysis when first weeding out deals?

@Kenneth Garrett that make sense thanks for the advice!

Hey BP Family,

I am new to RE investing and one of my biggest concerns is Rehab cost. I know that only comes from a lack of knowledge, so I looking for advice, tips, tricks, or rule thumbs to calculating rehab cost.

I have heard on average about $25/sq ft in rehab if the home is livable and about $40/ sq ft if it is not livable. Is that about right?

Lastly, I am working with a contractor, should I send him to every house that fits my criteria and to get estimates? He is a good friend but funds are limited and I dnt want to take advantage of the friendship. Or do I should I wait until I have the property under contract and have a good sense of whether I will buy or not should I have him look at the property? I know if can get better at estimating those cost I won’t have to ask to go as frequently, any help is much appreciated.

Hi everyone,

I am fairly new to real estate investing but I believe I have come across a decent deal in Albany NY.

Home is very old built in 1864 ask is 84,900

Needs a ton of work!

Similar homes in the area have sold for $199k

Current market value on Property shark $187k

The owner of the property has long since passed away but I am having trouble getting in touch with someone who can handle the estate. I have done some research and found who the son and grand child are (it’s amazing what you can find on the internet) but am not sure how to reach out or what to say. As that seems like a very awkward convo to have, especially for a first flip.

The listing I found it on said cash offer but I have contacted the real estate agent multiple times and they keep saying they will get back to me once they contact the owner (which why I did my own research) And has been up for quite some time. I am little worried about how to finance the deal if I get it under contract. One of my biggest fears is signing a contract, not being able to get financing and being on the hook for x thousand dollars. Any help, suggestions or advice would be much appreciated.

Thanks this is exactly what I was looking for super helpful!