All Forum Posts by: Barbara G.

Have you thought of getting an estimate to get vynl siding on the house?

Would that be much more expensive??

Join a Few Real Estate Clubs and Meet Up Real Estate groups in the towns you want to invest in

How much is the house?  The two tenants pay $2,800 total and your unit is worth another $1,200?  So the income is approx $4,000?  Is the $4,000 2% of the cost of the house?  What s the %?

You can ask the owner for  proof of the rent  by looking  at his monthy bank deposits. 

Please give some details of the cost so that you can get some feed back.

What is your renovation estimate for this house?  Sounds like all new plumbing all new electrical and new appliances and sub floors and flooring?  New furnace?    How could that extensive renovation cost only $30,000?   

What is your estimate of the renovation and how does it break down?  

 -------------------------------------------------------------------------------------I was sort of thinking about what you were saying after I posted my reply.  I only really know the Concourse area and is that The D TRAIN Independent line?  Yes The Lower area of the  Grand Concourse would be very close to Manhattan.  That area also had the best looking housing stock.  Would you say the West Bronx/Concourse area has the best potential?  You can even go further North and get some interesting areas.

It is a very easy commute.

Should Naz be concentrating on that area rather then the East Bronx ?

It's really great to buy where you live.  Meet your fellow investors at the various Real Estate clubs and Meet up Groups in your Ct. areas.  Set up some coffee breakfast meets with some people you meet at these places and immerse yourself in net working and you will increase your Real Estate learning curve,  

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The problem is so much of the Bronx has become a war zone.

I don't know the south Bronx Port Morris Mott Haven Area  What streets do Mott Haven and Port Morris cover?  Where do you come from??

I come from the upper Bronx  originally and later lived in the Fordham area.  My mother had a bussiness in the Fordham area and we saw it become a War Zone and go from middle class to a war zone almost over night.  The Grand Concourse apartments were huge and beautiful with drop living rooms and attached dining areas.  Of course if they house family kind of people I guess they could work?

When I was selling my house in Yonkers New York  Bronx  residents would come up and look at it and say "I live on the Concourse and my Bedroom set has 2 huge chests and a King size bed and it would never fit in your bedroom.  Yes those apartments were huge.

Why isn't this just like a slow flip

People borrow hard money to renovate to flip.  Here the money is coming out of the property instead of a hard money person.  The property is worth more because it has been renovated.  Beginning in Feb 2016 it will flow because all the renovations have been completed.

I have paid $10,000 less to the IRS because of this property.

I have paid $8,000 toward the principal.  

The property has appreciated from $333,000 to $440,000.

How is that losing money???

 Well Joe

Yes I think we would do this one again But we would do it as a BRRRR

It was our first buy and I think that makes it more acceptable.  If we did it as a BRRRR we would not be complaining so much and we would be finished with it.  Right now it is inch by inch.  We still have to do one more roof immediatly because it has started to leak and if the insurance company sees it they will cancel our insurance.  

We want to stay in the game.  This has appreciated and it has helped with our taxes and we have paid down the principal, although you don't seem to think much about that benefit