All Forum Posts by: Carmen Sognonvi

@Andrew Holmes Just wanted to say THANK YOU for your awesome response. I'm going to read and re-read this quite a few times to make sure it sinks in. But this is exactly the kind of framework I was looking for. 

Hey @Nichole Stohler, what you're describing is exactly what I have in mind. I've been an entrepreneur long enough to know that business/strategic plans are not set in stone, and must be adapted as time goes on, but I still think it's incredibly valuable to have some idea of what your target is and the different avenues to get there.

We're planning to start by house-hacking a multi-family locally here in Brooklyn first.

But after that I'd like to start buying some properties that can cash-flow, and that's hard to do within NYC - it's more of an appreciation game here. So I'm starting to research surrounding areas to figure out which regions are workable. If possible, I'd prefer to buy somewhere that's no more than half a day's drive away.

I think where I get a bit stuck as I'm playing around with these scenarios is figuring out what how much cash flow to expect from each unit. Do you think $100/unit/month is a good rule of thumb to use nationwide? Or does it vary wildly depending on region/property?

Thanks @Joe Villeneuve. I like the way you described the milestone and steps - definitely makes sense to me.

Thanks for the vote of confidence, gentlemen, but I do know how to use a pen, paper and calculator. I can even rock an Excel spreadsheet, believe it or not.

I've been gone from BP for a couple years and noticed the BP team has been hard at work building a lot of cool new tools for members.

So I thought it would make sense to check if there's something pre-existing for this purpose. If not, I can figure it out myself.

Thanks @Darren Sager for putting on a great event last night! Unfortunately my husband and I had to cut out a little early to relieve our babysitter, so we missed Carol's presentation, but we learned so much from what J had to say. Also great to meet some new folks and hear their success stories and lessons learned. Look forward to the next one!

Let's say I have a goal to generate X amount of monthly cash flow by X year, and I'm trying to figure out different scenarios to get to that goal.

Can you recommend any useful tools, spreadsheets, blog posts, or forum discussions to help figure that out?

Thanks so much!

Yeah that's surprisingly low rent for a 4BR in Bed Stuy. I'd think it would be closer to $4,000/mo. I'm guessing it's one of those weird apartments where technically there are 4 bedrooms, but not all are actually habitable by full-size adults. :) 

Isn't that rent for only 1 of the 3 units in the building? I could be reading it wrong, but that's what it looks like to me.

Hey @Curtis Bidwell , what you define as "reasonable" will of course depend on your budget. But Prospects Hts and Park Slope are both on the expensive side.

If your son is looking for more affordable rents, he could try Crown Heights. That's right next to Prospect Heights, offers all the same access to the perks of the central library, museum, Prospect Park, but is much cheaper. It's also a fun area for a young person to live, as there are tons of new bars, restaurants and boutiques.

Hey @Johanna R. I'm a NYer too! I'm curious - are you interested in doing student housing in Manhattan? Or one of the outer boroughs?