All Forum Posts by: Chaim F.

@Michael Jones

Welcome to BP, a fellow New Yorker here. There's a lot of knowledge you can get by browsing the site, listening to the podcast. Lots of luck with your new career.

Looking forward to your success!

@Steve Haight As far as I know it's because you can't take out a mortgage there, but I'm not sure I have never been there. That's just what I understood from my friends there.

@Bob Roach 

I would recommend Trenton NJ. I have a few friends investing there, you can buy there for between $20,000-$55,000, rents are between $875-$1,100, it's a b- c+ neighborhood, but still a pretty nice return worth checking out.

Good luck 

@Bob Roach Are you looking for buy and hold? Or do you have another strategy?

Thanks @Brandon Cohen. Your help is greatly appreciated. I guess with these numbers, there is no way it can work.

Thanks for your input. 

Welcome aboard @Holly White. Fellow New Yorker, wishing you lots of luck.

Looking forward to your success.

Thanks everyone, your advice is greatly appreciated. I'm going to try to get the purchase price down to 775,000-800,000, if I succeed I would do it, if not I'll let it go. I'll keep you all updated.

Thanks again 

@Adam K. Thanks for your input. I did count it since it should be around 50,000, and when buying it shouldn't be more than 10,000 I believe. But if I'm wrong please let me know.

Thanks 

Thanks @Brandon Cohen and actually I didn't include brokers commission, and about the house they are all exactly the same. These are brownstone in the Bedford Stuyvesant area.

Hi everyone. I would appreciate if anyone can help me with the numbers on my first property, to see if I'm off or on the right track.

Purchase price         850,000

Closing & holding cost    65,000

Rehab estimated      400,000-450,000

ARV conservative 1,500,000

3 houses next door was sold for 1,700,000

Estimated profit conservative 185,000

Estimated profit in best case   335,000

Estimated profit in worst case 135,000

 It has also a negative that I don't have another exit plan accept selling.

Can anyone please advise if it's something worth looking at? And if not please let me know for what purchase price you believe it would work, since I'm still in middle of negotiating.

I appreciate your help  

Chaim