All Forum Posts by: Christian Reyes

@Thomas Palompelli consider joining the Yonkers Real Estate Investors group. Monthly meetings and plenty of networking.

Hey @John Hickey, I've been trying to get into that house but my real estate agent is taking forever. Do you think the house on marble would be worth it? The taxes must  be skyhigh

Darn. Called the house and its already under contract... Gentleman told me to call back in two weeks and see if the buyer backed out.

@Brent Coombs Thanks for the suggestion! The ARV is the hardest part for me. This'll be my third report and I"m still not completely sure I"m putting the numbers in the right spot.

@John Hickey I'm estimating expenses here as I haven't gone in. The house is a FSBO so theres only a number. No agent involved. I know the area fairly well, I doubt there will be much lawn care and even if so as the front lawn is almost non existent.

I wonder how I can make this work. Just offer lower?

@John Hickey thanks a million. I'd definitely give them some work!

Thanks again

Thanks for the response @John Hickey if you happen to come across properties you feel I may be able to get a good CoC for after renovating, please let me know. Especially if the properties lare low taxes in Weschester and easy to commute from. I'd appreciate it!

I'm hoping this is the place to share this. I'm driving around an old neighborhood of mine tonight and I see a FSBO, Two family house in the A- area of the nicest city north of NYC. Decent schools, lowish taxes for NYC.

I've rented in these areas before so I'm thinking I can get at least $3,800 per month out of the two units. Here are some details as well as the BRRR calculator PDF:

• Multi family
• Beds: 4
• House size: 2,194 sq ft
• Stories: 3
• Lot size: 7405
• Garage: Basement Garage
• Cooling: Unknown
• Year built: 1925
• Property type: Multi family
• Style: Other
• Date updated: 04/21/2016
• Units: 2
• Fireplace: Yes

• Year built: 1925
• Price/Sq Ft: $264
• TAXES $9,410

Asking $580,000

I haven't gotten inside but I anticipate since its a 1920's house it may not have been renovated too many times. I may get away with some cosmetic stuff. Maybe not.

I punched in all the numbers into the BRR calculator but I'm not sure if I'm understanding the math right. It looks unless I get this house far below $500,000, I'll be in a money pit.

For fun, I put in something like $450 as the purchase price and my Cash on Cash ROI went up within a few years into INF%. Not sure what that means.

Any help is appreciated.

https://www.biggerpockets.com/calculators/shared/6...

Hey @John Hickey

Good post and I think I know that house! I live very close by! I have been searching for investors in this area to bounce ideas with.

Personally, I think you did good. If you were house hacking while you forced some appreciation into the house and I know the neighborhood comps for upwards of $650k. So excellent work!

My question is in regards to expenses and closing costs. Pleasantville taxes are notoriously evil. Did you intend on flipping this property from the gitgo or were you going to buy and rent it out?

Did you use local contractors? If so, were they willing to go with you and give you an estimate prior to your offer?

I'm not completely sure whats going on but just reading this thread has been incredibly eye opening.

@Account Closed, thanks for the heads up! Actually, it looks like I may be meeting you sooner than later. This thursday if my meetup calendar is correct.