All Forum Posts by: Danelson Rosa

Absolutely! How are you developing this and quickly trying it out? 

 Thanks for sharing that info and your early journey. Connecting with you and going to a foreclosure auction would be pretty cool; I'm down!

Ahad, looks like we're in the same boat! I'm looking for a multi-family property in the Bronx, where I currently live (in Soundview) to essentially get as close to "house hacking" as much as possible. In my area that's very family-oriented, houses range from $450-800K, which makes it tough to reach the 1% rule never mind the 2% rule (*drools*). Clint's suggestion above sounds like a good one and in general I'm just ramping up my education, as one just getting into real estate investing. Are your finances in order and you're just searching for a good deal?

Hey @Gabriel Hershberger, +1 for starting to develop it. Those sound like a good set of early use cases. One idea to figure out what the most useful use cases would be is to go on property management sites and whatever their top benefits are that they immediately show, use that as a guide. And, of course, BP has a lot of insight that you can mine through.

As far as other ideas, since I'm a newbie, an educational chatbot could be cool. For example, I should be able to ask what a specific term means, learn generally about a topic, etc.

Thanks, @Dave Visaya. After spending a little time making posts here and there, it's very easy to see how one could spend a ton of time on this site just talking and connecting with others across the different forums and such.

@Ceasar Rosas

What a coincidence: my aunt and cousin both recently bought duplexes also in Throggs Neck. I was out there helping one redo their fencing, as they're preparing to fully move in soon. Thanks for sharing the numbers. I wonder where in NYC properties exist for a true house hack where you'd turn in a profit as opposed to having to cover the remaining portion of rent. There has to be somewhere.....right?, or maybe it's just wishful thinking lol. It's certainly better than having to cover that entire mortgage yourself and when you move out and perhaps do it all over again with the purchase of a new property, then it should get you a little cash flow.

Do you have other properties, too? Is real estate investing what you do full-time?

Regarding your site, as a web designer/developer, if you'd like help with that, let me know.

 I'm actually originally from NYC and was out in Pittsburgh for about 6.5 years (4 for CMU and 2.5 for working at BNY Mellon after graduating in 2011) :). Lol yeah man, own your true status! 

That's awesome you evaluate one deal a day; I should definitely start doing that. Do you use BP's tools for that or something else?

Closing on your first deal this year is exciting! We're halfway through the year...where are you in that process? Searching for properties now?

As far as your game plan, one of my favorite quotes is "whether you think you can or cannot...you're right either way." Applying that to this situation, there's no real way to lose regardless of the path you take. Lol that may not have been helpful in a practical/actionable sense, but think about the capital you have to work with, the network you have (for example, do you have a team to rehab or do you plan to do a good chunk of it yourself?), the timing of it all (if your goal is for the end of the year, if money is taken out of the equation, would it be easier/faster to flip or find a good deal of a property that needs some TLC, but not to the extent of a total rehab?).

There's just something very exciting and appealing about real estate in terms of being an owner, but also having it as a tremendous asset to build wealth over the longterm. My immediate "why"s including having my own place, building wealth (at first replacing expenses and then salary), and enjoying life more (be it spending more time with family and friends, traveling more, etc.)

I think @Jacob Cummings is trying to get more granular with you, @Jarrett T. in terms of your wealth and financial goals. For example, how many properties do you want to own? What income would you expect from them? Is your goal to replace your expenses and your day job? Or is it to completely replace your income? 

Aren't these early stages scary, but exciting?! Because of the point we're at, probably the best way to learn what not to do is by linking up with a mentor and/or diving in and making things happen on your own. Sounds like you have a couple of ideas in mind as far as what to pursue, i.e. rehab and flip SFH and buy and hold . Have you started to look in your area for properties that need to be rehabbed and are on sale (whether by owner, foreclosure, etc.)?

Your "in the meantime" plan sounds useful...have you looked around your area for realtors who may need help that you can provide (probably for free) and in exchange you'd learn from them? Unless I connect with someone from BP soon in my area, I'm going to find a realtor in my area, reach out to them, and see who wants free help with their business. Earlier today I walked through my neighborhood and on one mile-strip alone, wrote down and found ten realtors, so I'm sure at least one will be a hit.

My plan for now is to educate myself, find a mentor, and save. I'd like to get a number of buy-and-hold properties to first replace my expenses followed by income. Who knows what may come next :).