All Forum Posts by: David Flores

Thanks!

@Ken Latchers

I understand the downside and see the risk. There are ways to get around the risk and diminish it . I am honestly trying to hear out people with experience though not people with a an obvious vendetta about the subject. Experience weather good or bad.

Not looking for people to simply say they dont like it or they like it. Looking for examples/experience in the NUC area.

@Ken Latchers

Ive read the forums and it looks like we have the same players commenting against these arbitrage posts... understood

@John Underwood

If you are straight forward in the lease agreement though and you ensure subleasing is allowed in the rental agreement aren’t you eliminating a huge amount of risk.

For example, if laws come out that short term rentals are not allowed you can simply find a long term tenant to sublease. In NYC this would take you a week max to find.

To be honest I did not post here for people to tell me search the web to find answers. I am looking for experiences in NYC and advice.

@Rene Perez

Hands down house hacking!

@John Underwood

Do you have a link specifically that dives into NYC arbitrage? I have looked into the BP forums about the subject and see success stories and different opinions. If you have a specific forum or blog post you are referring too that would be much more helpful. 

Does anyone have experience with Air BNB arbitrage in NYC? I am very interested in the subject and I think I am going to go through with it. Was wondering if anyone had any experience here or have any tips for doing this. 

Investment Info:

Single-family residence fix & flip investment in Weehawken.

Purchase price: $300,000
Cash invested: $5,000

This is actually going to be a BRRR. Got a very a good deal in one of the highest appreciating counties in the whole country. We plan on living in this unit for 1 year and fixing it up as we go.
Anyway, we plan on rehabbing the place and refing in the 400-450 range. We will be taking out capital to increase our available cash on hand and then we plan on renting it out. Excited for this as this will be my first "Fixer-Upper". This is my first baby step to become a developer.

What made you interested in investing in this type of deal?

Saw a great opportunity to try out a rehab and refi strategy and pounced on it.

How did you find this deal and how did you negotiate it?

This deal was found through a real estate agent I know. He sent me a pocket listing and we negotiated pretty well. The agent told us they are moving to columbia and they have owner the property for a very long time (meaning they would be making a lot of money on the sale). Ended up getting the place very cheap at 300k. Comps are at 375+.

How did you finance this deal?

Through private money and closing costs were on us. I have an attorney plan I pay about 10 dollars a month for and this covers attorney fees (pretty awesome!). If anyone is interested check it out, its called Hyatt Legal Plan.

How did you add value to the deal?

Will be redoing floors, painting, re-doing the kitchen, and adding detail to the unit.

Investment Info:

Single-family residence fix & flip investment in Weehawken.

Purchase price: $300,000
Cash invested: $5,000

This is actually going to be a BRRR when all is said and done. Got a very a good deal in one of the highest appreciating counties in the whole country. We plan on living in this unit for 1 year and fixing it up as we go. Right before we move in we will be redoing the floors and painting the walls. There is not much to this besides cosmetic work. Sellers were motivated to sell as they want to move back to Columbia after being in the states for 20 years. They are looking to retire now and move back with family. Can't beat working with motivated sellers!
Anyway, we plan on rehabbing the place and refing in the 400-450 range. We will be taking out capital to increase our available cash on hand and then we plan on renting it out. Excited for this as this will be my first "Fixer-Upper". My ultimate goal is to become a developer so this is really my first small baby step in that direction.

The deal was financed through private money and will be paid back after the rehab is completed with interest.

What made you interested in investing in this type of deal?

Saw a great opportunity to try out a rehab and refi strategy and pounced on it.

How did you find this deal and how did you negotiate it?

This deal was found through a real estate agent I know. He sent me a pocket listing and we negotiated pretty well. The agent told us they are moving to columbia and they have owner the property for a very long time (meaning they would be making a lot of money on the sale). Ended up getting the place very cheap at 300k. Comps are at 375+.

How did you finance this deal?

Through private money and closing costs were on us. I have an attorney plan I pay about 10 dollars a month for and this covers attorney fees (pretty awesome!). If anyone is interested check it out, its called Hyatt Legal Plan.

How did you add value to the deal?

Will be redoing floors, painting, re-doing the kitchen, and adding detail to the unit.

@David Denzy I use neighborhoodscout. 

https://www.neighborhoodscout.com/oh/columbus/real-estate

That is the link for the zip code you mentioned. Looks like 56.2% is rentals.