All Forum Posts by: Derek Eddy

Someone who is proud of their success, and knows what they are doing has no issue posting reality.  Entertaining read.  Anyone can write a success "story".

We did owner occupied with a FHA 203k streamlined loan built into the mortgage.

Here is a link to more details I found from a google search: https://www.thebalance.com/fha-203k-loan-costs-and...

Great question. I am curious about how/when to set this up as well. Currently living in a duplex, and currently am of the mind to wait to start the LLC until down the road. I am willing to be convinced.

Hi, I am looking to obtain a pre-approval letter from a bank before hunting for multi-family and mixed-use property in northern NJ.  Advice on good lenders, or suggestions for what bank you use for your loans would be a great help.  Also, tips on what to keep an eye out for in the process would be appreciated!  Thanks.

Hello from Woodside, and welcome!  Plenty of information to read, listen, and talk about here--enjoy!

@Ryan C. thanks Ryan, I am heading down to Astoria today to an open house, keeping my fingers crossed on this one!

@Raymond B. I appreciate the tip!  I also have setup a few keywords, and my inbox has been overflowing with forum posts.  I will have to check out that tab as well.  I figure steady learning a bit each day is the way to go.

Congrats Joe!  And all the best with your marriage.  I'm getting hitched this coming January :)  Only $7k down sounds like a steal!  

Hi everyone, my name is Derek Eddy and I am from CT!  I have been working at GEI, a Civil/Environmental Engineering company for the past 7 years.

How I found Bigger Pockets: I am a newbie here and am just starting to get an investor mindset when it comes to real estate. I'm ready to learn!  I have been saving for retirement, doing the stock market thing for a few years now and recently stumbled across podcasts (late to the scene, I know) and folks talking about early retirement (Mr. Money Mustache, Rob Berger-the Doughroller podcast, Jeff Rose financial planner, and others).  This led me to come across the BP podcast and website.  A few weeks later, now I decided to sign up here.  I have been listening to the BP podcast for a few weeks/months and am starting to absorb the great wealth of information available. There really is so much to know!

My real estate background: I co-owned my primary residence for 4 years while renting out 2 rooms of it. I recently sold it and looking back realized how lucrative that lifestyle had been.  I listened to a podcast today that mentioned how much someone regretted selling their real estate... I understand that sentiment, though everyone has their reasons for selling!

About me: I am getting married this coming January, and moving to Queens, NY in September! I will be working in Manhattan--very exiting!  Finding an apartment is a wild ride there, I have never seen places come and go so quickly in CT!  If you are reading this and have a lead for me let me know!  I am looking for a 1 bedroom for $1400/mo. or so.  Rent prices have really sky-rocketed there!

Real-Estate Goals:  My current goal is to purchase a turn-key property in Florida and rent it with the oversight of a property management company.  Passive, hands off, steady income... even if it is only paying down a mortgage over time.  As a secondary goal, I would love to own enough properties that cash flow, and ultimately replace a $30k/yr income.

I look forward to meeting and interacting with you all!