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All Forum Posts by: Derek Eddy

Derek Eddy has started 2 posts and replied 8 times.

Post: Growing my portfolio- 13 units ~$170k in annual cash flow

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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".

Post: Can you add to your mortgage renovation cost?

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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...

Post: LLC, is it worth it starting out?

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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.

Post: Looking for NJ Lender

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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.

Post: Wholesaler in Brooklyn New York

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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

Post: CAD Designer from Connecticut

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

@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.

Post: Just closed on Rental #2!

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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

Post: CAD Designer from Connecticut

Derek EddyPosted
  • CAD Designer
  • Garfield, NJ
  • Posts 8
  • Votes 5

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!