All Forum Posts by: Devyn Caraballo

Hello BP family! Hope all is well!

Quick recap. My partner and I finally made the move and bought our first investment property. With the little money and income we had in a very tough market, we ended up going single family. Not our ideal choice, we really wanted a multi family, but we figured action is better than no action and we're making it work for us by house hacking and renting out the spare bedrooms.

Now, I am looking to raise more money for our second property, this time definitely being multi family, and my first thought was wholesaling. But of course, fear is taking over and I just would like to hear from anyone, anywhere but especially if you're located in North Jersey, about your experiences with wholesaling. Some tips and tricks on how to get started. Anything info would be greatly appreciated!!

Hey BP Fam! It's been a long time coming but my partner and I finally are in the process of purchasing our first investment property and will be closing May 1!! So excited! Wanted to come and share a little bit about the deal.

Both of us are part time workers so combined, we make around 60k. Not much for the NJ market especially during the pandemic so we decided to go FHA single family and use the house hacking strategy. We found a turnkey property in Paterson, NJ for 240k. Everything has been fully redone and rent ready. We would have loved to rehab a home and put some forced equity into but unfortunately, we have to make the little money we have work for us. There is 3 bds, 2 1/2 bathrooms and a finished basement which we plan to put a full bathroom in for the 2 of us. We'll be renting out each room at around $750-$800 (utilities included). On the low end, we'll be bringing in $2250 from rents and the mortgage is $1500 plus other house costs that need to be paid for, we expect to cash flow around $300.

We are very excited for this deal but we are also already thinking ahead to the next property we would like to purchase. We are not sure how to go about that seeing as how we are already in an FHA loan and pretty much exhausted all our cash on hand. I would love to hear your inputs!

@Nathan Regina thank you for the input! Those foundations issues is definitely something I'm going to keep an eye out for while searching. 

Hi BP Family! Hope all is well!

I'm looking for any advice on investing in Milwaukee. I'm in New Jersey and looking into Milwaukee market because prices in NJ are just too high to cash flow. Primarily, I'd just like to know what is the area like and what the trend\culture is looking like. Is it family oriented or more for young professionals where you can rent by the room? Is there a lot of new bars, restaurants, etc. being built? 

Any advice will be GREATLY appreciated. 

Hey BP family! Hope all is well.

Today I'm going to ask the question or at least a step in the right direction on how to analyze a deal that will be using the equity of a property to build a new property. My grandmother still owes around $40k on her home and we expect it to appraise at around $350k-$400k and we're interested in refinancing it to take the equity out and use it to turn our huge 5 door garage into a new multi family home. 

Can someone point me to a BP blog post or maybe a podcast episode or if you yourself could walk me through how to analyze these numbers, I would GREATLY appreciate it. 

Thanks in advance!

@Marc Winter thank you for the info. I was thinking of scranton as well. I will be contacting you soon

thank you @Eric Goldman . Will definitely be reaching out to you soon

@Ashley Knodel great question! In five years I will be way further ahead in my real estate business than I am now. I will own 48 units, will have quit my W2 job (living solely off my real estate), have a great team (agents, lenders, partners etc.) and own multiple properties in different markets.  

Thanks for asking this question. It actually was a great exercise for me as well 

@Alex Deacon thank you for the suggestion! I will definitely look into Pittsburgh. I didn't think about that area because it is a little bit further but I am open to all of PA. 

@Christine Stefchak thank you! We will definitely be needing a reliable PM. That was actually a great concern for my partner and I. We would like someone to care about the property as much as we do. I will definitely be reaching out soon!