All Forum Posts by: Account Closed

Hello BP community,

I've been following this forum for years and I can say proudly that I've learned a lot. I'm reaching out because I'd love to get feedback/Ideas with my situation.

I'm currently selling a property NYC which I expect to have around $1m after the sale (more or less). I will do a 1031 exchange, I want to invest and distribute this capital into other property's.  Below is what I'm thinking along with requirements.

• I need to find a property in a very specific neighborhood in NYC. (This will 100% have to be met)
  • This property will be 6 units and run around anywhere from $1.6M to $2.2M
  • I plan on putting a down payment anywhere from 20% to 40%.
  • 3 Units in total will be rented to family and myself. This rent will be low, just enough to break even on the mortgage for the property.
  • I know that this will not cash flow and make profit. This is okay and part of my family's and I arrangement.

• On to Step 2
  • 80% to All remaining capital will get reinvested into properties.
  • There are a couple of options to go about now.
    • Option 1 - I am looking at cash flow properties out of state, such as PA and CT. Using the remaining capital as down payments on several properties.
    • Option 2 - Steering away from out of state and investing locally in NYC/NJ. I'm not too fond of this since cash flow is minimal.
    • Option 3 - Distribute in a mix with more capital in out of state cash flowing properties and the remaining capital in the NYC/NJ area. (I'm interested in the NJ market along the PATH line)

Eventually, this will be integrated into a corp or llc, along with a real estate management firm. This is less of a priority right now.

A little about me is that I'm pretty handy. I've done gut renovations by myself. I rarely need a contractor and if I do need one, my network has access to skilled workers. I've also been in finance for the last 5 years and I'm extremely data and number driven. Lastly, I'm pretty familiar with real estate financing (debt structuring) and tenant policy.

I would really appreciate any of your strategy, opinions, ideas, advice, or feedback.

Hi everyone, this is my first post so I apologize in advice if I'm making a mistake. I am new to investing in real estate and upon researching, I found this forum very helpful in learning insights. However, I have some questions that I would really appreciate to get feedback on.

I currently own a multi-family home in New York. The house is currently a two family, R4 zoning and in need of a complete renovation. I currently have a high mortgage payment, which is about $3080 per month with 20 years remaining. The remaining balance is about $355,000. Now as I said, I'm quite new to this so I'm trying to play my options right and see what the best move will be. Refinancing for $355,000 can bring my payment down to $2000.  Now if I refinance it for $500,000 which gives me capital to renovate I am looking at about a $2600 payment. The upside about renovating is that, both units will be new and there will be rent-able parking spots for 4 cars. Rent in this neighborhood for a 2 bedroom goes for at the bare minimum $2,000 (can get $2000 to $2400). I believe this may be a good option but I would really appreciate to get feedback/advice on this and maybe if there are other ways to go about. Thank you for your time.