All Forum Posts by: Eva Marin

Hi Kay,

i have not been around here in BP for a while but want to comment on your post :)

me, also looking for a 2 or 3 family home in the Bronx area, talking to some RE agents and already pre-approved for a loan but following some of the rules like the 70% as you said nothing fall into that.

my 2c,check the roof condition, see if you need one, and what is your exit strategy (are u fixing it up and puting the house back in the market or you want to rent and get montly income from it). Also do you have already a contractor team to work with for the repairs, and i will think about also if things do not work the way you plan them can you make the loan payments every month

without any financial problem, can you affort it even if you do not make any money from it within the next 3 or 6 months?

Based on the rest the deal definitely at least is good to consider it.

Hope this help and thank you for sharing :)

Eva

Hi Lilly!...Welcome to BP.

I am in the Bronx, looking to buy my first income property within 4-6 months in the Bronx area :). I want to retire early too :)

BP in a great place to learn :) and meet people.

I bought four tax liens 3 years ago from some counties in Florida, made some money (8% interest on my investment) , not bad at all...:) .

Will be great to talk sometime soon :)

the best to you in your goals and plans.

@Ellis San Jose

thank you so much for your post, read it at the right time right now i was feeling that i am going very slow and that is hard to get into REI...so i am listening to Jim Rohn now to bring some more knowledge, inspiration and as he said everyday we should do a little, one step at a time...keep learning, go out there meet the right people, and follow my plan so hopefully i am getting the disciplines that will make me get to where i want to go...:)

thanks :)

@Joel Owens

you mean the PMI insurance? because i am putting less than 20% of the asking price right?

10 units!! wao!! that sounds like a big long goal waiting for me...definitely not ready for that yet...but i like that you inspire me :) thanks

@Karen Margrave , great idea...no i have not filled out the keywords alert, i will do it now...and yes i need to find and go to some of the REI meetings here in the city...thanks

@Joel Owens : yes, am ...i will live in one of the units. i will ask my mortgage broker but in that case i just hold the mortgage on my name but i think we can always find ways of partnering with other people (yes or not... maybe ?) .

Thanks joe, i have been reading some of your post there are very informative, thanks :)

Hi!

i just go recently pre-approval for 350k under a FHA loan with a 3.5% for a downpayment and with about 17k to cover closing cost (4%) and downpayment expenses).

i am looking for a 2 or 3 family homes in the Bronx area.

I am considering partnering with one or 2 more REI to bring more cash for the deal and spread the risk.

my point is that i do not know which ways you can partner with other investors that is fair for everyone in the deal, of course a legal contract would have to be done to be all legally protected, but i need to figure out first how to partner. The mortgage can be just on my name or on both investor names.

any ideas how to do it, advices or links to samples to see how this can work will be a great help. thanks :)

@Adam Shbib thanks for the article, just read it now, really good, they talk about north of pelham parkway for houses and that's where i am looking at :) great!! and then they talked about havana cafe haha funny ( i am cuban) ..lol

Thank you @Simon Campbell

the link was very helpful, i have not even got my first rental property yet but i like to be putting information together so when the time get closer i just have to pull those files, and the research become easier. :)

Definitely i can start with those choices (mapliv.com, craisglist and rentometer).

Hi @Adam Shbib

welcome to BP :)

I think you plan is good, you are heading in the right direction.

I am in the Bronx, my plan is to buy my first investment property (duplex or triplex) here in the Bronx, within the next 4 to 6 months. Right now just as you say I am searching and learning, contacting people, making phones call and getting to know the business little by little.

If you want to talk sometime will be great to discuss and exchange ideas.

My 2 cents, let's keep learning, learning and learning from the people who already are doing it right like @Dawn Anastasi ...congratulations Dawn, it is very inspiring to see other women doing REI so successfully

Hi Amy

i am a newbie too from the Bronx ( i know prices in NYC make the investment very hard), we have to get more creative :)

but my 2 cents here are learn and educate yourself as much as you can, so when the right deal shows you feel kind of sure and ready for it.

Start looking at some houses in brooklyn or in other boroughs even knowing that you are not buying but you start playing with the numbers (asking price, how much downpayment, rent market in the area, expenses (insurance, utilities, + + ). Apply the 70% rule (ARV*70% - Repair cost)= asking price).

Very important start putting your team together (lawyers, accountants, mortgage brokers, home inspectors) and so.

I am in the bronx, i want to buy a duplex or triplex in the bronx area (that's my focus market) within 4 to 6 months. Now, i am just focusing in learning and doing all of the above.

Take care, hope this helps a little :)

Eva