All Forum Posts by: George-Hyuung W.

Chad Eatinger I currently rent with my girlfriend, in Ridgewood, Queens. We recently moved from BK. We are both very familiar with the market you’re planning to move to, taking into consideration areas that would be a good choice for the kids. There are deals that fit your budget and timeline, though the location may be “deep” Queens or BK.. or areas of BK that are closer to Staten Island. Feel free to message me to discuss further, navigating the outer boroughs can be tricky at first!! George

Other than Bureau of Labor statistics, what are other great sources for locating job growth/unemployment? Also is there a way to figure out what TYPES of jobs a specific market is creating/expected to create? Thank you in advance for any guidance you may provide!

I'm new though I have heard of the terms HELOC and Refinancing (from BRRRR Strategy). From this thread I understand a HELOC, and wondered how the refinancing process works. What does it look like (you walk into a bank and ask to "refinance" your mortgage?). Thank you ahead of time for any guidance you may provide.

@Joseph Parker It sounds like it all depends on what your current goals are. Are you in a situation where you need quick cash and have another hot looking deal you could apply the quick cash to? If not, and you're not pressed for cash, I would stick to the plan and proceed. 

From the mentors here on BP, I have learned that having NO tenants can be a very helpful situation (assuming you properly set aside money for vacancy rate). In my gut, I feel they really want the deal given to YOU. Please keep us in the loop sir and am inspired to hear about your progress!

George

@Masashi Borges-Silva

Short term: Develop team, agent/property manager/contractors/lender/lawyer for a flip. Justification: To raise capital for first buy and hold property, taking all costs (down payment, renovations, taxes, vacancy rate, insurance, etc.) into consideration. Then..

Long Term: Buy and hold using the BRRRR Strategy. The ability to leverage refinancing to quickly develop a portfolio is attractive, and that means the bottleneck is the ability to FIND deals. Having said that, finding a rockstar agent (one that can connect us with the team mentioned above, and can FIND deals) can be a true gem... Take care of them like family.

Caveat: My plans are not set in stone and am comfortable flipping or buying and hold whether its my first, middle, or last investment. It seems that deals are the bloodline of being a Real Estate investor and as we start off, finding one will be our first real challenge. If the numbers work as either a flip OR a buy and hold, I would be aggressive and put in an offer asap. 

Outside of that, I am always open to working with/learning/supporting those I find here on BP, and being a local helps make that possible (I'm living in Queens at the moment). Let me know how I can help and send a message to discuss further!

gw

Masashi, Let’s discuss how we can help each other. I’m a newbie and interested in learning as well

Even if you decide on an appropriate name, people will ask what that name means with, "so you're a landlord/real estate investor, right?" When those people talk to their friends and family about the house they recently purchased or are renting from you, they will casually refer to you as a landlord or REI. Be proud of what you are and own it. Do these titles necessarily make you the ideas you associated with it? Not at all. People that judge will do it based on your attitude and appearance, the latter of which you don't have much control over either... So be proud and own it :)

Laura Jane Leighton , I am beginning to look at properties in Beacon, NY. The plan is to buy and hold while ideally living in one of the units. Nice to meet you!

Hi All,

I am here, as most of you are, because I am aware how powerful RE Investing can be for wealth creation. Passive income, regardless of ROI, is my goal. I enjoy setting my expectations low, commensurate to my RE-investment knowledge, but plan to self-educate through biggerpockets and other networks.

Feel free to say hi, especially if interested in discussing partnerships.  Identifying potential partners is easily done through communities like this.  Finding a suitable partner may be more challenging, but if you're interested in making money in RE we have enough in common to at least discuss.  I dont just have a "lets-go, NOW" mentality, in fact, I probably am more "let-me-dwell-on-this-a-bit-and-by-bit-I-mean-a-month-or-two" before making decisions.  So if thats your style, or steez, as well let me know.     

George       

@John Nelson, 

Being naturally paranoid, I find comfort in simple explanations. While I have considered networking as well, I really have not researched beyond meetup.com. We are sure to find something locally appropriate on biggerpockets.

Growing up around the real estate industry, I have seen how RE investing leads to wealth. Main reason why I am here is to find some likeminded people who are interested in learning the process and possibly partnering. Maybe what I learn will move me away from partnership(s), but I feel that having access to more cash than currently on-hand is really whats stopping me from taking the next step. So, i'd be looking for networking events that are partnership-promoting while keeping my nose out for bs-smelling things :)