All Forum Posts by: Sunny Suh

After speaking to the getarate.com guy, my plan of buying a condo first in a nice neighborhood and then buying the second as a multifamily has been squashed because he explained it's a bit harder to do. Plus, I have to wait another 2 years, or else I will be claimed as an investor and need to at least put up about 25%. 

So, onwards with the idea of a multi-family first, and then either a single family or another multifamily!

Day 2

A bit annoying with these mortgage documents and paperwork for the underwriters.

Gathered all the documents, thought I was in the clear but now they want more, having to do with my student loans. Also have a car under my name that my father uses and pays off, being that his credit is poor. Using weichert, where the lady never seems to be in the office but at least she is reachable on her personal cell. Using a young guy at getarate.com, pretty prompt, let's see how flexible they are. 

My real estate guy has me get lists from the MLS, took out a few that have issues with tenants. Hopefully look at houses tomorrow and take some pics for you guys.

@Diana Tian

 Hey Diana, foreclosure deals can be tricky, I'd recommend finding someone who has a relationship with the banks that own foreclosure properties, as they'd be more willing to fill you in on what they know. sometimes, they get like work done to hide certain things from potential buyers. i have been reading that people who buy foreclosures usually do so knowing that 1 out of 5 will lose money, and those are the odds of a professional. high risk, it may not be best for the first time around.

@Mark HafeliThanks Mark! Yea, not sure if he's really a numbers guy, but i'll be runinng everything myself or trying to get a better understanding of how others think. Just got off the phone with the first mortgage lady, and she's trying to convince me that ARM is the way to go.... loll

Thanks @Mark Gallagher! having the BP Community definitely helps, but ultimately i know it'll come down to my own judgement, hopefully help others make better informed decisions, especially around this area. 

Definitely will @John Moore, next will be closing and working with contractors, I'm afraid i'll be making a few sacrifices on cashflow, as this market seems to be about the fix and flip or appreciation game. 

Haha, hey did we bump into each other at the house @Mike Swiss? Did you check out the weird dungeon/torture room? 

Mayor of Jersey City bought a house in the heights area right off of Ogen, hope some more changes are brought about. 

@Larry Fried

 where does one get 10-12% returns for private lending? would love to hear more about that, i'm also in a similar position where i have roughly 50k, but saving more for my area (Northern NJ)  may make sense. 

Hello everyone, 

Complete noob here. I started investing in a set it and forget it type stock/index portfolio and it has done well. Had to do a lot of research.

Now I am jumping in real estate, going for that multiple streams of income, I'll probably make a lot of stupid errors, hope some of you find it amusing, but just want to help others. 

Biggest theme I have seen is across any endeavor is just get started, probably the hardest step and now time to get on moving~

Initial strategy was to buy a MF house, but after realizing the places we want to live are costly, decided the new strategy will be to buy our primary condo, then leverage the equity in that to buy a second house as a multi-family. 

Journey started roughly two weeks ago, after months of looking on zillow. We came across a beautiful 1 bed 2 bath for 355k, until we realized after the first showing that it's a duplex split between a basement and ground floor, where the toilets were flooded from hurricane sandy hence the new tile flooring. Real estate lady was using mind games to get us to buy a pricier house, i just nodded my head and played stupid.

Decided to go with the mortgage person that works with her, got a pre-approval without sending any documents? Weird, anyway, continuing to work with her to see what rate she can get me. 

Checked out another house but not really a fan of this mom-like lady who clearly is green-eyed and money hungry, talking about her greedy associates. You are who you hang out with, so decided to definitely not work with her. Nor was she investor friendly.

Came across another guy on this site, he showed us the first place that was a 1 bedroom, 1bath from 249k, and was honest! Also he's investor friendly, prompt with messages, and so glad I found him. He's also a 29 year old dude, so that is cool.  A property manager as well, so I felt safe with the guy. 

He recommended an attorney and mortgage guy, so now I just finished submitting all the paperwork( so much freakin paperwork. all my bank statements, 2 years of W-2, IRS, passport photo, driver's license photo, i was a bit slow with this and took me over a week). waiting to hear back, see what my max on my pre-approval is. 

We will be looking at another house, the next one we was was a foreclosure at 76k near journal square! So sad that I didn't have the funds, looked like a great investment but not the best first opportunity. 

Main goal is to now find a multifamily house, probably near market price with no major rehab, just to get the swing of things. Kind of a boring post, but just wanted to catch you guys up to it. Will start to post pics on this next multi-fam that we see.

hey @Joshua Dorkin, many companies offer enhanced DNS protection, but you should also go to your internet provider, get in touch with the the network operating centers to make sure they block any unwanted traffic, help you out when you're getting attacked as this is typically a service provided to businesses. 

Beef up that firewall, drop junk packets, block things like ICMP if you don't need it to go through. 

Best of luck, as the other members stated, getting attacked is a great sign of BP being onto something. 

@Jahan Habib

Congrats Jahan! Huge favoritism goes to owner occupants from banks/lenders. Doing rough estimates, anyone feel free to correct me if I'm wrong, but the CAP rate seems to hover aound 5.43%.

Glad to see you being a value-add investor and managing yourself, thrilled to hear of more stories and wish you the best!

@James Wise just listened to your podcast!!!! After I buy my first 2 properties I plan on reaching out for investments in your OH area!

Congrats @Jahan Habib!! seems like you made a few sacrifices, how do the numbers add up here?