All Forum Posts by: Paul Chae

@Eli Schwartz

Actually 75%-80% is just the figure that I want to get, no more or less. If I could get that without seasoning period or with very short one, that's a go for me

Are you suggesting I'd better off getting 90% or 65%? 

Thank you Eli, Best of luck too

@Joe P

All of what you said is very true. Haven't thought about paying my agent to do vigilant monitoring, but I could definitely do that( but then again he is buying the other side of the house, so.... he is going to have to go there anyway... maybe some discount right?)

Haven't seen the review myself yet, but the agent told me that it was inspected by the city inspector and doesn't need nothing like those items. If the document he is handing over is legit and the house is what he is saying is like, I think I wouldn't need to get second opinion from other home inspectors?

Thank you Joe P, All the best

@Nicholas L.

Purchase price is about 45k, all in cash. I have an agent, the deal is contract assignment, the agent is buying one side of the duplex and I am buying the other side, the closing attorney is waiting for the buyer ( I have no idea how good he is, agent is saying the attorney's been in this business for 30years, I only have his contact number,asked for his business card, he didn't answer the text, so I will call him soon)

So to sum it up, no team members in place at the moment, just the agent( I know he is very legitimate, but I am not sure how much he is going to be helpful after closing on the house, since buying is just the first step of BRRRR, I know I need to put the rest of pieces together or find someone who help me do that)

Thanks, Nicholas

@Brett Baginski

Actually I am out of country for a few days, will definitely drive, go check out the place. It's in Trenton near state house, I have been to the area before to check other house with the agent. I heard some good and bad about the area, and studied the area

Thank you so much your advice Brett!

@George W

Thanks! It is Trenton : ) I am excited and overwhelmed at the same time.

12k of rehab is my agent's opinion. I will have to get professional quote on it, but the property does look okay from the pics(excuse my mindless assumption), not a single hole on drywall, ceilings look firm and even, floors pretty clean, no visible damage, just in need of some paint work but I did not like the kitchen cabinet)

@Robert Webb

1. I myself did all the number, tried to put very conservative numbers.

2. Yes the agent will give me that.(But at what point can I ask for those copies, in my mind I am like 'Send them over already so I can go through every single sentence at home! )

3. Please follow up with me on that if it crosses your mind later on!

4. Yes. I just started doing it. This is a small city, I am not so sure there's going to be plenty of options to choose lenders, contractors, property managers... I learned(from the book) getting a good PM is also challenging.

My level of experience is pretty much like 0. I saw some properties so far, read books and articles, podcasts, but never had hands on experience.

Now the guy who brouhgt me this deal is an licensed agent working in one of the big RE companies. As much as I appreciate the fact that he gave me the first dip, I am trying to be as cautious and considerate as I possibly can. Cause who knows?

He himself is buying the house right next to the one I am looking at. (actually the other side of the house since the property is duplex - if I am right, it looks like so from the pics) and from the guy on BP who referred me to this agent told me that he personally works as PM on the side, I don't know how far he would go, how caring he would be as a property manager.

And yes I do need a team, just started on lenders and contractors.

I hope to get this done before buying. If the city inspection is thorough and legit, there is really no major flaws to fix, the house needs just kitchen, bathroom remodeling and some paint work and tiles. General condition is fairly good, but again, from the pictures.

I am not sure my agent is going to be very attentive and caring, but he is buying the house right next to mine, and yes I guess this might be the ultimate question. 'Is he going to be the one who will manage and oversee the rehab process? if not am I gonna be able to find the one who will assist me to a great extent'

Sadly, This area is one of the few areas I could afford to do a project with all in cash. The area is very very close to the state house. I hope it is not too terrible pick to start

Thank you so much for your kind advice Robert! All the best

@Kunal Mishra

1. Yes I do. But I am just a bit concerned that the lenders may take into account my job and income status. If I understand it correctly, I should look for the lender before buying, ideally?

2. Yes I will definitely go check out the house. Since I haven't worked with any, maybe I should see if I could have 2 or 3 different contractors visit the place with me and the agent.

Thank you for the great advice Kunal!

Hello everyone

I am an nyc resident, looking to buy an investment property in South Jersey for the first time for BRRRR.

I have a lead in that area, I got to know him through other guy on BP. He contacted me and offered contract assignment, which I was not aware of its meaning. I read through online and have some basic idea now. But to be honest, there are too many things going over my head, since it is my first deal ever and I don't want to rush and screw it up. I plan to take time and read every piece of paper I am signing.

So the situation is, the property is already inspected and appraised and everything, according to what he says, only thing left for me to do is sign the papers, wire the money to the closing attorney(contract assignment). I have not yet seen the property yet, I think I will have the time to read all the paperwork, city inspection, disclosure form, etc. The numbers add up, even with very conservative numbers plugged in.

My current concerns are

1. lenders

for BRRRR, I wonder if there's local lenders who is willing to do LTV 75% without seasoning periods for a newbie investor. Also, I am a nurse who's worked in a hospital for a while, but I am transitioning to a home visiting care within a few days. I hope it wouldn't damage the chance of getting the loan, since I am gonna get paid less for the new job.

2. contractor

I can't get a referral on contractors, so I will have to rely on online review and search. What I am gonna do is call up a few contractors and show them photos of the house(according to the agent, house needs about 10-12k of work) and make sure they stick to the initial schedule.

Could you give me some advice on my situation? Such as what to do, what not to do, something I might be missing.. etc

As always, I appreciate for all the people who're reading this and advices and knowledge. Thank you all and have a blessed day!

Hello everyone

I am an nyc resident, looking to buy an investment property in South Jersey for the first time for BRRRR.

I have a lead in that area, I got to know him through other guy on BP. He contacted me and offered contract assignment, which I was not aware of its meaning. I read through online and have some basic idea now. But to be honest, there are too many things going over my head, since it is my first deal ever and I don't want to rush and screw it up. I plan to take time and read every piece of paper I am signing.

So the situation is, the property is already inspected and appraised and everything, according to what he says, only thing left for me to do is sign the papers, wire the money to the closing attorney(Contract assignment). I have not yet seen the property yet, I think I will have the time to read all the paperwork, city inspection, disclosure form, etc. The numbers add up, even with very conservative numbers plugged in.

My current concerns are

1. lenders

for BRRRR, I wonder if there's local lenders who is willing to do LTV 75% without seasoning periods for a newbie investor. Also, I am a nurse who's worked in a hospital for a while, but I am transitioning to a home visiting care within a few days. I hope it wouldn't damage the chance of getting the loan, since I am gonna get paid less for the new job.

2. contractor

I can't get a referral on contractors, so I will have to rely on online review and search. What I am gonna do is call up a few contractors and show them photos of the house(according to the agent, house needs about 10-12k of work) and make sure they stick to the initial schedule.

Could you give me some advice on my situation? Such as what to do, what not to do, something I might be missing.. etc

As always, I appreciate for all the people who're reading this and advices and knowledge. Thank you all and have a blessed day!

@Robert Webb

Much appreciated for the great advice! Would you mind sharing a good reputable buyers agent or any other deal finders who specialize in low priced distressed homes? I would really be thankful! Have a wonderful New year's Eve!