All Forum Posts by: Paul Chae

@Jonathan Greene 

Thank you for the great advice. I wish I could find some in those areas. The reason I started looking at Trenton was it was mostly the only area that I could find a bunch of SFRs within my budget(looking for listing price of 40k-70k) from the apps my deal finder provided. And Trenton seems like somewhat arguable reputation for investing, but I heard some good things and the areas near Capitol and hospitals were worth considering. Anyhow, would you be able to help me with finding properties in the Northern NJ? 

@Michael Lee 

Thanks a lot for the kind advice. I am envious of your experience and knowledge as my profession has nothing to do with REI. Well I will try my best to make it work in NJ, but if it turns out I can't, I will go ahead and find a market where it would work. But since my budget is tight, there is not so many options I could take. Maybe CT, MA, or Maryland? I don't know.

And I think I will have to utilize property manager, and hope I could find a good deal that can still cashflow. Sadly there's no way I could find a deal in areas with 100k within an hour drive from nyc from my knowledge.

By the way, if you don't mind, if I want to buy the property all-in cash, is there a period of time during the process of transaction where I could have an home inspector and the contractor evaluate the property so I could avoid signing the deal that might have major constructional flaws? 

Thank you again! Much appreciated

Hello.

I live in NYC and have budget of about 100k to start my first BRRRR.

Since there's no area in NY that I could afford to do buying, rehab and paying closing cost etc with this money,

I had to turn to NJ area, especially around Trenton.

Is Trenton an emerging and improving area that is worth jumping in? I would appreciate your knowledge and info.

And also anyone who is aware of any reputable experienced buyers agent? I wish I could establish a long term business relationship and learn from them.

Any other relatable RE advice would be greatly appreciated!

Thank you all and I wish you all reading this the best investing year in 2020!

Hello.

I live in NYC and have budget of about 100k to start my first BRRRR.

Since there's no area in NY that I could afford to do buying, rehab and paying closing cost etc with this money,

I had to turn to NJ area, especially around Trenton.

Is Trenton an emerging and improving area that is worth jumping in? I would appreciate your knowledge and info.

And also anyone who is aware of any reputable experienced buyers agent? I wish I could establish a long term business relationship and learn from them.

Any other relatable RE advice would be greatly appreciated!

Thank you all and I wish you all reading this the best investing year in 2020!

Joseph Akingbade/ Thank you so much for the great advice. I am definitely gonna look into it. Might be obtaining some gift money from family but I guess partnership will still be helpful in many ways. Have a great weekend!

Thanks for the infor Yonah Weiss. Would you mind sharing the names? 

Thanks for responding to me Basit Siddiqi.

Yes actually I was thinking NJ Clifton~Teaneck,Newark area since those areas are low priced, compared to New york.

I will check out the hard money lender forum and see if I can get connected to any lenders.

Thank you and happy holiday!

Hello Fellow Biggerpockets users. I have a question regarding hardmoney loan for BRRRR.

Let me describe my situation

- looking to get around 100k from hard money lender to start BRRRR. Not much saving at the moment.

- working with Fund and Grow, an entity that helps with getting fund, but was not successful to get business credit right away as advertised, heard that I need to use personal credits only for the next 6months to build relationship with the banks, which I feel is too long for me to start.

- After the banks went through my credit history, my credit score went down to 695-715 ish from 735ish.

- I am a nurse in nyc, work 3days/wk 12hour shift

- currently on 1 month vacation, moving on to a next job in mid January , annual income is 90000-105000

- target properties are going to be distressed, $40000-$70000 range in any adjacent areas of NYC.

I looked up what hard money is, how they work, etc. But I am still wondering if "my" situation suits for this type of loan? I'd love to jump in if there's reasonable amount of risks that I can recover if anything goes wrong, but my intuition says I might be crossing a very dangerous bridge, which is seeking hard money lender to start BRRRR without much money in my savings

I'd appreciate all advice that you guys could comment. Thank you all and Merry Christmas!

Hello Fellow Biggerpockets users. I have a question regarding hardmoney loan for BRRRR.

Let me describe my situation

- looking to get around 100k from hard money lender to start BRRRR. Not much saving at the moment.

- working with Fund and Grow, an entity that helps with getting fund, but was not successful to get business credit right away as advertised, heard that I need to use personal credits only for the next 6months to build relationship with the banks, which I feel is too long for me to start. 

- After the banks went through my credit history, my credit score went down to 695-715 ish from 735ish.

- I am a nurse in nyc, work 3days/wk 12hour shift

- currently on 1 month vacation, moving on to a next job in mid January , annual income is 90000-105000

- target properties are going to be distressed, $40000-$70000 range in any adjacent areas of NYC.

I looked up what hard money is, how they work, etc. But I am still wondering if "my" situation suits for this type of loan? I'd love to jump in if there's reasonable amount of risks that I can recover if anything goes wrong, but my intuition says I might be crossing a very dangerous bridge, which is seeking hard money lender to start BRRRR without much money in my savings

I'd appreciate all advice that you guys could comment. Thank you all and Merry Christmas!

Hello everyone! I am a 30y old male brand new starter who has no experience in RE.

It's my first time putting up ost here, just having read, read and read again and now I think it's time to put up a post of my own and take action.

I live in Queens, NY and have full time job 12h and 3days a week schedule.(currently on a vacation). I'm interested in small games like condos, studios, single family priced at up to 350k in a low priced area(Bronx, Jamaica, Somewhere in Brookly maybe) and looking to go for them for as little as $100/mo or even for -$100, depending on the property's potential.

I know it's hard to pull off cashflow in this area(I am considering out of state or anywhere within 3hr drive), but I think I am still going for it at least for now

I am trying to get connected to as many real estate agent as I possibly could. I am going to some properties this weekend I believe, and could proceed If I think it's the good deal after running numbers.

Do you guys think I am making a not-too-bad move as a newbie?

If you could give me any piece of advice, It would be much appreciated.

Thank you all and happy thanksgiving!