All Forum Posts by: Joel Orford

Yes @Jeff Bridges. I know there is various ways to acquire this property. I am able to live in for one year if I were to take out the 203k. Having 3 floors gives me a great advantage since I'm able to build out 2 units per floor. I could utilize one of the units for myself for as long as I need too, hold the property and resell after it appreciates by its projected 1.8% for the upcoming years and beyond if needs be.

 If however I do more research and decide to go with a hard money lender I know I have to pay the high interest rates until I refinance then sell. By far this a huge project and I know I'm going to have to partner with someone experienced to get approval. That, I don't mind because there going to be a lot of profit to share if I were to make this happen.The question is how long my rehab work going to take? That's the deciding factor in the financing. 

300k is considered a steal in my market and even though I lack experience I'm great with analytics. So I'm not scared of the challenge ahead I just have to do my research correctly and have colleagues help along the way.

Hello BP, I have a potential flip. However, it's a fire damaged property. Has 3 floors and I've estimated 90k- 120k on he repair cost. I could finance the building and repair cost into a 203k. Property listed on the market for 300k as is. Comps in the area average 1M. Its a Brownstone in a very trendy fast growing neighborhood. I know I would need to hire an experienced contractor that dealt with burnt properties in the past.

My question is as a new investor would this be a smart first flip or would the disadvantages out weigh the advantages so I should just forget it and move on? 

Well I've already done some homework on the basics, have a few leads, looking to get my feet wet and start investing. Thanks guys!

Congrats on the new baby. Good job on that 52 unit! Great add to your portfolio.

Hello BP, I'm fairly new to real estate. Looking to start out flipping then eventually transition into buy and hold rental properties. As you can see I'm working out the Brooklyn area which could be very competitive market to start out in. Any input or advise would be greatly appreciated. Thanks.