All Forum Posts by: Jonathan Beaumont

What is the average total cost for renovating a 750 square foot one-bedroom co-op in New Rochelle, NY? I want to have the following completed.

1. 1. All the walls fixed and painted. (The walls have minor holes where shelves were put up.)
2. 2. Crown molding for all the rooms.
3. 3. Sheet-rock to cover all the ceilings.
4. 4. Redo the tiling in the bathroom.
5. 5. Replace all the lighting fixtures.

Just to give everyone a heads up I have no interest in doing any of this work, I would be hiring a contractor.

I appreciate working with your team Marco. This is my first investment and a learning experience for me. 

995 a month.  

Investment Info:

Single-family residence buy & hold investment in Benton.

Purchase price: $109,900
Cash invested: $28,640

Fully renovated 3 bed 2 bath single-family home.

What made you interested in investing in this type of deal?

Based on my research the neighborhood is safe and the cashflow is decent. The property is located close to Little Rock, which is an area that is experiencing growth in Arkansas. According to my research, the main industries within that area are the healthcare industry, the education industry and retail. The healthcare industry was a big draw for me. 

How did you find this deal and how did you negotiate it?

I found this deal through Norada Real Estate Investments.

How did you finance this deal?

I took out a loan through AimLoan.

I am in a similar situation. I am scheduled to close at the end of this month on a single-family investment property in Benton Arkansas. I already paid $478 for an appraisal. The property is currently vacant and has been on the market for about a month. I am hesitant to move forward with this purchase due to the impact of the virus. At this point, I am not sure what to do. I do have funds available to weather through the storm for about a few months. 

I have been looking at several websites for investing out of state and I am not sure how accurate or credible their information is. Is there a legitimate website that can tell me the unemployment rate, the job sector, and the crime stats of a state or neighborhood?

Thank you, everyone, for the help. I will take all of your advice into consideration when I move forward with a purchase. I have been working with a Roofstock advisor, and a lot of the properties that we have seen in decent areas with higher cash flow have either been in Indianapolis or parts of Alabama. I am a little hesitant to invest in those areas because I don't really hear a lot of people talking about single-family investing in those parts. I was looking to invest in either Kansas City or Memphis, but a lot of the properties that I am finding on Roofstock tend to be in bad neighborhoods.

I have about 49k from a cash-out refi and I wanted to find out which markets would be good for a brand new investor to get started. I am currently looking to invest in a single-family home with a price range between 80-125k in a C+ neighborhood. 

Thank you Brian, I will look into this strategy. Are there any other strategies that should also be considered for someone just getting started?

I am trying to get my first rental property, however I do not have any funds for a down payment and closing cost. I am considering wholesaling as a way to provide funding for my purchase. Is this a good option for starting out?