All Forum Posts by: Kusmayadi Djunaidi

I agree with Max though. People are going to buy outside of NYC (I'm talking Manhattan) because of the ability of working from home now. And start buying outside of the city. I even heard from my friends that they are looking in Long Island because they can spend less money than buying in the city and have a lot more space. That is why Long Island and the area just outside the city will see their property prices increasing with a lot of demand from the city dwellers.

Hi Scott, you can take a look at one of the news.

https://www.wsj.com/articles/covid-19-new-york-real-estate-11597939146

There are more news online that you can read.

Also, some of my acquaintance and friends that own several properties in New York seeing their property have 30% less tenant.

They are reducing the rent, but about selling I'm not sure. Now, the ones are selling already reduced their prices in half.

Hi Laura, I have several friends that own real estate in Metro NYC and they are in some trouble right now with the Covid-19 and the job situation. Prices of the real estate in Metro NYC has been cut in half and a lot of the rental is empty.

Hi Jon Bachman,

If you are using BRRRR technique, meaning that you will become a landlord. Instead of flip houses. A friend of mine have been doing BRRRR for more than 8 years and have more than 59 units now. It depends on your comfort level, if you don't like to deal with tenant problem, more repairs, eviction (depends), screening tenant, etc. Then flip can be your choice, but if you are comfortable with becoming a landlord, then BRRRR can be the best solution for you.

Hope that can help.

Welcome to BP Ryan Marcus. Like Steven Butala said, BP is a great place to start. I live in NJ and starting on my journey as well. Best of luck to you.

Hi Timothy Carter,

Welcome to BP. To buy a rental property with a few thousand dollars is not impossible. First of all, if you get FHA loan, you just need to put down 3.5% (that's only $3,500 for $100k house, of course there's closing cost, so you need to cough a little more) that is one way to do it. Also, if you can find a duplex in that range, you can house hacking it where you live in one unit and another unit will be your rental (sometimes, you can even pay all the mortgage from your rental, so you are living for free). There's a lot of ways for you to start, my advise though: Start with knowledge. Don't jump into the ocean without any preparation.

Hope that can help you.

Hi Ashley Schroeder,

The land/tax records is not the way investors calculated the price. If not, then the condo price in Manhattan will not reached million dollars prices.

For commercial properties like that, you need to see the cap rate and see whether you can accept the COC and ROI that you can accept. If you think that the ROI is in a range that you can accept then you can move forward.

Without more info, I believe that's the only opinion that I can give you and I hope that can help a little bit.

Hi Kyle Forbes,

For the first questions. The answer will be no, the bank will not give you a loan for a full amount and the repair costs. They will need you to put down payment on the property and comes up with the repair cost yourself.

Second question, If you don't got the first one then you can refinance the property in conventional loan (depends on other factors also of course).

Third question, I don't think there's any bank that can give 100% LTV. The best they can give you is 80% LTV.

Hope that can help

Hi Kino Elliott. It's good that you want to start in real estate. Not to scare you or anything, I believe that knowledge is the best power in real estate. I have been meeting with lots of wholesaler that just throwing in numbers to try to get as much profit as possible when they doesn't even know what the real repair cost for a house, the real comps, the rental comps, etc.

You will not live long as a wholesaler that way, you will not have proficient investors in your buying lists since they know the repair cost, the real ARV and the rental comps in the area,etc. And if you try to sell the property to them and your number is too far from reality, they will perceive you as incompetent wholesaler and they will not contact you anymore.

So hopefully you can get the real or at least close to real number.

Now, regarding where to find deals, I believe there's a lot of podcast in here and in the forums for you to learn. I know some people are putting Bandit Signs, put their ad in craigslist, just try market yourself to homeowners by going out and putting business cards, sending letters, etc. As for the buyers list, I think if you can give a really good deal, a lot of people here in BP will contact you.

Hope that helps.