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All Forum Posts by: Kit Williams

Kit Williams has started 2 posts and replied 8 times.

Post: [Calc Review] Help me analyze this deal

Kit WilliamsPosted
  • Brooklyn, NY
  • Posts 8
  • Votes 0

Thanks so much for your time @Jennifer Petrillo and @Sam Shueh. I had the rough figures from researching in the market prices, from agent and comps. I have not found a contractor to look at it yet and this is where I should be working on soon. It does seem to need some serious renovation but if that’s gonna cost 500k it is not even a deal. 

@Natalie Schanne thanks for the details and your great advice! Doing rehab certainly is a lot of work but because myself is an architect so I enjoy doing those upgrade work. In my profession we tend to use a GC but in order to cut down cost it’s always better to go for direct labor. We also have a toddler so it’s hard to fix the place while we live in it as you said. I hope your plans work out!

@Natalie Schanne that sounds interesting! I can’t wait to learn more about homeopath properties. Is the asking price of these properties generally lower than market price? How was the condition of the property you just bought. Does it need renovation? 

Originally posted by @Diana Tian:

@Kit Williams you may face some challenges pursuing auction deals. You need to know the valuation of the each property you are bidding on. A lot of experienced investors are bidding in the auction, which makes the margin very slim; it is easy to over pay.  Foreclosure houses have a lot problems. you need to be ready to solve the problems. It won't be easy for first time buyer.  Most of the time, it requires cash purchase. 

Union city / west new york may be good places for you to look into.  Heights are more expensive right now than the other two places. For properties priced below $500k in Heights, you may need to do an extensive renovation. 

Thanks Diana! It’s good to know that I am not ready for the auction and  there’s still Union city/west New York I can look at. Actually, I have very good chance getting private money for the renovation, say 200K. so it is my plan if I could find some properties to renovate and increase its value. 

@Allan Szlafrok thank you so much for your response. I have never heard of Fannie/Freddy properties I guess I will look into that. 

@Ryan Paltridge, thanks for the info! It definitely helps! I am interested in Heights and Union City. Seems the price is relatively lower and still possible for a 2 family rental. Probably wise to stay away from auctions for now? it just seems to be a huge risk when I am just starting out.  

Post: [Calc Review] Help me analyze this deal

Kit WilliamsPosted
  • Brooklyn, NY
  • Posts 8
  • Votes 0

Hello,

I appreciate if anyone familiar with the Union City, New Jersey market can help me analyse this deal. 

Mostly I do not know if I have the rehab cost done right. I think this is the most difficult number to master.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi Everyone,

I decided to join the BP family as a pro after the newbie webinar. I've got to say that I am very excited not just because of the financial possibilities REI can bring me but that I am learning a new knowledge with so much resources readily found here in BP.

I am looking to get my first 2 family to rehab and house hack in Jersey City or Brooklyn and rent the other unit out. My budget is 500,000 sales price; 10-15% down payment. I can get private money for the rehab cost but I need to find a good deal first. So I have been doing some research focusing in Jersey City and spent hours looking at properties. I tried using the rental calculator in BP to analyze the deals. However, they all turned out to be very bad deals. I guess it's because the properties are very expensive to start with, and the rent of one apartment is not enough to break even.

So I started to look at distressed properties on zillow/realtor. I gathered that distressed properties are those listed as fore-closure or by auction. I am just wondering if it is wise to even consider fore-closure/auction when I just starting out? I understand there are a lot of legal procedures involved. But it seems that only these deals are cheap enough for me to rehab it and rent with my budget. Or should I simply just look out-of-state?

I have tons of questions in my head and I am reading so much to find answers. I think it is just easier to post here and really be part of the community. Welcome all opinions.