All Forum Posts by: Martha Chavarria

Great story!

@Virgilio Garcia Definitely keep us posted how you make out in the area...it's a tough market to the point where my eyes are exploring elsewhere. Good Luck!

@Joshua A.  I totally agree with Victor E. You have window of opportunity to house hack your condo. That would alleviate some of the burden. As far as your credit cards, which can be of the highest interest rates,  if you can transfer this debt to a new card with 0% interest for a minimum of 12 months, this can help paying down your cc debt faster. If that's not an option, consider paying them down significantly, where your income to debt ratio is 25-30%. (This helps with your credit score). With your car payment, instead of sending one payment due a month, split it down the middle and make payments bi-weekly, taking note to apply it towards your principle, lowering your interest. 

Personally, I have gone through my share and as I'm sure many members in Biggerpockets as well. You are definitely not alone. But what this fine group, the vision is clear. "The rat race is not part of the plan". Its taking me a couple of years but now, for the first time ever I've preapproved and in the process of buying my income property, practically debt free!! 

You got this! 

Great story...and keep it going. Definitely inspiring!

Thanks Gino and everyone on this post...very insightful in what's happening in other areas. I'll certainly be networking and connecting more with commercial brokers. 

@Richard Mui 

Should you ever decide to go for a 203k again, ask your lender for a list of approved contractors. Being a 203k, (a lot of red-tape) with the rehab, lenders pre-screen and approve contractors. Not sure who your lender is, but Wells Fargo is really good in providing this information to their borrowers.  Good luck in your future venture!  Looking forward to hearing more of your journey in more deals!

Hi Gino! Great post! Well, for me, I have made the decision that multi-family is the way to and to start in my own back yard. I live in the Bronx and will start working full time in Manhattan. 

This area is changing greatly...for the better. I have decided that FHA or 203K is the way to go, since it will be Owner occupied and certainly want to take tax advantages after a couple of years (with the 203k). During the year, as I do my due diligence, rebuilding my credit and work history, as per J.Scott's and other pros awesome advise, going for my RE licence.

I would say that at this stage, my challenge is figuring out the numbers. However, I know I'll be able to figure this out once I get to this stage. 

Thanks for your input!

Congratulations Alex! Great story and what an awesome deal! We look forward to hearing more of what you do!

I live in the NYC area where there are quite a number of low income multi family. I'm still researching whether to entertain this, since I'm strongly considering investing in Buy and Hold. Would love to see more input (perhaps a blog or article) from anyone who are currently investing in these properties. Great post and thanks!

Hi there, I would say, it would depend highly on what your inspection report says about the condition of the home. There are some areas that you can do on your own. But leave the more intricate and sensitive parts of updating your home to the professionals. As far as a 203k loans, let me assure that you can only utilize this loan with a bank-approved contractor. I've gone through process myself with Wells Fargo and my company happens to be one. I would consider giving priority to areas that requires immediate attention and perhaps get a loan for that and leave some of the work you know you can handle for yourself. Remember, that there are some things you should leave to the professionals. Your safety and that of your family is worth more. Good luck!