All Forum Posts by: Inemesit C.

Hey @Alejandro Espinosa welcome to bigger pockets. Though I’m not a realtor I’m also a nyc resident looking to break into the Camden market. Are you looking to rehab properties to rent them out or are you looking for turn key (little to no rehab) properties?

I'm looking for insight to a current project we are working on as I haven't been able to fins much info on it. We are looking to purchase a one family house that is reasonably below market value. The basement is above grade but currently incomplete with a height of only 6'5ft. We are looking to excavate down to bring the height to 7.5ft which would then in turn allow us to change the C of O to a two family and rent the basement out as a unit. We have an architect that proposed underpinning the basement. As we are looking for the most cost efficient way to complete this project, we have also spoken to numerous contractors that stated, first we would need to see where the foundation is below the property by completing borings tests. The contractors are stating that underpinning is not required if we do not need to excavate past the foundation. If there is at least 2-3 ft of soil below the current slab and the foundation, we would only need to excavate, place new insulation and gravel then a new slab. Is there anyone that has faced a situation similar to this or have any insight to this type of project?

@Abel Curiel we meet yet again! 

@Selena Williams sounds good so far and you’ve already made major progress. I would say keep the faith and you will definitely find something. Just make sure the numbers work. Also, in response to your earlier question, in my case it’s actually cheaper for me to purchase my mother’s house and complete a conversion into a multi family than to purchase a turnkey multi in NYC. 

I suggest reaching out to @Abel Curiel as he is a goldmine of knowledge! He’s actually been a great help through my own situation in regards to the purchase and has a great network of professionals as well. 

Best of luck with everything!

@Selena Williams it would be if we weren’t in NY lol and I have a few other things keeping me from purchasing a multi family at the moment. Its a lot of back story to the situation but I would also like to keep the house in the family. 

@Michael Baker Cypress hills

I understand your pain! I'm currently in the process of purchasing and converting my mothers home in Brooklyn into a two family to create rental income and force appreciation. It has about $170k of equity that I will receive after the sale but the down payment and closing costs are eating it away which is leaving little to no room for renovations. Its such a headache.

@Ray Lamboy @David Vitarelli

Thank you so much for your insight!! I am definitely going to do some more research into Camden as there is a lot of possibility there! I will keep you posted.

This is beautiful!

Hey BP fam!

I've been reading and soaking up knowledge for quite some time and I'm completely ready to dive in. I have looked into a few markets but I now have my heart set on Camden, NJ. The barrier of entry seems reasonable and the city seems to be on the rebound within the next few years or so. Camden actually reminds me of Brooklyn, NY which I was born & raised. 

My current interest is to buy & hold either a multi-family or single family for cash flow. I am looking for professionals that are familiar with the Camden market and can guide me along the way. Are there any newbie investor friendly realtors that specialize in this market? How should I acquire financing to purchase this first property...should I finance through a bank? or go through hard money lender using the BRRRR method? I don't plan on relocating to the market as my family & I are pretty settled in the Brooklyn area and are unwilling to transition our 5 yr old out of her new school so house hacking would be out of the question.

Any advice is appreciated!

Hey @Terina Nicole Hill 

I am also interested in the tour, if you can please add me to the list I would appreciate it. I will send you a pm!