All Forum Posts by: Inemesit C.

Hello @Nelly R.

I am also a newbie investor from NYC looking to invest into Camden. I see that you have a few realtors that are newb friendly and also specialize in the Camden area. Would you be willing to share a few? As I need as much guidance as possible. I also see that you have an investment property there. Would you be willing to share your experience?

@Ladè Baruwa So I started browsing your posts from your reply on my post regarding the property my family owns and you have interesting markets that you are looking in to! I have decided to put my families house on hold as it has an emotional link. I have been looking into the South Jersey market as well. What specific counties are you interested in? I'm currently exploring Camden.

Hey Charles & Dan,

I'm in the same position as I live in Brooklyn and the prices here are absolutely absurd! Initially I was working on a property that my family owns but I think I will just put that on the back burner for now. This has driven me to look into turn key or low cost BRRRR opportunities in close markets such as Philly and Camden. I'm still doing some research but i'm leaning more towards Camden as properties seem to be fairly cheap and may be able to cash flow if numbers work.

@Frandy Blain that would be the very that options after all others are exhausted

@Ahmed Saad

The true and total cost of money owed is 374k between both loans via payoff statements from both banks. My initial thought was to do a 203k loan and renovate but we wouldn’t qualify for the total loan amount to convert into a two family. That leads me to purchasing and renovating as a one family. I’m not familiar with debt readjustment plans so that is something I can definitely look into. Now to restructure the loan, I’m assuming that it would be restructured in my family’s name since they hold existing mortgage? I looked into the possibility of co-signing to refinance the property but was told it couldn’t be done due to that second loan being delinquent.

The house is located in the East New York revitalization plan which is why I’m trying my hardest to figure out a solution.

Hi Krista,

Currently the property does not qualify for the basement program due to the second loan being delinquent. Now that may be another option to explore once we have purchased the property!

Thank you for reminding me about that program !

Hey everyone, 

I have been trying to figure out a way to save my family's property and maybe even use it as our first investment property. Quick back story, this property is a SFR located in the 11208 area of Brooklyn, NY with an owed amount of approximately $374k between two mortgages. As of the property's current condition it is valued at 507k with R5 zoning on a 2,000 sq ft lot. The property itself is only 1212 sq ft with an unfinished basement which sits 50% above ground level. My fiance and I have been living in this property for the last 5 years paying one mortgage because we had no knowledge of the second mortgage until recently. This second mortgage is of course in arrears and the lender requires a substantial amount for reinstatement of the loan. My family is willing to sell the property to us for what is owed but the property is in need of repairs. New electrical, plumbing, sheetrock, siding and etc. Basically a new face lift as it was built in 1910 and has not had any major updates completed.

Our initial thought was to convert this property into a two family to generate rental income but the cost of renovations in NYC is making this option extremely difficult in regards to qualifying for the financing. An architect has quoted a 200k estimate for renovations to just the inside of the property. 

Now we are trying to decide if it makes sense to keep exploring the options of acquisition and conversion to a two family? Should we acquire the property and renovate as a one family? Or if it makes sense to acquire and leave as is for a while? Or does it make sense to just walk away?

Any creative solutions to this issue will be appreciated as we have run into a road block on which route to take.

@Account Closed I would be interested in doing a meetup. As I have actually missed the one yesterday please keep me informed of any other meeting you put together!

@Michael Pre I would have to concur that 5000 does seem like a lot of vacant for Westchester. The list was purchased from someone in wholesaling group, so I would definitely say it’s not a credible source. However, I have started doing some research and cross referencing the list to one from REIPRO and I must say it seems like most of the properties he has provided are actually absentee owner properties. I haven’t looked into the New Rochelle area yet but I will be checking out the website that you have forwarded to me. Thank you for your input and help!

@Ron Joseph I’m starting to change my mind also about the NY market the only issue is I already have these leads so I figure maybe I should try to work them. I was also thinking of the NJ market as I am always there quite often visiting family.