All Forum Posts by: Jorge P.

Hello to all of the BP Community,

I wanted to take the time & share a success story with you all. 

Goal: To Encourage, Inspire & Motivate. 

The Deal: 

I bought this property from a direct mailer i had sent out in 2017. The owner had tried renovating the property but had ran out of         money. I bought the property for $200,000 in March of 2018. 

I had the funding to renovate the property & was ready to start the work. In NYC you need to have architect open the Job In order to get a work permit. 

In the time it took for me to get the permit, I started to receive offers on the property from buyers willing to take the property as is. some of the offers that came in were for $325k , $350k, $375k, $399k. I considered ALL offers but decided to go with the last one :-) 

it was an ALL cash over , closing in less then 30 days.  I was very happy with the outcome of the deal. The buyer was brought to me by another BP member who I had met on BP last year.  

Lesson Learned:  NETWORK, NETWORK, NETWORK... because you never know where your next deal will come from.

Profit: I netted close to $150,000 on the deal after closing cost , brokers fees, etc... Not a bad way to end the year. 

Wishing you all happy holidays & a Strong clear Goal for 2019!! 

JP 

Fantastic Job!! You did a great job, keep it going & best of luck on your journey! @Cam Jimmy

@Peter B. Your welcome and thank you for the appreciation. See answers to your questions:

1. The property is a 2 fam home which will cash flow $3k once both are rented. 

2. I have subcontractors who are able to give me better pricing. Opposed to using a GC. *(You must be able to provide insurance & have the knowledge to direct subcontractors to exercise this option effectively )

Hope this helps 

JP

@Nicole A. I didn’t have any ac running. How far below grade is your apt ? My apt is about 40% below grade & has a pores foundation which allows the moisture to penetrate into the apt easily. This constant flow contribute to a mold friendly environment. Your foundation should be properly sealed with some moisture barrier perhaps? 

@Frank Wong you got it! Thanks for reading and feedback 

@Josh Lyons anytime! Thank you for the appreciation 

@Christopher Crean thank you for the feedback and appreciation! 

@Sara Kennedy your so welcome. To have someone learn something was my intention when I put this together. So cool to hear you appreciation , ty.

@Account Closed your very welcome. Thank you for reading and the appreciation Daniel.

@Jim K. thank you for the kind statement. Again, if you ever move to NY please let me know. I’ll be happy to have you on my team :-)