All Forum Posts by: Ricky Hopp

 thanks @Roy N.  When I threw out 20k to the HVAC people after they said they couldn't give me an estimate, they agreed that it would most likely be less than that number so thank you for confirming.  I just want to get a number in my head as to what type of a loan I would need to do that repair, central AC and a few other updates.

Appreciate the insight.

Ricky

Hi all, I am considering a single family home purchase in NJ.  The house needs to have its oil tank replaced (above ground).  There is gas available to the home so an oil to gas conversion is most likely the case here.  The house is under 2000 sqft.  Also, there is no cooling, so Central AC is something I would consider as well.

I have called a few HVAC professionals that have not been able to give me detailed estimates on the costs of these but was able to have them say that most like $20,000 is towards the top end of this installation.  I need an estimate to determine if I take out a 203k loan with the mortgage and for about how much?  Does anyone have a ball park figure for a standard cost of oil to gas conversion and for central AC installation?

Thanks so much,

Ricky

Good Morning all,

I am in search of Wholesalers to partner with in purchasing investment properties in the Hudson County area.

Criteria I am looking for:

• Up to $180,000 (under 80,000 cash purchase, over 80,000 financing available)
• >20% below appraised value
• Sturdy Structure only in need of minor rehab (up to $20,000 in rehab costs max)
• Ability to rent out for positive cash flow

Please contact me if you have any properties that fit this criteria or are similar.

Thanks,

Ricky

I know I sent a long message on this so I wanted to follow up on anyone who has experience in the Newark investment arena and would be willing to discuss how they have been successful.  Thanks!

Hi all!

I am discussing purchasing a wholesale property in Newark (under 100,000).  The value is most likely discounted to its appraised value, and the property is in good condition and is in a pretty good rental area of town.  The offer price is enough for me to purchase all cash, however I don't want to tie up the full value of cash in the purchase as I want the flexibility to do some small rehab on the property, and/or purchase another property.

My thoughts are two strategies, and I would like your opinion on your thoughts of the best strategy that limits my risk, and might be a better approach for a newer investor.  If you have any other strategies, I am all ears.

Before strategies, a little more about my situation:

• Excellent Credit
• Enough assets and steady income to finance this purchase
• Prefer building wealth through cash flow positive renting but open to easy flips

1. Purchase with my own cash --> Rent out immediately --> after say 3 months, finance this deal through a 30 year mortgage.  My hope is that when I rent the apartment (cash flow positive), the bank will see the reduced risk of financing the property, and the appraised value should come in higher than purchase price.  Given that I've read banks usually only finance roughly 75-80%, the higher appraised value of the property should allow me to recoup most if not all of my cash purchase. 
2. Purchase with little of my own cash and the rest through hard money + 10,000 for repairs.  I would need to find a reputable hard money lender.  Again follow the same process of do some small repairs, rent out, and then after 3 months refinance.  Hopefully appraised value is high enough to recoup the hard money lenders portion to pay that off.  Again minimal out of pocket.
3. Any other strategy?

Thanks!

Ricky

Thank you all for such valuable information.  I have taken all of your input and have reached out for comps but have also started using realtor.com to compare recent sold and recent listed potential comps.  Thank you again.

I do like the idea of buying the realtor coffee. I just don't want to burden them over and over if I am searching through multiple investment options and then asking for MLS comps and recently sold comps. So you think Zillow is pretty accurate when it comes to recently sold values?

Hi all. I am using the BiggerPockets Rental Return tool and wanted to determine the After Repair Value of a 2 BD/1 BA 990 sq ft apt in Jersey City, NJ and had difficulty figuring out a good estimate for this value. Does anyone have tips as to the best way to come up with the ARV? I know that researching comps is important, but is there a way to do this without having to call up my realtor? I'd love to hear your strategies.

Thanks!

Ricky

I'm looking forward to meeting all of you at the event. I am a new investor looking for buy and hold, fix and flip, and BRRR methods. Excited to potentially meet some new partners.

Ricky