All Forum Posts by: Sedrick Chin

@Shawn York - Thanks for pointing out the forum, my apologies. Must have defaulted to this group without me realizing. No need to offer recommendations on posting political opinions though, this isn't political, and if you can't see that, that's okay. Appreciate the note regardless. 

https://twitter.com/bruce_care...

Makes sense. Thanks Chris.

Chris Mason Ori Skloot Chris thanks for the input, definitely appreciate your feedback. Hence my my point in the question to Ori about the renovation cost being the factor. I've spoken to a lender who is willing to finance renovation costs provided you have the the required ARV, contractor etc. So wasn't sure if that was the only hurdle. So it seems it's just the financing for the renovation costs is the factor between the alternatives (BRRR v Conventional) and not that there was/ is something else driving the decision. Otherwise, the end result is the same, just different paths essentially.

Ori Skloot Hey Ori - Congrats and thanks for sharing the details. Quick question and my apologies if this was covered elsewhere in the post: You used the BRRR for this deal to attain your CF with roughly $54k of your money still invested after the refinance. Since $54k is roughly a 22% downpayment, what would be the drawback in using a conventional loan in the first place without having to go through your friends but getting to the same cash flow? Is it that the bank wouldn't lend you the additional funds to renovate? Just trying to zero in on the intrinsic differences between the BRRR and a conventional loan in your particular case here. Thanks in advance.

Odie Ayaga Jen Simbolw David Mordzynski thanks for the input and apologies for the slow response. It's been a hectic week at work. Darren Sager your feedback sounds spot on. I live in West Orange and used to commute (jitney to S. Orange) into NYC so very familiar with access points to the City via NJ transit. I've been mostly looking at condos in the $100-$150k range with cash flow of at least $150 per month. Went to a showing today for a nicely updated1-bedroom (asking $125k) in Gregory (W. Orange) but the rental income wouldn't give me the CF I'd like. I'm can also entertain a flip with a purchase price ~$200k but would have to save up a little more. Any thoughts on Orange? They just recently built that development right by the train station and I believe a 1-bedroom goes for close to $200k? What about Newark? Thoughts? Thanks,

Hi Everyone, 

I'd first like to take the opportunity to introduce myself as new BP member in the Northern NJ area and to thank you guys for the expertise, advice and overall great resource you all provide. I've learnt so much in such short time. 

I'm a relatively new investor with 2 units (1 in NY, 1 in NJ) looking to either make my next buy and hold move or do my first flip. However, given the current environment of rising house prices and interest rates, I'm curious to hear how this is affecting folks' strategies and outlooks. Are you guys doing more flips and less buy-and-holds, selling to repurchase at lower prices in the near future or you've been just continuing as usual, since a deal is a deal in any environment? 

Also, looking to network with RE agents/ other investors that cover the W. Orange, S. Orange, Maplewood and surrounding areas. Feel free to PM.

Thanks for your time and any feedback in advance.

Regards,