All Forum Posts by: Sergio A. Chucaralao

Hi Everyone,

I am very excited about learning more about Real Estate investing as I am partnering with my boyfriend in building a real estate company.

I already own a business in the mental health field so this will be completely new experience for me, but is something I have always wanted to do.

I am fortunate to have found someone who already has some properties and wanted to take a leap with me.

Look forward to the collaboration with others on this forum.

Kathy

Hi, 

I have an FHA loan on our primary residence, and we have lived in the home for more than a year. We are moving and I want to rent our home out.

What are things I NEED to make sure are completed before renting my home out?

Some things I was thinking were, notifying lender of home becoming investment property, Titling home to LLC, Finding umbrella insurance for

my rental home/landlord insurance, etc.

Is there something specific I need to make sure? I am new to this and I would love to get advice from those experienced. 

My Wife and I purchased a 4+ acre property with a 1930’s 3 bedroom, 1 bathroom, 1200 square foot house and a large wooden workshop.  The house is in pretty rough shape and we are trying to determine if it is worth rehabbing or if it is better to tear it down.  The house needs a roof and the existing roof is very old asphalt over cedar shake so according to the roofers they need to completely remove everything down to the rafters and install 5/8th inch plywood then reroof from there (one estimate so far came in at $31k for that).   The house needs all new electrical.  Estimate there to rewire the whole house with 200 Amp service is $15k.  The existing forced air HVAC apparently has the ducts routed incorrectly (they come out in the inner parts of the rooms not along the perimeter of the house).  We have the house down to studs but are starting to think it may be better to just tear it down and start fresh.   

With a large property we think we can subdivide into four slender one acre lots and build 4 single family homes.   The land is in Deptford, NJ.   

Does anyone in the area have any info or war stories they can share?  

Remodeling is a more or less known quantity for us - new home building is not. 

Thanks in advance!

Hi, my questions would be;

How much experience you have doing full rehabs?

Have you already fins out if it could be sub-devided? Some areas in NJ are minimum of 1 or 3 acres per parcel. Is very part of 4 acres buildable?

How are you plainig to pay for the sub-diving process?

Did you finance the 4 acres, how much will you spend in holding cost?

I spent $160k in a full 1300 sqf. How ever this was in North NJ. I hope this questions help best of luck!

I have found a property (in Louisiana) that the owner wants to get rid of, so he is selling for $55k. It needs about $15k in rehab. The ARV is estimated to be around $84k. The problem I am having is finding financing for such a small amount. I am well qualified, excellent credit, and have the 20% to put down, but no lenders I can find want to make loans for less than $75k. Does anyone out there have any suggestions for what I should do? Thank you!!

Thoughts on pink cast iron tubs? I'm purchasing a property with one, and undecided what I should do. Leave it or replace it? Or is painting/reglazing an option?

I am currently under contract for my first property. The property is 988 sqft. 3 bed 1 bath SFH on a crawl space and has no garage. The yard is large so I will be installing a shed so once I move out I can have tenants take care of the yard work. My question is what size she'd should I put in? If I put in a larger size shed (10'x10') could I fence off half of it inside to dedicate to storage space for the tenants to rent out and get additional rents on? Or should I get a smaller shed just for the purpose of storing lawn maintenance equipment and tools?

I will be living in the property for a year and intend to househack by renting out rooms before converting to a full time rental.

Hi All,

i'm new to the biggerpockets forums but i have been listening to the Podcasts for a while now.  I'm new to Real Estate Investing and to the SWFL market as well.  I have been able to find some deals but struggle with finding contractors to fix the properties.  

Does anyone have any recommendations on how to source contractors?  And any other ways to source deals outside of Wholesalers?

Daaman

Welcome to the BP forums, I am going to answer the contractor part of the questions. It is very difficult to find a good contractor at a affordable price very difficult but not impossible. Reasons for that is: A way to be affordable is cutting costs, as a contractor is labor,material,equipment, and proper licenses and insurance. Yes we all have heared someone said I have this person does a great job and at a great rate. I can insure you that he/she is doing one of the above. Also those good ones will eventually get more work by referrals or advertisements, and little by little, they will be forced to increase rates or have a backed log of jobs. Then that will force them to hire new employees or subs that are inexperienced or not reliable. With, that said getting referrals from people that you know and have seen the work they did would be the best option. Keep in mind everyone has different standards. What for someone looks a great job doesn't necessarily means you will feel the same. If not able look elsewhere meet ups or early in home depot or even Google but make sure you give them a small project to evaluate and increase accordingly.  Best of luck I hope this helps.

Hey BP family, I'm based in Durham NC but just inherited a townhome in Philadelphia, Pa. It needs not only cosmetic work but also HVAC, plumbing, and probably some electrical updates. I'm looking to find some recommendations to manage not only the renovations but also property management for long term tenants after rehab. Any help or recs are appreciated!

I am looking to purchase my first property for a house hack. It's a duplex and will cashflow around $200 once both units are rented. I hear Brandon and them talk about after the year of living there to refinance out of the FHA into a conventional mortgage and then repeat the process. Do I need to take money out of the first property to put down on a new property? If so what if there's hardly any equity in the property after only a year?

Hello BP Community,

Looking to get the latest and greatest discussion going on the what the laws are around Short-term rental in these areas Union & Jersey City, North Bergen, West New York. I have scoured over the internet but cant find reliable recent updates on these. Please help and start this discussion. I know some have rules where it is only owner occupied can do rental but some don't. Any other trivial details around that we should know?

Best,

Derek