All Forum Posts by: Timmy Chen

Currently I am looking at a real state development and current they only have demo townhouses homes. They are currently in stage 3 of the development and are offering 10k incentives Builder and 2% Seller(towards buying down the interest or closing cost), home comes with warranty and appliances.

Once under contract, they will review the buyers customizations and then build. My questions to all the lovely BP folks here, is there anything to be cautious and look out for new construction homes and are they viable to be an investment property?

Any knowledge is most appreciated!

0 Votes

Atlanta, Georgia

Hello BP Family!

Recently purchased a foreclosure home and I realized the backyard is easily accessible with an separated old garage that will either be rebuilt or torn down. I was thinking about possibly converting it to an ADU. Has anyone done this before?

any insight would be most appreciated such as ARV and fees.

-All the Best,

Timmy CHen

0 Votes

Baltimore, Maryland

Quote from @Abel Curiel:

Quote from @Timmy Chen:

Hello BP Community!

Wanted to ask the BP community for feedback at my current state and goal. Currently I have a NYC investment property still under mortgage but have roughly 25% equity and roughly around $450k in stock investments. I am torn between out-of-state GA and in-state TRI-State STR BRRR or if its provides a pretty penny cash flow then LTR. My question is what is the best way to efficiently strategize expanding my Property Portfolio this knowing the property value difference between GA and tri-state area?

Any advice, suggestion or feedback would be greatly appreciated.

-All the Best,

Tim

Hello Timmy and welcome to the BiggerPockets forums!

The best way to compare these 2 vastly different markets is by using the BiggerPockets calculators under the tools tab.

Here, you can compare returns on in-state And out-of-state LTRs & STRs.

The calculators will show long-term growth projected on each property. I'd recommend speaking with local investor-friendly agents who can weigh in on YOY property value growth and rental increases for all projections.

Lastly, if you are going down the STR route, choose a property/area that will still allow cash flow if the property was used as an LTR. Local STR laws can change within a relatively short time period, and you want to have a backup plan for if/when those changes take place.

All the best!

Abel

Thanks so much for that, will tinker with the calc tool LTR/SFH

1 Vote

New York City, New York

Hello BP Community!

Any advice, suggestion or feedback would be greatly appreciated.

-All the Best,

Tim

3 Votes

New York City, New York

All Forum Posts by: Timmy Chen

Timmy Chen has started 3 posts and replied 4 times.

Post: New Construction Homes Pros and Cons

Post: ADU in Baltimore

Post: Second Investment Home Purchase Strategy options for GA or tri-state NY, NJ, CT.

Post: Second Investment Home Purchase Strategy options for GA or tri-state NY, NJ, CT.