All Forum Posts by: Vanessa Ivonne Hernandez

I can't help with the estimates but what I can say is that if you do move forward, make sure you're getting into the right loan. It's not enough to simply finance the renovation costs into the loan but you'll want to sure you're getting support from the lender who will help manage the scope of work, licensed contractors, supplies, payout and is available on weekends/holidays/afterhours for any questions you may have.

I'm not sure if I can help because you may be better off passing on this property or working with someone else entirely, but I may have time to share information about the financing process for these types of projects to give you a better idea of what to look for. 

Welcome to the team and good luck on your RE journey!

The BRRRR method works well for buy/hold in the NJ market. With the amount of capital you have, you should be able to find a distressed property and renovate it to house hack while collecting rental income. Good luck on your journey!

NJ is an expensive market for typical things like using the 1% rule to run quick numbers on a property won't necessarily apply here. That said, there are still plenty of ways to get involved as a first time investor. Good luck on your journey!  

Welcome to the team! Happy to have someone who is knowledgeable about structures on the team. My investment group is always looking for handy people to help with issues that come up on our properties. I'm an mortgage broker and investor, so I'm not too familiar with the wholesaling process but you're in the right place to connect with other professionals who can help you. Best of luck on your journey brother!

My investment group has used Tyrone 201-838-4388 and Mason 973-418-3262. We're part of Jullien Gorndon's MFM group so we share contacts we've used in the past. Hope this helps!

 @Carlos Kishek Hi I'm new to the community working in the North Jersey market. I'd love to connect with the team of people you know.

Hi BP Team,

I'm in the process of closing on my first rental and I have questions about setting up bank accounts. 

I understand we shouldn't co-mingle personal funds so a separate checking account (operating costs) and savings account (security deposit) is needed. I don't have an LLC, or other business entity as this is my first property, so I'm curious - is a "business" checking/savings account required or will a standard checking/savings account suffice? Also, does anyone have experience working with credit unions? If so, are there any benefits for real estate investors.

I'm looking forward to hearing from y'all, wish me luck!