All Forum Posts by: Walmsley Gedeon

Travis Hughes awesome assessment and much appreciated. There are no HOA fees. The repair cost is estimated and I will know better after this weekends walk through. I forgot to mention I have 5k concession on the deal. So that lessens my out of pocket expense. I definitely need to dig more into market because deals come and go quickly. I really just wanted to make sure I'm not putting myself in a position to fail here first time out.

First I would like to thank everyone on BP for giving me the courage to even try this. Ok so I wanted an opinion on a deal. Asking price: $170k Rehab: $65k estimated but I think it will be a lot less 4 family Irvington NJ 2-2-2-1 bedrooms. Rent 2bed $1000-1200 1bed $700-$1000 Estimated Rent Roll $3700-$4600 Buy and hold Section8 Estimated down payment $6k Estimated closing cost $6k Estimated Taxes $6k Monthly estimated $1900-1950 Gas $200 Electric $75 Let me know if I'm looking at this correctly. This is my first time around the block so I can use as much guidance as possible. Brand new heating system and brand new boiler system 2 years old. I think this is a major grab. What am I missing?

First I would like to thank everyone on BP for giving me the courage to even try this. Ok so I wanted an opinion on a deal. Asking price: $170k Rehab: $65k estimated but I think it will be a lot less 4 family Irvington NJ 2-2-2-1 bedrooms. Rent 2bed $1000-1200 1bed $700-$1000 Buy and hold Section8 FHA 203k loan Estimated down payment $6k Estimated closing cost $6k Monthly estimated $1900-1950 Gas $200 Electric $75 Estimated cash monthly flow $1500-$2000 Let me know if I'm looking at this correctly. This is my first time around the block so I can use as much guidance as possible. Brand new heating system and brand new boiler system 2 years old. I think this is a major grab. What am I missing?

Taxes in 2016 were just under 6k Ro Maga

First I would like to thank everyone on BP for giving me the courage to even try this. Ok so I wanted an opinion on a deal. Asking price: $170k Rehab: $65k estimated but I think it will be a lot less 4 family Irvington NJ 2-2-2-1 bedrooms. Rent 2bed $1000-1200 1bed $700-$1000 Buy and hold Section8 FHA 203k loan Estimated down payment $6k Estimated closing cost $6k Monthly estimated $1900-1950 Gas $200 Electric $75 Estimated cash monthly flow $1500-$2000 Let me know if I'm looking at this correctly. This is my first time around the block so I can use as much guidance as possible. Brand new heating system and brand new boiler system 2 years old. I think this is a major grab. What am I missing?

I need to understand what hard money is and how can it be used successfully to fund your first multi family? What are the pitfalls? I just need to be educated on this as much as possible because securing a deal in NJ with FHA seems impossible with all the cash investors. Thanks in advance all!

Hey you ever been to New York? People rent rooms here for the price and higher.

Jonna Weber Understood and much appreciated. Russell Brazil thank you I'm sure it's a case by case basis. I was told always ask for concessions and just wanted an opinion on the matter.

Vas Bouras Hey.. I hope all is well. I've been looking on that site xome.com that you introduced me to. Thank you by the way. There are properties on there for sale that are like $2000 bucks. Since you have actually bought from this site are those prices real? I see auctions that have starting bids at that price but whole properties for that price seems like a dream. Are people posting rentals on there or perhaps I'm getting confused. If you don't mind shedding some clarity on this it would be greatly appreciated. Thanks again. WG

Jonna Weber Please elaborate if you will. Thanks in advance!