All Forum Posts by: Bruce Faulk

Excellent advice @Charles Worth  Yes, I need a lawyer pretty soon. Any suggestions?  Look forward to talking soon. 

Thanks @Greg H.  So, may have to build that timing into holding costs...

Hi BP,

I have a potential deal in the Bronx for a 3 story House which is currently an SRO (single room occupancy) so, to do the rehab the current tenants would, I think, have to go. We will then convert the building to two 2 bedrooms and a three bedroom. Does anyone know the laws around this? Will be buying as an FHA so, it will be my home. Does that make a difference?

Thanks

Great advice and suggestions @Joel Owens & @Adrian Chu.  I am thinking my best option to start is a turnkey in Memphis, Philly or Indy or a BRR in the Bronx.  Thanks again!

Thanks @Curt Davis- I don't have that much at the moment but will keep your advice in mind.

@David Light- thanks for the suggestion.  I am talking to people currently and looking for that seasoned investor who needs under 20k- probably, as you say- for renovations.  the most important thing for me is to get started and as you can see from my profile & posts, i am constantly behind the 8 ball on saving up enough to make down payment in the NYC area.  I may make my first investment a turnkey, but have spoken to a few great outfits, like Memphis Invest, but don't see the appreciation.  It would strictly be for cash flow- wondering if I can do better with my $ and learn more.  Thanks again.

Wow, thanks for the warning @Enrique Jevons!  Good to know. 

Hello BP,

I have been searching around for a way to begin my Real Estate investing career in the NYC area and have gotten some great suggestions.  Wondering if putting my limited funds to work as a lender might not be the best way to start.  I would like to find an investor in the NYC area who would use my cash (again, it ain't much at this point), pay me the interest and, most importantly- allow me to watch a deal from inception through rehab to tenants in/flip.  Any thoughts?

Thanks!

Excellent summary of the difficulties of New York @Charles Worth!

I am speaking to agents, owners and realtors here and have heard much of what you say above. So, should I take my little stash and start out of state with a turnkey company or a BRRR in the Bronx? I will message you as well to see if I can buy you lunch sometime soon.

Thanks again for the fantastic knowledge!

Bruce

Excellent question @William Hochstedler and i bet the answer is: yes others are doing it. I actually just spoke to an agent who is working with investors to do exactly this in the Bronx; the Bronx is close to me and the $ involved is doable: 180-250k for an apartment or SFH in a B- neighborhood. Probably better for me to be near my first project rather than turnkey in Memphis or Philly. The numbers you quote for brownsotne in a developed neighborhood are possibly correct- tell me, where does a person go for that financing of 400k? Probably a newbie question, but I look forward to your answer. How did you do it in UT? Thanks!