NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

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Dr. Cashflow aka Nick Sidoti

16 posts by 10 users

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SFR Investor · santa ana, California


Anyone ever done business with him? Is his stuff legit?



Residential Landlord · Hampton Bays, New York


Melisa Ramos is marketing a property that has many of the attribute but not all that Nick Sidoti talks about. http://www.biggerpockets.com/forums/58/topics/73671-36k-rehabbed-3-2-1500-sqft-in-atlanta-ga
I brought the topic to the first page so you can find it.

I have not attended any of Nick Sodoti's seminars but understand many of his concepts. the proof is in the pudding as they say, so anyone who has experience with this process is welcome to explain it to us.



Residential Landlord · Hampton Bays, New York


Rod : you can also check out Sanja Bell on the post special need housing. She appears to have successfully implemented the strategy. Don't know if she is familiar with "Dr. Cash flow".



Real Estate Investor · Audubon, Pennsylvania


Many BP threads already exist covering this person; here is a search link to show these threads:

https://www.google.com/search?hl=en&q=siteets.com%2Fforums+nick+sidoti


Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


Real Estate Investor · Buffalo, New York


Nick was the original starter of our local real estate group, he then started touring selling his programs and speaking so handed off to another guy. He came back regularly to speak and was funny as hell. Pretty decent ideas also.

Did you try his dr cashflow website @Susan George ?



· Rancho Santa Margarita, California


Hello, Does anyone have sucess with govt rental income special needs housing Dr cash cash flows triple your income? David



· Mechanicsburg, Pennsylvania


Merry Christmas 2006

Posted by David Krulac on December 25, 2006 at 19:11:42:

I've heard Nick several times and he is personable, entertaining, and an experienced investor.

I have been doing special needs for over 12 years. It can be a very good niche.

However,

1. Saying that your income is doubled is overstated in my opinion.

2. You are subject to more government inspections, often times both state and federal.

3. Funding while guaranteed by the government, is also subject to budgetary cuts, funding shortfalls etc.

4. There is a layer of bureaucracy added to the process.

5. There is neighbor resistance to special needs, particularly when you are talking about violent behavior, sexual behavior, drug & alcohol treatment, or prison halfway houses. Besides there are zoning considerations to inhibit special needs housing. Some areas around here have outlawed residence where there are more than 3 unrelated people living.

6. They also use these zoning regulations to limit student housing, which is another subject Nick teaches. Some towns with colleges don't allow students to living in certain parts of town. they want to keep the drunken college students on their side of town. so far there have been no court challenges to either of theses zoning regulations restricting students or special needs.

7. Special needs may require certain physical changes to the building. I built a custom special needs residence that has no steps, either inside or outside, wider door opening, extremely low pile carpet, no cabinets below kitchen and bath sinks, wider halls, more exits, and a large shower with no lip.no curb between the floor and the shower. All of these specifications costs money. In a retro fit they will costs even more money.

8. Then after you do all the renovations, or new specialized construction, the government funding could dry up and you could be left with a specialized building that appeals to only a very small audience. And the majority of buyers won't pay extra for amenities that they don't want or need.

9. Some existing properties just are not worth changing, as the renovations would be too expensive. Therefore you need to work with and no the requirements of your clients/customers and provide to them exactly what they need.

10. Its a small niche, but the right circumstances and the right property, can be a worthwhile investment.



Real Estate Investor · Marblehead, Massachusetts


Hey David,
So what's the bad part about Special needs housing?;-)

I've known Nick for many years and been impressed with him and his materials. However like the other books/tapes/courses on the shelf, they don't do anything by themselves.

I tell the folks, contemplating a course, at our meetings:
You need to make a commitment.
Read and Listen to the material at least three times.
Make a plan to implement it.
Review it with the Author.
Do it!
Do it!
Do it!
Don't be discouraged by complications/mistakes which are really Entrance Barriers to Beginners and Quitters.
Feedback to the Author on a regular basis (Once a week or month).
Did I mention, Do it!
Enjoy your success.

Like my father (who was never involved in Real Estate beyond a SFR) used to say: "It's Simple but not Easy!"
Good Luck Investing, Mike



· Mechanicsburg, Pennsylvania


@Mike Hurney

I started this more than a decade before I ever heard of Nick. Kind of fell into it accidentally.

1. One place I've been renting for 19 years to same tenant. Not one day of vacancy in 19 years. (vacancy is a major cost overlooked by many people, zero vacancy is great.)

2. Tenant has handyman on staff, who takes care of minor maintenance.

3. They always pay the rent on time or before due. Never a day late in 19 years.

4. While funding is based on yearly government budgets, there is probably low risk that the government will cause thousands to become homeless by eliminating these programs.

5. There is a staff person on site 24/7 365.

6. The tenant pays all utilities.

7. Some years the only expenses are taxes and insurance.

8. Its a great niche market that serves a needed function.



Real Estate Investor · El Paso/Socorro, Texas


I had a girlfriend who was special needs (epileptic), she got her money on time every month, and had someone come in who cleaned and cooked every day, the house was always clean,(unlike any of my other renters), rent was always paid on time, no damage. When I remodeled I seriously considered wheelchair friendly but in a 79 Y/O house it was just too much to spend.



Real Estate Investor · Marblehead, Massachusetts


Hey David,
That's what I like to hear, that you're doing well in that business!
You in DIG, ACRE or PROA?



Residential Real Estate Agent · houston, Texas


Hey David,
That's what I like to hear, that you're doing well in that business!
You in DIG, ACRE or PROA?

Mike could you explain the terms DIG,ACRE or PROA . Are these some type of government programs



· Mechanicsburg, Pennsylvania


@Latonna Hill

DIG is Philadelphia REIA Group

ACRE is Pittsburgh REIA Group

PROA is Pennsylvania state wide group of all PA Reia Groups that primarily lobbies the state for favorable legislation affecting landlords, rental real estate and, investors



Residential Real Estate Agent · houston, Texas


David, is there a government program that is assisting you tenant with the rental payment. If so would you mind sharing what it is?



Multi-family Investor · Sacramento, California


I really like Nick's approach. It has sparked may ideas for my blog. The concept that you can charge more by serving a niche inside of a niche is truely a profitable idea no matter what you do with it.

In addition to checking out Nick's ideas and innovations, allow yourself to find other REI area to use his "approach".

Best to you


Small_leadinglandlord180x180pxAl Williamson, Leading Landlord
E-Mail: [email protected]
Website: http://leadinglandlord.com
Helping Landlords Increase Their Income and Equity


· Mechanicsburg, Pennsylvania


@Latonna Hill

There is not a direct government program that assists the tenants. This is not section 8 and is not operated like section 8. The administrator of the program could be a non-profit company or even a for profit company. The company gets a per diem for each tenant and must profit food, shelter, clothing, transportation and other essentials of life out of the stipend. I rent the property to the administrator.





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