I found a great fixer up here in NY,queens. but I have no money

12 Replies

Hi, my name is Jason. (small introduction) I'm sort of a noob, 25 yrs old. Haven't worked on anything on my own as of yet. But i have done enough research right here on BP to know exactly what's involved on a fix & flip. I'm in this game alone with no supporters. I attended my first REI event here in NYC yesterday to see if I can network with like minded individuals turned out to be a disaster, ended up being the only young minority there, people looked at me as if i walked in the wrong room, it was very intimidating for me to go up and speak with the other attendees. I will not be attending anymore as of now. Found it to be better on BP. Personally i think majority of the guest at that event wouldn't have taken me serious anyway for the fact I'm young and look even younger in person, and other factors of course. I am hoping maybe I can find someone generous enough to mentor me and see my vision in this business, can help me grow the stepping stones to becoming successful. and hopefully can look pass the age color, but what this post is about is I've been looking to get invested by a HML, I wish I can go the private way but I just don't know anyone that will lend me anything considering my financial situation. So moving foward I've read that it's best to first find a property you know will be profitable before you go off asking for money on a project, so that's exactly what I did. Found an investors gem in NY,queens a multi-family home. priced at $269,00 with the right renovations can easily be sold for a great amount of profit. So the question is What would the BP community do if they were in my shoes As a beginner and see this great opportunity arise regarding this property?... I know its best to start with a SFH as your 1st with that being said even if I do find just that as my first property I still wouldn't have any investor to back my project, with intentions of 100% funding and a decent amount of ARV to match that for a first timer... I appreciate everyone that took the time out to read and comment on my 1st post. thank you

Jason interested in learning more about the deal. Would be happy to mentor in whatever way I can. Feel free to reach out directly.

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Number one: Get over it and go back to your REIA and start networking. REIAs give you education and contacts. Tell them about your project. If it is right and you speak to enough people, someone will be interested in speaking to you about it. Have you contacted the owner? Does he/she own it free and clear? if so, there is the possibility of owner financing. Think creatively. Don't tell me why you can't do something. Tell me how you can do it. List 5 to 6 possibilities without prejudging whether someone will want to do it. The answer to every question you don't ask is "NO!".

Good luck!

Thanks Rick appreciate your reply will definitely give it another go. as far as my find I'll just go ahead and list the property I found here and you guys can maybe give me some feedback on it, do you think something like this will work if not what's your assumptions why it won't work. Thanks. https://www.realtor.com/realestateandhomes-detail/451-Beach-72nd-St_Far-Rockaway_NY_11692_M43265-89756
Originally posted by @Will Bert :
Originally posted by @Jason Rodriguez:

I sent you a PM 

 How were you dressed?  Breaks my heart to hear NYC isnt all inclusive like it should be.

Originally posted by @Jody Newman :
Originally posted by @Will Bert:
Originally posted by @Jason Rodriguez:

I sent you a PM 

 How were you dressed?  Breaks my heart to hear NYC isnt all inclusive like it should be.

 I was dressed very casual & formal... Most of the people came in very expensive suits, felt like I was at a car dealership haha. 

I can't wait until the day flip my first property, I get so excited even when i think about it. Will really love to have a mentor help me to set that in stone. Until then I'll READ on the forums all day and listen.

Originally posted by @Jason Rodriguez :

I can't wait until the day flip my first property, I get so excited even when i think about it. Will really love to have a mentor help me to set that in stone. Until then I'll READ on the forums all day and listen.

 I'm very new to this as well. Actually closing on my first fix and flip property tomorrow. I have been reading, learning, networking for over a year before closing my first deal.  

I would be careful how quickly you jump into this.  There will always be opportunities.  I was very excited at first too.  I wanted to find a property right away to start making money. Now, I am so glad it took a year to get my first deal. I have been under contract on five other properties during this year. I walked away from all 5. Now at this point with this deal that I'm closing on tomorrow I'm so glad that none of those properties worked out because this one is a great find.

What I'm getting at is just don't rush it. It's exciting to think about getting moving in this whole real estate investing thing. It's exciting to think about starting to make money. It's exciting to think about Financial Freedom. It's exciting to think about not having to work for other people ever again. But I realize if I had jumped in as quickly as I wanted to right the beginning with the first property I came across, I would be screwed right now.

Not saying this property you found isn't worthy of investment, but just be wary. It's easy to get in over our heads or excited about something. It's easy to be blinded when we're looking too far into the future and not focusing on the now.

This forum provides a great resource for Learning and networking. Also there are some really great books out there you can get ahold of that could really teach you a lot.

I wish you luck!

If it's on the MLS, and you don't have it under contract, I would be very upfront that you would appreciate it they don't buy it themselves.

I'm not saying some experienced and long term major real estate player would do that.

But if you're telling everyone about your deal (like 1000s of random people at a REIA), I can almost guarantee that will be under contract with someone else (if it's in fact a good deal)

And there's nothing wrong with that, to be honest. It's listed for sale. Anyone can and should make a bid. You might never be able to lock it up.

Finding a deal in NY is not easy, if it's on the MLS it's less likely to be a deal. I looked at the property you listed on the Dept of Buildings website and it has $64,000 in violations and FULL VACATE on the property.

You will be spending a lot of money fixing the place up and dealing with the Dept of Buildings in NYC is nightmare that might take years just to get everything in order.

The listing already says it has no C/O and it has ECB violations (those are the Dept of Buildings), it also says "do preliminary research", which is another red flag.

My best advice for you is to save best you can and make sure your credit is good. So that when an opportunity arises, you can jump on it. Also for a first time investor, you will want a turnkey that you can live in a unit and rent another. Imo that will be your best way in and help you qualify for a loan.

Good luck,

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