All Forum Posts by: Abel Curiel

 Hello Ignatius,

The platforms you mentioned work great but would likely require you to build out systems and processes for a sales and/or marketing business. 

I use Attomdata (formerly geodata) which tells you if the property is owner occupied or has an absentee owner. It includes phone #s for property owners as well. It doesnt have info on tenant status but if that is offered on other platforms it seems like a great option to have.

You'll need to cold call and follow up (mailers, calls, visits) with 1,000s of leads for the next year or so before getting a significant # of chances/appointments to convert the leads. Totally doable if that sounds like something you're willing to do.

If you were looking to go that route, I'd recommend getting a Customer Relationship Management (CRM) software to keep track of leads and follow-ups. This probably sounds a little like wholesaling or being a Realtor, and it is.

If you don't want to spend $1,000's to build this out and take on the associated tasks, there are other, more cost effective, options.

I'd recommend looking for potential deals via free (or low-cost sources) i.e. local meetups/networking, Courts (probate & lis pendens lists), Realtors, Wholesalers, properties for sale online (especially those with 90+ days on market), etc.

All the best!

Abel

::: FIRST EVENT THIS EVENING OCTOBER 22, 5-7PM:::

Next event: November 2nd

We are hosting an open house for our Investor’s newest house flip.

The property was purchased in June, fully renovated, and back on the market for a quick flip.

Come by to check it out and talk real estate. Reach out to me or @Anthony Espinal if you can't make it. 

29 Chelsea Pl. (aka 68 Chelsea) Yonkers, NY 10710

Hello @Kenroy Bernard & Thank You for your service to our country.

Great advice on here so far especially in respect to networking. There is a lot of helpful information online, especially on BP, but nothing beats connecting with people in your market. 

Regarding your near goals. I'd recommend targeting areas and property types with a high volume of sales. RE investing is a numbers game so the more properties/options you look at, the higher the likelihood you'll land a good deal in a shorter amount of time.

Only 6% of Suffolk 2-4 family properties listed since '23 have been triplexes and quads. In Riverhead, that ratio is 10%..10 total 2-4 fams listed, 1 triplex.

Triplexes and Quads are totally possible to find but are rare. I'd simultaneously search for duplexes especially those with value-add potential.

Regarding volume, the Suffolk towns with the most listed 2-4 family properties since '23 have been Lindenhurst (46), Huntington (22), Patchogue (21), West Babylon (16), and Bay Shore (15).

Riverhead has had 10 listed small multifamily properties in this timeframe so it isn't too far behind. 

All the best!

Abel

 Hello Michael and best of luck in your last year/season!

As @Bruce Lynn highlighted, you'll want to take advantage of any time you have now to start taking your pre-licensing courses and exams so you can get started right after graduation.

While you're doing that, I'd also recommend reading/listening to Hyper Local, Hyper Fast agent by Dan Lesniak. Another great book for newer agents is Millionaire Real Estate agent by Gary Keller. These books will give you a great foundation to build off of.

The Real Estate business reminds me of baseball. Its a game of failure... its a numbers game. The majority of the people in your database will not buy/sell a property this year. Most of the leads you generate via cold calls, social media, and other marketing efforts won't transact or even meet with you for some time.

Baseball players take dozens of swings in batting practice to prep for just 2-3 good pitches they'll see come gametime. The success in RE sales lies in doing the little things each day and knowing how to close when opportunity arises.

Nurture your current relationships, spend time on creating new ones (aka generate leads), and think long-term. If you keep in touch with your database and genuinely care about them, they will have you in mind for their own RE needs OR refer you to someone else who could use your services.

All the best!

Abel

@Mei Zhu It depends on the language in the agreement.

My agreements state that I am owed a commission even if a client finds a property directly from a seller/property owner. Occasionally, I speak with investors who prefer additional language stating what would happen in a scenario where they find their own property.

Does your buyer agreement specify what happens if you find a seller directly?
If not, your agent will likely be owed commission for any property that you purchase within the timeframe listed on your agreement.

Lastly, how are you planning to find your own deals? Are you investing in some form of digital marketing, direct mail, or other outbound lead generation? 

If you're spending time and money on lead gen/marketing, I can see why you'd want to save on commission. 

Hello @Donald Breault!

Great advice from @Andrew Bosco, @Bruce Lynn, & @Jonathan Greene!

What I focused on as a PT agent was:

- Personal Circle/Sphere of influence: Go to every bday party, baby shower, bbq, anniversary, etc. and just show interest in the other person's life. Don't jam RE down their throat, instead, wait until the conversation shifts to "so whats going on with you?"... then give them a short blurb. i.e. "I'm now a licensed RE agent. I mainly work with investors/sellers/buyers in LOCATION(s)."
2 of my first listings came from a kids baptism and a bachelor party.
- Geo prospecting: I asked other agents in my office, networking groups, or MLS if I could market their listing. I would then call around the neighborhood and say "hello Mr./Mrs. ____, my name is Abel from Abel Realty... I don't want to take up too much of your time, just wanted to let you know that 500 Pine St. is listed on the market and still available. Who do you know that is looking to make a move in the next few months?"... most people will say no one, but what you want to do is find out if there is a realtor they'd recommend when the time comes... if not, insert yourself as the local RE expert and go-to contact.
The goal here is not to get listings. Instead, you want to find out about the property owners in the area and keep in touch with them long term via periodic calls/messages, emails, drop-bys, mailers, etc.
- FSBO: Free seller leads on Zillow. Conversion rate is extremely low when you get started BUT it will give you good practice speaking with sellers who have a ton of objections. You'll develop tough skin and it will make other seller calls (i.e. Geo leads) seem like a walk in the park.

In sum, you want to focus on income-producing activities (lead generation) given the fact that you don't have much time in the day to spend on RE. 

My favorite books when I started off P/T were Gary Keller's The One Thing AND Millionaire Real Estate Agent. Also, Dan Lesniak's Hyper local, Hyper fast Agent.

Hope this helps!

Abel

Hello & thanks for reading!

If there are any NY market stats/comparisons, you'd like to see in the future, post a reply or shoot me a PM.

Below is a quick Q3 comparison between this year and '23 for Suffolk County:

Summary:

• - Single Family values continue climbing
• - Multifamily Properties are selling faster than last year
• - Market activity (sold properties) has remained steady

Multifamily sale prices have (slightly) dropped despite sales activity remaining similar to Q3 last year.**Not sure if this graph loaded properly**  The main factor leading to the drop in multifamily sales prices could be the increase in inventory (33%) in 2024 compared to last year. 

However, there has been an adverse effect in the Average Days on Market (DOM) for 2+ family residential properties. Multifamily properties in Suffolk are selling nearly 2 weeks faster than last year.

With respect to single family properties in Suffolk, there has been a 5% jump in sales activity (# of homes sold). Inventory has shot up by 33% since last year so we could see an even greater disparity by end of year. 

Hello @Roberto Rohann,

Some lenders do not run municipal searches so some of issues mentioned wouldn't affect your ability to obtain a loan for the property. 

If the seller or seller's agent is forthcoming with any information related to missing Certficate of Occupancy (CO), you can potentially negotiate based on the work needed to obtain property COs and permits. 

If they don't disclose this, your attorney will be the point person to find out any issues when they run a title search and CO search. 

At that point, you'll be under contract and could perhaps renegotiate the deal as @Jonathan Greene mentioned.

@Joe Jor brings up some great points and I like his suggestion for contacting the building dept.

You may also be able to negotiate credits or for funds to be held in escrow - until seller removes open permits, violations, etc.

Lastly, for estimates on the work that will need to be completed on the property, you could also contact an expeditor who services Westchester.

All the best to you on your search!

Abel

 Hello Juan!

Congrats on taking this huge step in your RE investment journey!!

Its great to connect with multiple lenders and see which one offers the best rates & service for your specific scenario. I believe you have a 45-day window to shop lenders without having a drastic hit on your credit score.

Happy to recommend someone if you're still searching, shooting you a PM.

Also, as @Rene Hosman mentioned, there is a service here on BP to link you with lenders

All the best!

Abel

Hey Pat!

The Handsome Homebuyer podcast is hosted by a L.I. houseflipper and rental property investor. He interviews local brokers, attorneys, investors, accountants, and other business owners. Lots of nuggets on there but not all episodes focus on REI.

That said, Long Island is super competitive but your down payment could land you a deal.

This week, we went under contract for a multifamily in Lynbrook and the investor put down just $65K. They are also getting a seller's concession which will keep their acquisition costs down.

The deal will cashflow from day 1 after debt service and ALL operating expenses. 

By year 3, it'll cashflow about $600/mo. and by year 5, it'll cashflow about $1,200/mo. 

All the best!

Abel