All Forum Posts by: Abel Curiel

One way to monetize this would be to get your RE license. 

You can refer out the deals that you don't buy and collect a commission. This would become a passive income source since you aren't listing the property, hosting open houses, etc.

Another option would be to wholesale the deal.

I am not trying to oversimplify this option.. You'd need to put time and effort into finding a buyer, negotiating the deal, putting it together, and keeping it together. 

My recommendation would be to partner with Realtor for referrals so you can spend your time on what you do best.

Either way, with your criteria being so specific, you'll likely end up with quality leads and an additional income source!

All the best!

Abel

 Welcome to BP, Nicole!

Hello Helene!

I've worked with @Bernard Reisz who is a wealth of knowledge!

Hello Luis,

Are you having issues with sticking to a routine in general? 

Getting distracted and sidetracked is totally normal as you get started in this business. A book that helped me tremendously was Boundaries by Henry Cloud.

I've also used the Opal app which is great for maintaining focus during the day.

That said, if you want to work with investors, I agree with @Bruce Lynn. Target sellers, especially multifamily and distressed property owners. These are the properties that investor buyers will want. 

For each property you list, you'll attract about a dozen investors on average. Properties in desirable areas or with substantial potential can attract even more investors.

Once you generate these investor leads, your priority should be to follow up with them regularly through call, text, email and in-person meetings. Periodically, you should be asking them "what properties are you having a hard time selling or getting off your hands?". 

Lastly, if you want to grow your investor network here on BP, set up keyword alerts so that you are notified anytime someone posts about one of your service areas i.e. Ft. Lauderdale, Coral Springs, Sunrise, or any other surrounding areas. You should then answer any questions that come up on these forums and aim to add value to the poster and the BP community at large.

All the best!

Abel

Hello Jerome!

Have you tried the find an agent tool?

Another good resource is the search feature which can list members who are local to the Baltimore market.

Thats pretty recent. I wouldn't accept this tenant.

 Agreed with @Sandy G. and @Michael Quarles.

Hello @Elias Azo and welcome to the forums!

You are right, better late than never.

I was about 30 when I found BP and wish I'd found it sooner.

Househacking is a great strategy. You will gain acquisition, project management, and property management experience. All will be helpful as you grow yours and your brother's portfolio in the future.

I would recommend 3 things:
1. Set up keyword alerts. You will be notified whenever a topic or area of interest is mentioned in the forums.
2. Attend local meetups. Here you will connect with local investors and RE professionals. 
3. Continue educating yourself. Set up local searches with your realtor or on listing websites. Review all househack/multifamily listings that come on the market so you can get a sense of the inventory. You should also look into Sold properties to see what househack deals are actually trading for.

All the best!

Abel

How recent were these incidents?

If they were over 10-15 years ago, finances checked out, and he has landlord references, I might consider overlooking the incidents.

Hello Nick!

A house hack is a solid way to get started as long as it aligns with your long term goals.
I agree with @Samuel Diouf and @Jackson Ebersole's comments.

You'll want to consider the competitiveness on Long Island. Most properties in liveable or renovated condition receive multiple offers. Many competing offers will come from buyers with cash offers or 30%+ down payments.

Properties that are most appealing to multi-family homebuyers on Long Island are those:
- With newer finishes/recent renovations
- 3+ bedrooms in 1 or more of the units
- located in desirable school districts

To make the numbers work and to find a deal where you may have more room for negotiation, I'd target:
- Properties with 30 days on market (DOM). This is when homeowners on Long Island may be considering price reductions. The average DOM for 2-4 family properties in Nassau this year is about 70 days. In Suffolk, its about 50 days.
- Multifamily properties that need work. Newly renovated properties will sell at, near, or above asking price. Look for homes that scare most homebuyers & factor in your renovation budget when making offers.
- Opportunities with additional income potential. Properties with garages (especially those located near highways and main roads) can generate at least $400/month per garage space. Other properties have ADUs that can bring in roughly $2,000/month in addition to other rental income.

All the best to you on your journey!

 Abel

Welcome to the BP Forums @Adam Fiscal 

Thank you for your service to our country and for sharing your story!

Wishing you continued success!