All Forum Posts by: Abel Curiel

I'm leaning towards B. I think it will correct itself and somewhat recover by 2020. Just a hunch. I think by year's end, we'll see the beginning of a correction to put it nicely- to put it bluntly, I think there will be another collapse/recession.

Whats your take on it?

Good evening @Corey Petersen

I just came across this thread and it has been extremely informative. From you sharing your methods and early results, to the fellow BP members providing excellent feedback, this has been a great read for me.

I was wondering if you wouldn't mind updating me and the rest of BP on how things have been going.

My partner and I are in the early stages of developing our direct mail campaign for a target area in South Florida. We're still deciding which kind of properties to target, what kinds of voicemail message to have, which questions to use in our screening process, etc. Any advice would be helpful.

Also, @Rich O'Neill, your post was intriguing. One of the things my partner and I are trying to prepare for is the possibility of more calls than we can handle. But as you mentioned, too many leads is a good problem so I guess I should happily look forward to that!

Best of luck to both of you!

-Abel

Hello Mitchlyn Davis , I would find out what operating expenses are typically like in that area. A property management company would possibly be able to help with this. What level of rehab does this property need? Once you figure out some of the other numbers, you would want to determine what your cash flow would be like next year when your $250/mo installments kick in. I'm hoping some of my fellow BP members can chime in and mention anything I might've missed. Best of luck to you! -Abel

Welcome to BP! You came to the right place to educate yourself... Plenty of blogs, forums, podcasts and fellow members with helpful information. Best of luck to you! -Abel

Hello Riley,

Whether or not the 50K is enough to secure financing depends on the kind of financing you're seeking and the condition of the property. Most banks won't lend that much on a distressed property so hard money might be an easier form of getting money for the deal.

Factoring in your operating costs, holding costs (aside from the repairs), and ARV can help you determine how to use your 50K. If you can get a hard money lender to spot you the 250K, you can use your 50K for repairs and holding costs. This is, of course, assuming the ARV gives you enough breathing room to comfortably repay the loan + interest while still securing your target profit.

Seems like you have a few options. How else were you thinking of structuring this deal?

Hello Morne,

You came to the right place. If I were you, I would actively search BP for realtors, property managers, and anyone else who might be of assistance in that area. Whether you want to sell the building or not, I would do some research on the area where it is located to get a feel for the market and get an idea of the building's value.

Best of luck to you!

-Abel

I would double check with a CPA in your area but here in NY, you can't offset those expenses on your primary residence (as per my CPA). This benefit seems to only exist for "investment properties". Although your property is an investment, I'm not sure how the IRS would view it.

Best of luck to you!

-Abel

Sounds like you've got it mapped out pretty well Mike!

Be sure to check out the unlimited sources of information here on BP and don't hesitate to ask any questions. 

Best of luck to you!

-Abel

Welcome to BP, Sounds like your investing career is off to a great start. Combine the resources here on BP with the growth of team and you're in a great position to succeed! Best of luck to you! -Abel

Hello @Erik E.,

I had a great experience taking a few weeks to REALLY focus on analyzing deals using a software I purchased about a year ago. I think it gave me a good sense of what price range of homes I should/can go after in my target area(s).

One tip I would have is- Don't overdo it. Get familiar with deal analyzing to the point where you've answered all/most of your own questions regarding deal analysis. Otherwise, you could develop what they, in the RE biz, call "analysis paralysis" or "paralysis by analysis" or whatever... lol. 

Get a hang of the analysis part of the business then shift your focus to the next step (whatever you feel that might be).

Best of luck to you!

-Abel