All Forum Posts by: Michael Ablan

@Hoseah Njuguna  Definitely!  I'll send you a PM and we can set something up!

@Ksenia Krasilich  Thank you!  I definitely think getting your license is a great idea!  It opens a lot of doors and the class will teach you a lot about the rules and regulations for NY.  As for my first deal, I went to our county tax foreclosure auction.  Every county has one each year.  You're picking up a quit claim deed on a property where the prior owner chose to neglect their taxes for a couple years.  I would definitely suggest attending, regardless if you want to bid or not.  Just seeing it in action will spark some new ideas for you.

@Steve B.  Genius call in regards to contacting FD base housing department.  I didn't even consider that.  Thanks man, and best of luck to you in the future! Send me a pm if you're ever in this neck of the woods!

Hey guys,

I was wondering if anyone knows of a quality messanger app for Android that would allow me to sort my text messages into folders or categories.  

I'd like to have a folder for "Friends/Family", "Real Estate Leads", "Current Projects", ect.  I'm tired of scrolling through my list of messages, trying to find a conversation I had 1 day, 1 week, or even 1 month ago.  

Thanks!

@Bowe Averill  Hey Bowe!  Congratulations on your first deal!  It's pretty exciting when you get that acceptance confirmation

Would you like to grab coffee sometime?  I'd love to hear about your plans.  Maybe we can help each other out

@Will Chamberlin  Sounds great!  Do you mind if I send you a PM?  I would love to talk to you about the kind of investing you're into!

@Bony Mathew Thanks man!  Honestly this isn't something I've put a whole lot of thought into.  I'm currently running everything under my Sole Proprietor business, but I know I'm going to need to change that soon.  I've got an appointment with my accountant in a couple weeks, so once we go over the pros and cons, I'll make a decision.  I'll fill you in then if you'd like!

@Steve B. Thanks! Congrats to you as well! It's definitely proving to be a pretty useful tool. Especially since I can represent myself on purchases and earn the buyers agent 3%. As for Watertown, it's doing alright. I'd say the rental market has improved a little, but not drastically. I haven't had any issues because I aggressively market on craigslist, zillow, trulia, MLS, the newspaper, yard signs and I've built a relationship with our local HUD/Section 8. Tenant screening is probably the hardest part. Lots of riffraff. Do you ever come back up this way? Or are you keeping your business mainly in Schenectady?

@Richard S. Have you considered taking on a partner who has the qualifications for conventional lending? I'm in an almost identical situation as you are, so I decided to seek out people in my network who have a great DTI ratio.

We've agreed on a 50/50 split. My partner will be the beneficiary on the loan, with me co-signing. We have also considered transferring it to an LLC, and having the LLC pay me for doing all of the leg work (finding the deals, doing the rehab, getting it rented, and managing the property). So even though I'm putting in all of the work, I benefit by getting additional income on paper for the future, and more unit(s) added to my portfolio. As they say, "It's better to have 50% of a deal than 100% of nothing".

Hey Everyone!

My name is Michael Ablan.  I'm new investor from the Upstate New York area!  I'm a newly licensed real estate agent, and landlord.  In my free time I do a ton of mountain hiking, kayaking, reading, flipping, cooking and traveling.  I just recently came off a 1 year trip where I visited around 10 countries and 15 states.  It was a once and a lifetime experience that really helped me mature and finally focus my mind onto a career that fits me perfectly.  Real Estate.

My first deal (November 2015) was at a tax foreclosure auction in a city close to my home town.  With the help of my Father, Mother and Grandmother (76 years old at that!), we were able to get it rehabbed and rented within 60 days after closing.  It's currently going great, and I'm in negotiations to sell it on a lease option agreement come tax time.

I did this deal without ANY real estate knowledge or experience.  I've been self employed since 11th grade, where I was investing in everything from electronics & cars, to stocks and options.  I'm also lucky to have a father whose had a lifetime of construction experience, so we at least had some bare bones experience.  However, I'd be naive to think I didn't get lucky on this transaction.  Knowing the little I know now, a LOT of things could have gone wrong...

Therefore I've been DEVOURING information since then. Lots of forum posts, but mainly podcasts. I want to succeed because of hard work, knowledge and resourcefulness, not because of luck. I started with episode 1 and I'm currently on 32. Since then, I've gotten a duplex and a SFH home under contract, and should be closing both within the next 2 weeks. I plan on holding and renting these. I'm also negotiating on 2 more duplexs, a triplex, a SFH, and a wholesale flip. I'm deploying strategies such as seller financing, partnerships, and lowball cash offers to work these deals.

 I can honestly say I wouldn't have done any of this if not for the incredibly informative podcasts put on by @Joshua Dorkin and @Brandon Turner.   You two (and all of your super intelligent guests) are AWESOME, and I hope I can meet you all someday.  I owe you all a fancy *** dinner at the very least.

To wrap this up I'll talk a little about my future plans.  My goal is to have 15 units operational and rented by the end of the year.  I would also like to get 2 wholesale deals, and 2 rehab and flips done in that time as well. 

I'm currently getting ready to start a direct mail campaign.  I will be targeting motivated sellers with 30-50% equity, as well as people underwater in their mortgages.  My pitch will be along the lines of "If I can't buy your home, maybe I can help you sell it."  I want to get my feet wet in wholesaling, rehab/flipping, while exploring the world of a real estate agent. Over time I will narrow my focus onto the niches I'm good at and pursue those aggressively.  Only time will tell.

Anyways, I look forward meeting you all, and hopefully working with some of you!  I'm excited to get involved in the community here! I hope I can make a useful contribution to this site!  If anyone finds themselves north of Syracuse, feel free to drop me a pm!

NC!  My cousin is an agent near Raleigh and can attest to this.  Houses are flying off the shelves in her area