All Forum Posts by: Adam Bartomeo

You will have to check your local codes. It should tell you what kind of smoke detectors are approved and where they should be located. They just passed a code here where you have to install throw away smoke detectors that are only battery operated. The batteries die after 10 years and there isn't a way to replace them.

I ran it through a spread sheet that I use to evaluate my potential rentals. I assumed a lot of the expenses that weren't provided but it really comes down to if you are going to finance or not. No finance then it will cash flow just fine (but you will not be leveraging your money) but if you do max out your leverage then it will probably not cash flow. Any property can cash flow if you do not use OPM.

I have done several flips where I have done almost all of the work. I have saved ten's of thousands of dollars per flip by doing all of the work. I have also missed out of hundreds of thousands of dollars worth of deals that I couldn't participate in because I was swinging a hammer. I have recently began pulling back from the labor aspect and began running my business instead of working in it.

Having that said, the only reason I am able to step back now is because I saved the money by swinging the hammer. Just know the that your choices can both have positive and negative effects.

I would advise you TO follow all rules the city has in place. I have an appraiser friend in NYC that is great at her job BUT she loves finding areas of the home that don't have permits. She actively seeks them out and posts them on Facebook.

Having that said you CAN get away with not having a permit in the short term (some smaller items you might be ok in the long term) BUT it will catch up to you at some point. I have known lots of people in NYC who could not sell their homes because the appraiser caught work that should have been permitted. Not fun.

Welcome! My Italian mother used to always say to me "What do I look like!!! I support Con Edison!!" She did this any time I left a light or TV on. I'm from Queens.  Having that said. Update your profile so that everyone can understand it. You will be surprised at how many people will check it out. Let me know if I can help. Good Luck!

On fire! Its getting harder to find reasonable properties and easier to sell. The rental market is growing and going up substantially. There is lots of building going on but the builders aren't keeping up with demand.

You need to understand the rental market there. From what you stated I would just sell the lad or hold for the future. there is a huge risk in constructing a building without doing your due diligence on the local market. Where do your renters work? How much can they pay? What's the unemployment rate? How will you evict them if things go side ways? You have some reaseach a head of you.

Good luck!

My personal belief is to never wholesale unless:

I don't have the money to rehab the property properly.

I don't want to deal with the hassle of a huge rehab

Most people wholesale because they don't have the money or know how to rehab. Rehabs are more profitable if you know what you are doing. Whilesaling is less risk since you never really buy it.

Welcome! Check out the podcasts, they are really good.

Good luck

Have you tried lowering the price? I don't fully understand your issues so it's hard to diagnose the issue. Do you have any other tenants?