All Forum Posts by: Angela Kriv

@Adrien C. I completely agree! It's too early for me to do it, but I can start thinking and planning!

Thanks again and best of luck!

@Adrien C.

Wow, thank you so much! It's a great post! You actually make a LOT of sense and made me look at the direct mailings in different view. I start thinking how I can use it for my business. I have rather unique niche (55+ community), so people are selling probably for different reasons than in regular communities, but still there are some cases that I can target in my marketing. I think I need to learn more about it and, before starting the campaign, I, probably ,would need website, some kind of the phone (Google voice??), and an email to give people many different ways of reaching out.

Thanks again!

Angela

@Nikki Grizzle, thanks for answering! Great to know!

@Nikki Grizzle, Thank you! That's awesome, who doesn't like free goodies ;) Let me ask you did your Credit Score got a hit once you get a loan from them? And if yes then how many points? Thanks!

I've been listening to BP Podcasts (already on episode 31) and it seems that direct mailing is one of the preferred marketing tools for many if not most REI. I am new to the game, so I am sorry if my question seems naive, but I can't imagine somebody seriously considering selling a home by reading a postcard in the mail. Maybe it is me, but all junk mail goes directly to a shredder / garbage bin. Is it really this good for investors? Can somebody share how this yellow / white card looks and what is actually written on it? Thanks!

 @Nikki Grizzle, I wonder if you were able to get another loan from them, how is it going so far now that couple months passed. I definitely keeping peer to peer lending as one of finance options. Thanks in advance!

 Laura! Thank you very much for your input! Can I please add you to my BiggerPockets colleagues so in case I need your input I can connect! Can you recommend any other Delray Communities / neighbourhoods that we can use? Thanks again!

@Roger H.

Thanks for your input. I have a community in mind and that is the prices the condos are selling now. When I was coming up with my plan I have to keep in mind that I still live in NYC and don't know Florida very much, the only corner I am familiar with is the community I am going to invest. I need some time to start and maybe little later will expand to other areas. The whole business complicated by me being far away ( I am not planning to quit my job since it is bringing nice steady income, maybe later :). My sister will be my eyes and ears and she is living in the community where we are planning to invest so she can react fast. Her husband is very handy and can manage the tenants since it is literally next to them. So we are cutting cost on management fees.  But absolutely in the future we will have to look into other areas!  I would love to hear from you if you know other neighborhoods in the vicinity of Delray with 60-75K budget. We can start looking. 

Thank you very much!

@Chinmay J.: COA is included into HOA, so this is good.

And it is precisely my reasoning - most of the staff is taken care. Plus it is much easier to estimate and renovate since we are taking care of interior only.

ANswering your question about FHA Certification - I don't know, but thanks for the suggestion I will find the answer out.

Thanks for your reply! 

Dear BP Community! First of all Happy 4th of July! In case somebody has a minute please take a look at the plan I came up with.

Real Estate Investment Business Plan

Mission Statement:

Invest into Real estate to earn enough money to retire in 5-10 years; build wealth to pass on to kids and grandkids

Goals:

Short Term – acquire 10 properties by year 2018; Get RE License to get access to MLS

Long Term - get 10K in net monthly income

Strategy:

Combination of rental properties and flipping in Delray Beach 55+ communities. Eventually buying a multi unit rental unit.

Time Frame:

Short Term – 2018

Long Term – 10 years

Market:

Florida, Condos; 55+ Communities. Starting in Delray Beach with possibility to extend to other communities

Criteria:

25-35K for a 1-bedroom condo foreclosed; 5-7K renovation

35-40K for a condo that has live-in tenants

Marketing Plan:

RE Agents; Palm Beach Court Auctions; other online resources

Financing Deals:

Hard cash; possibility of equity line; investing profit into new deals

Teams and Systems:

Angela & my sister partners

Property Manager / HandyMan – Brother-in-Law

Contructor – xxxx

RE Agent – xxx

CPA – Angela’s CPA

Exit Strategy:

Flip and Rent and Hold

--------------------------------

Now, some history. I live in NYC, my sister is in Delray Beach, I already have one condo there that I bought from bank. I renovated it a little (just about 3k) and will start renting in August.

We decided to start in Delray beach since we know the area, there are lots of properties for sale. The prices are not high (but they start growing in the last year). The properties are renting pretty good. 

It is actually very easy to analyse the property since all condos are the same layout, we know immediately if the price is right. I think for the beginner it should be good. I am open in the future to open up the area to other places.

The only drawback I see is that you are allowed to rent the condo out only after a year, so I am adding first year hold to initial price for the analysis sake.

Example on a condo I bought:

Price paid $31,500

Closing       $1,200

Renovation $3,000

First year HOA $3900

Utilities 1st year $720

Taxes $700

-------------

Total : $41,200

Rent s/b around 900-1000$

2% rule - 900 / 41200 = 2.1%

If (it happens once in awhile) the condo comes up without an initial wait time I am willing to pay a little extra to get it. 

I own an apartment in NYC and think will be able to get an equity line once the hard cash runs out.

I am open to any constructive suggestions/critique/questions.

Thanks in advance, Angela.