All Forum Posts by: Anthony Salamone

@John Hickey

Thanks John! I’ll be there!

@John Hickey

Hi John! You seem pretty active in the Newburgh area. Do you have any meet ups coming up? Looking for a good rental opportunity and want to get to learn more about the area!

Hey folks!

I’m taking a flight to Detroit this weekend to look at some properties I have evaluated and selected by criteria this weekend. Are there any good realtors that would be interested in accompanying me?!

If anyone has folks in mind they can recommend, it would be greatly appreciated.

@Michael G. Are you still wholesaling properties on Long Island??

I’m actively looking to pursue my first fix and flip. I’ve interviewed and worked with some people over the past few months after they tell me they do work with RE investors.

Over time through discussions and dealings it becomes clear they are in fact not as knowledge with the investment side of RE.

Does anyone have any recommendations for Investment friendly realtors, tax strategist, or lawyer?!?!

Thanks! Anthony

@Melanie Kent

What is your analysis on this deal

Let’s see the numbers and margins....

Cash flow - cash on cash return -

Net Income - expenses -

I mean these are basic numbers that if presented properly - may provide some incentive for other folks to collaborate a deal.

I’m curious to see what the numbers look like and see what your analysis of the property is to justify as a “good deal”

Hello fellow REI's!

Why do Hard Money lenders require an LLC?

I understand it protects them from other issues with the borrower like personal liabilities and other properties being tied together if one should fail.

Is there anything else to consider? I've read some material stating the lender will assume some ownership of the LLC as part of the transaction?

Does closing in an LLC make it somewhat easier for the lender to foreclose or revoke the property in the case one does not fulfill the terms per the contract?

@Teri S.

That doesn’t seem to be there case here on Long Island. New construction seems to be assigned a higher tax value than improvements or say an addition to living space. There is almost an unwritten rule where folks are looking to build new; keep at least two exterior walls up and maintain the footprint to avoid being classified as new construction.

Yes @Jay M. The numbers are tight on a fix and rent here on Long Island. In Any decent neighborhood, the retail prices are very high and the properties that need work are acquired at high prices and you still have a ton of work to do.

The only concern I have about new construction is the new property tax value when completed.

Hello all,

I would like some input here. I’m tossing around the idea of either rehabbing and hold for long term rent OR finding an empty lot and building a simple 3B 2 Ba for long term hold. Has anyone considered the same? In my opinion the cost of an existing structure and the rehab cost are phenomenal - might be more profitable for a simple house with rental quality materials?