All Forum Posts by: Anthony Tarantino

Are you using wood to support steel? this generally isn't acceptable. Also, have you consulted an engineer as to what type of soil you are landing on? Since you are adding support points, it is true you are unloading one area of soil and distributing the load to more area, but you may require the services of an engineer to properly size the footings.

Welcome Robert, from a fellow Long Islander.

Maggie:

Need a little more information on the propoerty to give an opinion. My advice would be to list your expenses in detail. How much does Homeowners Insurance cost? Landscaping? Are you using a management company? Who pays the utilities? What is the vacancy rate? Is the property currently rented? If so, for how long? Is rehab needed?

Hi Andrew! Welcome to BP. I'm a fellow Newbie from Long Island. You'll learn a lot on this site.

I understand your anxiety regarding starting in the Northeast. The entry costs are substantially higher than most places. Send me a PM and we'll discuss further.

I just finished reading "The Beginner's Guide...". Great job by Joshua Dorkin and all who put that article together. It was a great start for a newbie like me.

The article lays out a road map that, if followed diligently, should lead to success. It appears from reading the article if you set up a good business plan, find your niche, set reasonable criteria, learn how to finance your deals, learn the terminology and have a solid marketing plan, thinks will turn out great.

Obviously starting out, most people are going to have a rough time figuring out what a good "deal" is, what all the terms mean, what ARV is, and so on. They might not even have a plan, think about developing a long term plan, or consider developing a plan a waste of time!

From listening to the few podcasts and reading the forums, it seems many investors starting out just trying to get by, not really having that "plan" developed.

So my question to the more experienced investors out there is: How much did you know before you rushed in? Did REI happen upon you, or did you have a solid plan in action? How has that plan evolved since you began?

Going back to my reading....

"I don't measure success by how high a man climbs but by how high he bounces when he hits bottom"
-Gen. George Patton

Absolutely interested, can't wait to read it.

Sounds great Brandon, I'd be very interested.

Not knowing the full specifics of the deal, take this for whatever it's worth.

I have family in the restaurant business (I personally am not a part of it). I know when they look to partner with other entities, one of the things they try to avoid is tying their investment directly to profits. They want repayment out of GROSS REVENUE and profits.

Suggest to your partners that since you are supplying the capital, you need a percentage of revenue and a percentage of profits. I'd also suggest you come to an agreement on who is actually preparing the financials, and how the other party can review/audit those numbers. That should alleviate your concerns on how much "profit" the restaurant actually takes in.

Hope this helps.

I'd agree with the previous posts and have a contractor or engineer do a quick inspection to make sure the bowed floor joists aren't the symptoms of a larger problem (i.e. sinking foundation). If the problem is just warped joists and the structure is intact, you could use some self-levelling concrete to even out the floor.