All Forum Posts by: Barbara G.

Anthony my opinion is that jumping in and flipping your first house is too difficult.  You have to walk before you can run.  You are looking at $500,000 houses.  This does not make any sense as you know.  

Find yourself a Real Estate club or two of them or three of them and listen.  Make sure you don't lose any money just listen.  There are many things you will be able to do and you will find them but not in the middle of New York City.  Maybe you should have a partner for your first venture.  No an hour away is not too far.  Two hours away is OK too.  

You should be looking at owner occupant because that is probably all you can afford for your first venture into this big world.  That 3 1/2% down payment is a gift that you should take advantage of one way or another

Anthony read what Bigger Pockets has to say about Real Estate and they have some names for you.

click on the link below for starters:   o find some Meet Up Real Estate groups.  

http://www.biggerpockets.com/rei/real-estate-clubs...

bg

Join a real estate club and join a Real estate meet up group.  You do't have to buy anything in Manhattan or Brooklyn.  There is Sulfolk county  or Nassau and Queens and the Bronx.  You can move.

Tuesday May 12, 2015 

15 days after closing.  The tree man is still finishing up clearing the trees off the property.  We Will pay him when it is finished.  The electrician arrived to view everything that has to be done and we will meet him at Home Depot and buy all the electrical fixtures and supplies. We have deceded to use Railroad Ties for the back because we are  digging  out some part of the back yard to help with the drainage problem.  The RR Ties will cost $1,000 and we are not sure what the drainage man will charge for that work.  When he gets here with his machinary we will have him pull off the 2 rear decks that we have to replace.  Its slow going.  We had wanted to renovate and rent in 2 months but it looks like it will be 3 months.

If this was my property what I would consider is converting one of your 2 bedroom/1 bath apartments (A and C?) into two (2) studio apartments and renting them at $450 or $500 each.  Just put in  mini kitchen.  Small under counter refrigerator, and a small microwave and small bathroom with shower.  That would help you cash flow and even sell the place. 

I once bought a co op in a building where the sponsors upgraded the entrance way to the building.  All they did was wallpaper the entrance way,   put in shinney new mail boxes, paint, and put in a nice center  light fixture.  I thought the place was nice  enough for me to buy an investment co op (big mistake).  So what I am suggesting is that you update your entrance way so the tenants will  get a really good feeling about renting an apartment there as you raise the rents.  Also if you have room to upgrade to a washer dryer connection in the apartment that would be a plus.

Many years ago I accidently got involved in wholesaling without knowing it.   I went into contract on an apartment that I actually  wanted to buy so my ex husband, who had fallen upon hard times, would have a place to live.   Well,  unfortunatly he died before we closed, and my lawyer said I could sell the apartment to someone else.  I did that and discovered that I made a few thousand dollars in the transaction.  it just shows you, do a good deed and it will pay you back.

I think there are a number of suggestions that have been made that you should implement

I certainly would raise the rent.  At $25.00 a uni raise thats $1,500.  Not shabby.

Low flow units, more efficienct light bulbs in your common hallways and think about billing the water, and utilities directly.  All these things would save you money in the end and make your property much more salable,  In the meantime you are paying off principal and getting a tax loss.

  When anyone moves upgrade the unit and raise the rent some more.  You can do it.

@Hal Thompson

This condiiton of the place had nothing to do with not treating these people properly.  This apartment/home did not get into this condiiton over night.  These people never learned how to live in a place or clean anything.  They were just slobs.  It was unfortunate for them and unfortunate for the landlord.   

You say "I give them as much time as they need to find a new place, and in return they usually leave the place in great shape. "  So you are saying that you would have known how to treat them correctly and they would have left the place in good shape?  I think this is absurd. 

You are doing everything to clean up the place.  Your insurance company has made you whole.  You have learned how to screen future tenants.  If you sue them and get a judgement  then you can close the book on the entire experience.  Even if you never collect you will know you have done it all.