All Forum Posts by: Barbara G.

I don't know a thing about Long Island clubs or Queens clubs

Are there any Real Estate MeeT up Groups near you?  Perhaps if you call the one that got the bad review they would let you attend  as a guest and you can make your own assessment.

We just bought a Duplex  in Waterbury Conn and we will let  you know how Waterbury has worked out

You say:

What I don't have at the moment is the How I'm Going to Fund my first property."

If you want to partner with your son and he is ready to move into his own place there is a 3 1/2% FHA loan and one that includes renovation that would be available to your son if he moves into the duplex or triplex that your son, or you and your son could buy. Your son gets a 3% commission to sell this housel So that would pretty much cover his end of the down payment. He would have to live in the Duplex or Triplex to be eligible for one year. This would be the most inexpensive way to start,

Thanks Linda

They certainly can reduce the commission, everything is negotiable.  I think everyone is in agreement that this does not have to be an on going partnership.  "another party is going to do the property managment"   you say but that is incorrect.  Another party is NOT going to do the property managment.  

I think  Lois Stern also said they would do the partnership  one property at a time.  Their first purchase will certainly be a learning and growing experience and it will point them in the direction that they want to go.  Sometimes a partnership is the very vehicle that can move 2 people along, where if they were alone they might not be able to do it t all.   

Sounds very difficult to do this $40,000 renovation in 2 weeks.  We just closed and we figure our $30,000 renovation will take 2 months.  Please give us a progress report on your renovations week by week.  We now own our Duplex 5 days and we have not even caught our breath.  We are doing demolition today and having the gutters cleanned, thats in  5 days.

No if you only own one property there is no point to a LLC. Everything has an upside. 3 1/2% FHA loan is a great way to get started. It's really a gift and a give a way. I wish I did it when I was young but "who knew"

 Well I disagree because this partnership goes with the desire for Lois Stern to see her son do well and get a start in the real estate investing bussiness.  She likes the bussiness also and it sounds like it would be a good thing for her.  Most people spend much more money sending their children to college.  This first property,  will  be an important part of her son's education and it Piggy backs on his real estate license and his chosen vocation.    I would happily do this for my sons.  Certainly her son  has a foundation in real estate. 

We are only talking about the first house and the first investment.  They will see how it goes with this first property and then they can make a decision on how to proceed on he 2nd property.

It's a positive thing to be obsessed about something that you are going to invest in.  You and your son will make a good partners.  If you look at houses that are not too, old, perhaps no more then 25 or 30 years? you will not have the more serious renovation problems. Most houses need some renovation and you will get to know those costs rapidly.

Have you looked at anything that your son has targeted yet?

I have been comparing your buy and your renovation to the duplex we just closed on in Conn.  There are a lot of similarities.  We also estimate $30,000 in rehab costs.  We also have to replace 2 smaller Porches in the back of our house.  What do you estimate the cost of repairing your 2 porches? We also need 2 new kitchens and bathroom remodels.  However We have to replace 2 garage door and we estimate that at $800 .  Our After value will less then yours as we are hoping only for $130,00 as oppossed to your $190,000.  We did pay $23,000 less for our property but your place looks like it will be worth $60,000 more. Real Estate is very interesting with so many variables.