All Forum Posts by: Bob Prisco

@Steve Kontos correct LI has much to much competition. Contractors doing the work themselves undercut your offer, and every Tom DIck and Harry is a flipper :) . I did many deals here stopped about 10 years ago. I am not going to invest 300k to make 40k in 6 months, just not worth it. You need to find an out of state market , get there, learn, and a  build a team, and go for it!! I started in Cleveland about 8 years or so ago . I remember I was told  your crazy Bob, , well, now those same people are upset they did not buy. All the best to you and continued success .

@Gunvant Kathrotiya You need to get boots on the ground. I get 15 - 20 deals a month sent to me, none are from realtors or MLS. . But again, you need to be cash, find a hard money source that is willing to work with you, ( until you have enough on your own ) have your money ready. There are endless investors that want to buy with a mortgage., You want to deal from strength when making an offer. Hit them with a low offer cash " as is " close 3 days, vs close to ask and 1 - 2 month close . All the best

@Danny Nelson do not pay a penny upfront, tell him everything goes through your title co . Have title hold his fees. If and when he funds then his fees are released . He should be putting a 1st lien on the prop. Keep in mind , if it sounds to good, well .....All the best 

@Gunvant Kathrotiya realtors is not the way to go, they simply have what other realtors have, but you may get lucky . Get to the local real estate meetings, connect with guys doing it, connect with banks, find attorneys that will help with pre foreclosures, learn about tax liens and who has them in the area. Networking is key! . I have not purchased a property on MLS in 8 years. But again, if you are not cash , it will be very difficult to find a great deal as you will be undercut by cash buyers . Sellers like me will take less if you close in a couple days vs 1 , 2 months. When I buy I also close in the week , thus getting a better deal All the best .

@Alex Deacon 100% correct, your team is essential.

Feel free to view my website. " overpriced for their value unless you're buying from trusted source. I could be wrong." This statement  really does not make any sense to me,  Also when provided an asking price  you can determine the values yourself with all the tools aval. or simply call a realtor .  Sure if you are being asked to pay 90k for a 3 br in GH, yes overpriced and your net cap will be under 8% , very bad investment. Remember your return is made when you purchase :)  Every property I sell / flip is on avg 58k, with values of 65- 80k, with not less then 11% net cap. Again if you are investing with a mortgage it will difficult to find consultants / investors that will want to help, just being honest. I do on avg 6-  8 deals per month all cash buyers, I wish you all the best .  Feel free to contact me anytime for any guidance regarding Cleveland. 

@Gunvant Kathrotiya you need to do your research on the Cleveland markets. It has been ranked the # 1 rental market for the 2nd year in a row by Forbes  , really the last 10 years but nobody was paying attention. , I am here to help .

BTW, if you are not a cash buyer you are going to have a difficult time closing on good deals. Most everyone is cash  and many props you  not able to get a mortgage on and or the sellers prefer fast closings cash as is , All the best 

Hey all, when buying out of state if you do not have people you can trust you are rolling the dice, and in most cases you WILL lose . I have been doing business in Cleveland about 10 years, , 8 years offering properties. Well I have seen it all. My colleagues  are doing all PM and things are fine. Well the client for one reason or another switches the property to another PM co. Well sure enough 1 week later the owner is calling  screaming and yelling, his house is a disaster, its falling apart, the sky is falling . Well many PM Co's will tell the client it needs this and that and OMG, we cant PM a property like this etc, all BS, simply to charge fees. How come there were no complaints, it passed all inspections, local and state, but now its a mess, again, all to generate fees. One of my clients has a 6 unit, he was told that it needed 6 new heating systems, , hmm they all were not more then 4 years old, ( they last forever ) and working perfectly fine. Well she charged him, 19k!! They are only 1200 each , total, !! He is suing her and they are PM Co. again. I met a very nice woman on BP last week. She happen to be flying in as was I , we met at her building. She purchased a 17 unit , March 2017, $175k ( much to high) well more then 220k in rehab and more then a year later its not even close to being complete and is vacant, she is getting ripped off. We are providing her with a quote to finish and should take over, the contractor is going to get sued . I can provide dozens of examples . So make sure you can trust the person you are speaking with. Verify they have actually done deals, have them prove it, Do not pay big money upfront. If they cannot front the payment to the contractor for the 1st draw, move on, Let them have some " skin in the game " . I wish everyone much success. 

Hi 125- 150  per month assuming 2 brs, for Dec - feb, give or take, Just assume a bit more , Also water is your responsibility as well, assuming its a two fam house, 500 per year each, or put a another meter in and have tenants pay. All the best 

PS some examples, my 21 unit, feb  2200 , March 1500, May- Sept, avg about 140 per month,  

hey all ,  this gentleman  is saying  5000 for labor only plus material. Still seems extremely inexpensive. I do 7 to 10 deals per month  in Cleveland. that is extremely low. There are  great deals out there but this one if the numbers are correct is the best deal I’ve ever seen. I average more than 30% net on my deals per year, again  this one is crazy high.