All Forum Posts by: Chris Salerno

I am a young entrepreneur. I own a small credit repair company from my home office, I opened a barbershop recently (🙄) and I am trying to think of another/better way to earn cash flow, become an actual owner, and start building and elevating. I have wanted to own property and multi-unit buildings since I was 25, but I never did it. 2020 I am ready to start! Can someone please help me on moving up. how do I start?

I haven't been much for reading books on real estate although I've doing it for a while.  I'm interesting in finding a great book for the holidays.  What's your favorite book about commercial real estate, particularly multifamily?  thanks for all your input

Thanks @Chris Salerno!  I will check out the podcast.  I love listening to podcasts and audio books, really anything where I can learn more about real estate.  I am definitely leaning towards multi family, just trying to make sure I know what I am getting into and waiting to finish a renovation on another property so I can hopefully pull some equity out to help finance it!  Thanks again, looking forward to listening to the podcasts.

Hi All,

I'm looking to start investing in buy and hold properties in North Carolina, particularly the Raleigh or Greensboro areas. This would be a long distance endeavor, as I live on the west coast. Why North Carolina? My wife and I lived in Greensboro for a time and enjoyed it, so we wouldn't mind building a presence in the state and moving back.

Any advice or agent referrals would be greatly appreciated. 

I've been thinking what people would do (or rather, what's the best thing to do) when they receive a lump sum of money for whatever reason.

Would you...

1. Pay off your primary residence (90-100%), and invest the rest of it in rental properties.

2. Pay down payment (5-20%) to get your primary residence, and invest the rest of it in rental properties.

3. Rent your own place, and invest the rest of it in rental properties.

I'm suggesting rental properties because I'm a buy and hold investor, but do you have any other thoughts in mind? Let's hear it!

A little while ago I posted on BiggerPockets asking a question of whether or not I should quit my job, it basically said "I have a real estate investor friend that has about 60 rental properties and we've developed a relationship and he is willing to pay me $25 an hour as I go and 10% of the total profits of any flip we work on. Not to mention any maintenance work on his rental properties.

I need about $2,000 a month after taxes to put some away in savings and just survive with.

So I ended hard for a while and eventually about 2 months ago I quit and I've been working with him and doing other real estate-related jobs.

So far so good. recently we just got a house under contract and are looking to close on the 10th February.

I'll try to keep you guys updated

Here's the hypothetical... Could an investor whose licensed as an agent use increased commission to offset their downpayment?? Say for example...

Purchase of $100k using conventional mortgage, Seller pays closing costs, seller pays 6% commission plus $15k selling agent bonus. 

Would this work? If not where would it get derailed?

Are there any Real estate seminars in NYC happening in 2020 January ?

Hello,

I'd like to get an idea of the multifamily operating expense percentage in the Denver area.

I was told by a broker that it is around 35-40% of income with property management included.

I was thinking closer to 50% of income.

Just wanted to verify.

Thanks