All Forum Posts by: Ceasar Rosas

@Stephen Glover

I use Kevin Diffley out in Long island. Very good and responsive. PM me for his details.

@Todd Sullivan

Hey Todd, I think it's a great idea. I am a Realtor, flipper, and I have worked in the facilities world for quite some time. I decided to open up a handyman/repair and renovation business. I am rolling it out this year. I think you have to identify your audience and come up with a marketing strategy. Most importantly, you must be reliable. It is still a business you have to nurture. My reason for doing it is, 1. I have a passion for construction and managing repairs and projects 2. There is a lack of good, reliable contractors out there. 3. While I still work seller listings when I get them, I never had a true passion for working with buyers. My goal is to build a team of repair guys that can handle renovations, repairs, and our flips and investments. You're not to far, I'm always open to brainstorming. Good luck!

@Chris Thomas

Welcome back to NY! What made you pull out of the CT market. My partners and I bought in Bristol and Manchester last year. Realtors have mentioned Meriden to us. 

@Kevin McCormack

Hi Kevin,

How long would you need to review that lease before you decide? I don't think a couple of days here or there would hurt. I am not an attorney, but I can't see them coming after you for anything if you decide to leave. Especially if you have been a good tenant who pays on time. If the lease ends wouldn't you roll into a month to month tenancy? I think you'd be OK telling them you would be leaving April 1st and still be OK to not get penalized. Of course best advice is to speak to an attorney, but I wouldn't overthink this one. 

@Michael Sanders

Hey Michael, you should develop a relationship with another realtor. Have them set you up with an automatic feed of sold listings in the areas you are looking at and your friend is sending you properties from. Like that you should always have a fresh set of comps to look at and a new relationship. Let them know what type of property you are looking for and that if they are the listing agent for a property you are interested in you would go straight through them. Relationships are key and you get fresh comps from another source.

@Todd N.

That is a great choice to have. If having no debt helps you sleep better at night then why not. If you're getting 100k and retiring in 5 years, assuming you are still working and not really tapping into that cashflow, then couldn't you just take that 500k and put 25% down on 1 or multiple property in the future if you chose to? Sure. Bottom line is you still would have the freedom to buy more properties or get back in debt if you chose to. Good luck buddy!

@Regina Li

Hi Regina, that's great!! I'm a big fan of the Bronx. While it has increased the last few years significantly, it is still the most affordable borough and the one with the most room to grow. I like areas like Pelham Bay, Throggs Neck, Morris Park, Pelham Gardens, Parkchester, and some areas in Soundview. Although, there are plenty of other areas that would make sense as well. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $238,000
Cash invested: $172,000
Sale price: $650,000

Contributors:
Thomas Cardona

This home was a fully gutted 3 bedroom with 2 and a half bathroom and finished basement. It was a fire damaged, hoarder house when we first laid eyes on it. Exterior is brick and it was semi attached.

What made you interested in investing in this type of deal?

I love doing flips. This was an opportunity to take a fire damaged hoarder house and turn it into a gem.

How did you find this deal and how did you negotiate it?

It was actually wholesaled to us by someone in our network from the meetups we started in the Bronx.

How did you finance this deal?

We financed this through Hard Money at 10% Down with 9% interest only and 1.5% points at closing.

How did you add value to the deal?

We gut renovated this house's interior, re-did the roof, and replaced all the windows.

What was the outcome?

After 10 months we made a $150,000 profit on this house.

Lessons learned? Challenges?

We needed to get our permits in order before touching the place. We started demo before all permits were ready and plans were done. This caused neighbors to complain and we were shut down with a stop work order for about 4 months. Which cost us about $20k in holding costs and violations.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the real estate agent on the deal. Sold it for top dollar with multiple offers in the 1st week.

Hey guys, I will add you to the list. We're going to shoot for the end of October for the next one. The first one back was a great time. 

Hi Everyone,

We are looking to bring back the Bronx, Westchester, NYC meetup. This will be our first gathering since before coronavirus. Come out to grab a beer at Brewskie's Bar and Grill and let's catch up and talk Real Estate. We personally have just purchased this year 14 units in Connecticut and just sold our most successful flip yet on City Island in the Bronx. Hope to see as many people that can make it! 

If you can make it please shoot us a message so we can know who to expect. We are asking everyone that comes to at least purchase something at the bar. Let me know if you have any questions.