All Forum Posts by: Norm Chrostowski

That's exactly what I'm taking about. Seems like there's lot of completion where I live. See a lot bandit signs around. I assume they are also doing mailings. Don't want to be just another postcard/flyer. Is that what your involved in? Are you a list broker? If so, I would love to have an opportunity to speak with you some time.

When marketing and doing direct mail what's the best avenue to take? Meaning should I use companies like list source or listability? Or should you use companies that specialize in lead generation? Like leadknack? from what I've read a lot of these lists have been used over and over again. Owners are getting bombarded with the same flyers or postcards. Thoughts or any advice is greatly appreciated. Thanks, Norm

Hi Shawn. Thanks for the reply. I actually live in Amherst now. Sold my house in lakeview. But anyway how are things going in your biz? Any deals?

Hello all. I'm new at the real estate game although I have owned a few houses and still hold a cash flowing rental. Looking to get started in wholesaling. Tired of the 9-5. Ultimate goal is to be a full time investor and wholesaler. Are there any investors from buffalo on here? What do you think about the buffalo market? How's the competition? How have you done personally? What's the best advice you can give to me? Is hiring a mentor worth it? Thank you for any all help Norm

Vote for you Mike. It couldn't have been put better!!

You are taking a WAY too passive approach to this. Do you want your money or not? Do you want your tenants not obeying or owning up to what they signed and agreed to? Stop playing their game. It's your property. Evict immediately. And DO NOT accept partial payment.

"And Norm, I dont think you can the owner persuade to lower his sales price"

Uh excuse me?? Your kidding right? I would almost guarantee this owner has no clue as to what this property is REALLY worth. Even values based on appraisals are calulated with the current rents in mind. So I would have to disagree COMPLETELY with that statement.

This is only a 2 unit house. I wouldn't worry about cap rate. I believe that is something used for a whole lot more units than 2. I would stick with Jon's estimate, I think it's more accurate and easier to understand. Vote for you Jon.

Maintainence is included in the 50% rule. Read the sticky thread here on BP to get a better understanding.

As far as what to have in reserves...it depends on the condition of the property. I would think a couple grand would suffice for emergencies. But if you've bought right and calulated expenses properly cash reserves shouldn't be an issue.

IMHO 70k for a property that only yeilds $965/month in rent is WAY to high. If this is a FSBO, I would bet the owner doesn't REALLY know what its worth. When I decide what to offer, I use the rents and the 50% rule and work backwards to a price like Jon has shown you.

With that kind of record, I don't think there was ANY screening done, and unfortunately it may have cost him his life...SAD!!

I wish that effing scumbag would try that on me, I'm not 67 yrs old, or fragile, and not able to defend myself. That little dirtbag would've been in for a big surprise!!!

GOD THAT PISSES ME OFF!!!!!!!! (yes yelling)

Your telling me if I have sex in a bathroom with my girlfriend, I will be put on a sex offenders list? I would like to see that law.