All Forum Posts by: Darren Dennis

@John Cohen - I tried to send you a message...  I wanted to know when your next event was.  I'd like to attend if you still have room. Thanks.

darren

Lets say you decide not to rent to someone who has a criminal record however bad or minor it may be.  I've always wondered...  What do you say to that person as the reason not to rent to them?  Is this considered discrimination?  Due to the litigious society that we live in, can a suit be brought again the landlord?  If this isn't the place to discuss this, please point me in the right direction or PM me.  

@Nathan Waters -   Thanks for the reminder..."if you aren't a little embarassed by your offer, you are probably offering too much."  

@Joshua Martin

@Joshua Martin -   I'm located in the great expensive state of NY on Long Island.  I will have two partners, one is my friend who's a contractor, the other is his sub.  My rehab numbers were just an estimate that I threw together based on a job that my other two partners had given an estimate on to one of their clients.  I'm glad that you brought up that monthly cash flow should be better after the refi.  Should this always be the case?  The way I was looking at this was that so long as I was in the + column after the refi, and was able to take money out to reinvest into another property, this could be a worth while deal.  

@Alison Koenig - This morning, I ran over some rough numbers with a broker who i know and he was surprised that I estimated the ARV to be only $455k when he believed it should be at least in the low $500's. You are correct... I did not put in any figures for value increase because I prefer to err on the side of being conservative. I figure that anything above and beyond what I estimate will be the cherry on top. I will say though that i think this kind of thinking will cause me more inaction than anthing.

@Alexander Felice - I appreciate the input.  Yeah.  Being new to this or anything for that matter makes things scary.  Hopefully I will get more versed in this topic soon.  

Thanks for all the replies.  

I've been reading, watching, and searching. I finally got the opportunity to look at my first foreclosure here on Long Island, NY. Before going to look at the property, i tried to play with theBRRRR calculator to see what some numbers look like. One thing that i wasn't too sure of was closing costs. First and foremost, I hope someone can clue me in as to whether i'm underestimating or not. I went with 5% of the purchase price (in NY, are closing costs higher than other places?). At first, when i went to look at the property, i was a little disappointed. I figured, how bad could it be.  I knew from looking at the pictures that the bathrooms and kitchens would need to be redone. BTW. It's a two family, 3/1 (is this the proper designation for 3 bdrm/ 1 bath?) over a 2 bdrm/1 bath. When i got to the property, i soon realized that it would require pretty much a complete gut renovation, new roof, landscaping, almost the whole 9. I was quite surprised that people actually lived in this house the way it was. When i walked out, i didn't think this house would be doable. I called my partner about it and sent him the photos. Then i went back to the calculator and adjusted some of my numbers.  I believe i underestimated the ARV as well. Looking at the numbers, despite the fact that the total project cost is higher than my underestimated arv, it seems like it's a decent deal. I'm hoping someone can chime in and correct me if i'm wrong. Am i missing something? The price of the property is a bit higher than what i stated the purchase price to be. I was hoping to bargain a bit and get it lower. Can you negotiate the price of a foreclosure?

Here is the link to the BRRRR calculations.

This is my first time doing this. Please go easy on me.

Sorry didn't realize there was a specific thread about analysis/deal discussions.  i'll add the post to that room. 

I've been reading, watching, and searching. I finally got the opportunity to look at my first foreclosure here on Long Island, NY. Before going to look at the property, i tried to play with the BRRRR calculator to see what some numbers look like. One thing that i wasn't too sure of was closing costs. First and foremost, I hope someone can clue me in as to whether i'm underestimating or not. I went with 5% of the purchase price (in NY, are closing costs higher than other places?). At first, when i went to look at the property, i was a little disappointed. I figured, how bad could it be. I knew from looking at the pictures that the bathrooms and kitchens would need to be redone. BTW. It's a two family, 3/1 (is this the proper designation for 3 bdrm/ 1 bath?) over a 2 bdrm/1 bath. When i got to the property, i soon realized that it would require pretty much a complete gut renovation, new roof, landscaping, almost the whole 9. I was quite surprised that people actually lived in this house the way it was. When i walked out, i didn't think this house would be doable. I called my partner about it and sent him the photos. Then i went back to the calculator and adjusted some of my numbers. I believe i underestimated the ARV as well. Looking at the numbers, despite the fact that the total project cost is higher than my underestimated arv, it seems like it's a decent deal. I'm hoping someone can chime in and correct me if i'm wrong. Am i missing something? The price of the property is a bit higher than what i stated the purchase price to be. I was hoping to bargain a bit and get it lower. Can you negotiate the price of a foreclosure?

Here's the link to the BRRRR calculations.

This is my first time doing this.  Please go easy on me.  

tags:  new york, ny, long island

i'd be willing to help out @John C S. however i think scheduling for me could be difficult.  I'd try to help in any way i can.  

I'm still looking to start investing and as i look for properties, I started wondering something...  Where do renters look for their homes?  I looked on zillow and found a few places but i'm sure i'm missing something.  I know that in NYC, a lot of traffic goes through streeteasy, but lets say you're looking for something on Long Island, the Hudson valley, etc?  Are people looking through agents?  The last time I rented was over 14 yrs ago and I just happened to walk into a rental complex and asked what they had available.  I'm trying to both find a place to list my future rental and to find a place to look at comps so I don't find myself overpricing or getting into a place where the math won't make sense.  

tags:  New York, Suffolk County, Nassau County, Dutchess County, Westchester County, Orange County, Putnam County

"convenient distance" is rather subjective.  I used to know people who lived in stroudsburg, pa, and commuted into manhattan to work via bus 5 days a week.  I thought it was nuts, but they did it and the rationale they had was doing the work they do, they made more in the city and by living where they did, they could afford more. 

**Newb question*** -  How do banks know/qualify a primary residence?