All Forum Posts by: Dennis Yosco

This is not a great deal for a first deal or house hack

885k purchase price

30 year 3.25%

3.5% down is 30,975

1,500 insurance

23k taxes

700 pmi

6,458 monthly payment

7300 is the mostly rental income, not accounting for vacancy or anything.

5850 if you live in the one bed. so youll still pay out of pocket which is fine. but can you support the monthly payments if you have no tenants?

www.gainnetworth.com is my meet up. come out and we can discuss this in person

the best city is the one you know the most people in. as you grow you can compete with other flippers, but honestly in the beginning you'll have a rough time buying when other flippers are buying.

off market is your main thing to look for. Driving for dollars and door knocking is how you'll get your first deal.

Hey Fitim,

there's a whole world of people for you to meet to buy houses.

Im a creative finance junkie and can help you navigate that realm.

@Peter Vander Valk is your loan guy

www.gainnetworth.com

hey Brandall, yes NJ is great to start but you have to be ready to pay a bit more upfront or get creative. Your best start is your own backyard. also you'll want to find off market

If you want to learn and grow, www.gainnetworth.com 

Hey Vincent, Solid areas to be in. You can't really go wrong with any of those areas you picked. How experienced are you in the flip process?

www.gainnetworth.com is th landing page for my meet up group. our next event is 12/14

Hey Tony, Welcome and get ready for a wild and addictive ride. RE is awesome and your gonna love meeting with people and getting down and dirty with flips. 

You'll have way to many questions when you begin, so I encourage you to write them all down and ask different individuals to get an answer. Also, feel free to come to my meet ups. We talk RE and hang out and its all free. 12/14 www.gainnetworth.com

@Raymond Temprano is a regular there and you'll get to speak with him first hand

@Peter Vander Valk is one of the founding members. He's a loan officer and can answer all your lending needs.

@Kayla Scordo is a member of our team and her and @Michelangelo Felix have been the rocket fuel to growing our networking group. This power couple will help you design and build an awesome house. Kayla has a keen eye for design and Michelangelo has a structural engineering background to help you tackle those big projects.

I myself have a background as an electrician, but Im an avid wholesaler, flipper, creative finance junkie, buy and hold guy. I love to underwrite deals from single family to 300 unit complexes and more.

Reach out and connect, you'll be very happy you did.

Hey, Welcome to BP. You'll love it here and definitely find great connections.

I encourage you to connect with anyone you can locally. I personally live in bloomfield and invest in northern NJ. Id be happy to help point you in the right direction and show you a few tricks of the trade. 

Also, be on the look out for my next meet up. 12/14 in Nutley NJ

www.gainnetworth.com

@Peter Vander Valk is also great to connect with.

Hey all,

GAIN Net Worth is hosting its monthly meet up! Last month was a resounding success. I’m more than exciting to continue hosting these events. In the giving spirit we’ll be collecting donations for Tonis kitchen. 

This month we will have our guest speaker talking about social media! Who doesn’t need help with that. It’s a live q&a and anyone can ask anything they’d like! 
Sign up on eventbrite. See you there!

@Peter Vander Valk, @Kayla Scordo, @Michelangelo Felix, @Jake Handler

https://www.eventbrite.com/e/g...

Ok so I have gotten a few leads like this and I want to figure out a way to purchase these properties. 

Scenario:

Arv 490k

Reno 30k

Rents for 3600m or if I split up I can rent it for 4200m 

It’s located 5 blocks from my house 

Here’s the sticky part. He told me he needs 385k to avoid foreclosure and pay off his debts to the house. 
I would pay 325k max. 

As it is right now, there’s no foreclosure date right now but the process has started. He’s open to a subject to if we can get the numbers to work. He’d prefer to walk away with a bit of cash because his wife had cancer and they are behind. They don’t live in the home. 

I just got his mortgage info and I’m gonna try to reach out to the lender to get the scoop. I can get the cash to purchase but I don’t want to pay over 75% of the arv. I know this property in 5 years will be up 20% easy. Im stuck because I know at 385k plus reno I’ll still be good but it’s a tight deal today. 

How can I solve these problems when they come to me. I have another where the arv is 525. Mortgage owed is 440k. It needs 60k of work. Shes distressed but pays her mortgage every month. Any tips for negotiating with a bank to help reduce the price to purchase based on repairs?

I’m going to try to really fix these situations and try to become that specialist. Just need to find one that could be a proof of concept. 

Thanks in advance!

cafeespressoitalia.com

It’s a little Italian eatery there. For like 7 bucks you get a pillow of eggplant parm or whatever the special is for the day. It’s like walking into grandmas kitchen. A bunch of little old Italian ladies are sitting on milk crates peeling potatoes and such. 

Tm ward. Best coffee spot. On broad st and green st I believe. Right by the police station 

fernades steak house in iron bound. 
 

McWhorters is great for bbq

Hobby’s is the best pastrami sandwich around  temporarily closed for now though