All Forum Posts by: Gino Barbaro

@Rochelle Wilkinson

Good, at least there is a track record

Gino

@Edward Thornton

Hi Edward

I have had good success with seller financing.  You do need a motivated seller or a property that offers a unique problem that can not be financed through traditional means.  You can also educate a seller who has a ton of equity on a property and ask what he is going to do with the proceeds. If he is just going to put in the bank, offering him 4-5% on his money and deferring capital gains may be a good alternative.

There are brokers out there who will tell you these deals don't work.  Look for another broker.

Good Luck

Gino

@Vito Rullo

Hi Vito

I think you've chosen a terrific career also.  I am local so if you ever have any questions, feel free to reach out to me.

All the best

Gino

@Rochelle Wilkinson

Hi Rochelle,

We inherited a similar situation.  From what it sounds, you did not control his mode of employment, telling him he has to work certain hours, and the fact that he has another job is also indicative that he sounds like an independent contractor.  You need to contact a lawyer and confront this head on.  Our biggest problem was keeping the manager on board when we purchased the property, even though it felt as if he thought he was the owner.  He should have been relieved immediately.  

It was a learning experience for us.  All independent contractors are issued 1099s, and any full time employees are withheld taxes and have workers comp.  It is a bump in the road for you, but it's good that it happened early on so you can make the proper adjustments

God Luck

Gino

@Patti Thurman

HI Patti

Welcome to Bigger Pockets.  Good luck on the rentals.  Sounds like you're learning a lot from doing

Gino

@Ben Leybovich

Haha. Is that why I was attracted to your post?

Gino

@Ben Leybovich@jake stenziano

HI Ben

If you find real estate boring, then become a teacher.  To be motivated and engaged in life, I know a lot of successful people who live by the mantra: learn, do, teach.

Once you reach your level of success, it may be time to engage beginners and give back.  People are happy when they are in the service of others, and becoming a mentor/coach is a great way to share you talents with others.  Who knows, you may even get paid for your services? If you are bored, it just means that you have hit a level of comfort, and you have temporarily stopped your path or personal growth.  Step out of your comfort zone, and start taking more chances

Gino

@Zachary Ballou

Hi Zachary

It is difficult to locate an investment property that looks nice an has no problems that is going to be a "good" deal.  There is a lot of competition for these properties.  Investors have to look at properties where they can solve a problem to create value. For instance, deferred maintenance, an issue with tenants, a motivated seller.

All markets are specific, and in my NY market, these small properties are difficult to invest in due to the high property taxes, high insurance, and high property values.  I had to begin investing down south with a partner.

I like to use a 10% cash on cash, 8 cap rate and 1.3 Debt service as my parameters to invest in multifamily apartments.  It all depends where you are looking for these deals.  You need to build relationships with brokers and the banks to start getting deals sent to you.  There are deals on loop net and other sites, but you have to be looking every day.

Real estate is a numbers game, and you have to look at dozens of deals before you find one.

Good Luck

Gino

@Leo Sanchez

Hi Leo

Welcome to BP.  Where are you located in Florida

Gino

@Joe Martella

Hi joe

I am in a similar situation here in NY.  I decided to invest in multifamilies down inTN with my partner who lives there.  I feel it is the best vehicle to create long term wealth and generate cash flow if you have either capital or experience.

First, choose a specific strategy and then a market.  I am moving to Jax Fl in the spring to expand portfolio. Much better opportunity than up north.

The only other advice I would give is to immerse yourself in the subject, keep an open mind and when someone says you can't do that, walk away and write that person off.

Real estate is market specific, so many of the parameters you are asking are difficult to answer.  I look for 10% cash on cash and 8 cap based on actual numbers.  I am investing in C type assets that are larger, so you will have to adjust your criteria to your asset class

All the best

Gino