All Forum Posts by: Gino Barbaro

@Bobbi Martinez@Jake Stenziano

Hi Bobbi

Mission statements come in all flavors. Successful people have one for their own lives and for their own families.  You can't hit a target that you can't see.  Mission statements keep you on track and crystallize what you stand for and what you want to acccomplish.

I would choose a niche in real estate, such as buy and hold, fix and flip, etc, and include that also in your mission statement.  It will show how you will achieve your goal and "mission"in life.  Most people invest in real estate because they heard it was a good investment.  Real estate is just a vehicle to take you from point A to point B.  The better you learn and apply your vehicle (your niche), the farther and more lucrative it will be for you.

Once you begin investing, the mission statement will allow potential partners and banks and real estate agents view what you want to achieve.

Good Luck

Gino

@Christopher DeLucien

Hi Christopher

I also use rentometer.com.  Call any local brokers in the market and ask them their opinion.  We have a local paper called the Pennysaver that lists apartments for rent.  Also look at the classified section of newspapers.

Good Luck

Gino

@Leeroy Ayala

Hi Leeroy,

I am currently in a similar situation.  I inherited a property with a tenant who was overseeing the property, and his rent was below market.  When I decide to raise his rent to market, I know it will become a huge issue and I will have to either evict him or he will leave.

I hope your tenant just picks up and leaves.  I'm sure he's calling around right now to test the market, but he's not going to find anything cheaper.  My only thought would be for him to sign a new lease in December and stipulate late fees after a certain date.

I hope he just leaves and you can rent it out again

Good Luck

Gino

@Ricardo S.

Hi Ricardo

It all depends if you are serious about getting into real estate.  People under estimate the power of momentum.  Once you purchase your first deal and have success, if you want to continue, you have the momentum.

It may take you longer to pay off debt and then something else may arise and sidetrack you.  I think you are young enough to have personal debt, especially if you are going to invest in an income producing asset

It's a good problem to have and only you know the comfort level you feel with the personal debt.

Good luck

Gino 

@Matthew Holman

Hi Matthew

That is one of the risks of buying a property that is occupied.  When you purchase the property, you assume the existing lease.  Read the lease or leases thoroughly.  You can always ask the seller to see his bank statement to see if he is depositing rent or have them sign an affidavit swearing that the tenant is current and paying a certain amount per month.

Good luck

Gino

Hi Rico

I am going to expand the portfolio and want a change of scenery.  I have 6 kids so it won't be easy but nothing good on life is easy

Gino

@Mike Gallagher

I think you should include a video.  Doesn't have to be too long,video is the way to connect with your audience

Good luck and happy shooting

@Terry Royce

Hi terry 

The first question to ask is how are you going to create value with this acquisition

Is it am expense play, are the rents low, is it a management play. If you can buy the property and solve one of these problems, then continue to do your due diligence

Look at market comps and see what properties are selling for.  If you are unsure of deferred maintenance or age, get a contractor out there to give you an estimate of repairs and show to seller.  You can use to negotiate

Make sure it hits your cash on cash and cap rate criteria.  

Good luck

Gino

@Diego Salcedo Jr.

Hi Diego,

I am from your market.  What does make this a great property?

If you can answer that, then you cans start your analysis.  Also what do you plan to do with this property, buy and hold, fix and flip?

Gino