All Forum Posts by: Harry Wilson

Hi there people, we bought three distressed properties in Orange NEw Jersey recently. 

It's two blocks away from a train station, and there are 4 new large apartment complexes being buildt close by the train station.

The nearest listing for rent in the area is around 900+ for 1 bd 1bath apt and is the same style as ours will be.

I'm a complete newb at this other than having DIY skills, books and BP.

So here's the things I need help with, 

The floors in one house are sinky and flex when you step on them, and so are the stairs of the other. I'm not sure how much it would cost to get some new wood under the carpets and stairs.

I also need to fit separate meters for water, gas and electricity for each floor and have no idea who to contact.

And I'm going to be getting appliances off of craigslist, what appliances are a MUST and what is just  a nice extra? 

Other than that it's just general cleanup, painting some mirrors beds appliances and maybe carpets.

And then for moving the tenants in, I will be listing on Craigslist, needing one month security, month to month lease, proof of work and listing at 800  per bed room or 1,400 for each 2 bed apt.

There is also a large lot next door, our original plan was to demolish all the buildings and build apts there, that may happen in the future but we want to get it cash flowing as we are loosing money at the moment.

Any help or advice on anything is greatly appreciated 

but I can use lenders?

what if I only have 10k?

I am currently a baby sitter in manhattan, I earn 400 a week with free food and free rent.

I only became a babysitter as nobody will hire me as I am from England and don't have a social.

I have my visa interview in 2 months and I've been waiting for too long and I really want to get my first property.

Is there any way I can get a property now? Or do I have to wait for my social? Thanks

Would love to attend, Any way I can pay the $10 to watch the recording online or a recording afterwards? 

I've been here 1 year and a half, I want to get into apartment complexes ideally just out of the city, or anyhwere that I wont have to worry about finding people to occupy it but I don't have much experience or nearly enough credit/capital to secure a loan for a complex. the way I see it is that it's the same math.

I buy a 6 unit property, or I buy a 60 unit property, surely similar analysis, time, and effort are needed to make each profitable so why not the bigger number? this is what I need to learn.

i'm just thinking If this is possible, then why doesn't everyone do it.

1. find the right deal on an apartment complex, make money going in.

2.get hard money against it

3.update, fill vacancies etc.

4.refinance with the longest term I can get

5.get cash flow from (rent-loan payments)-running costs

is this right? obviously I wouldn't go outright and to a huge deal as my first one, and I doubt that a 22 year old having just got my visa so no credit, would be able to get a 15mil hard money loan. I would have to work my way. but I just want to see if this is a model that is or can be used and if their are major flaws i'm missing here

Hi there everyone, I have started working with some businessmen that are in several industries, Real estate being one of the areas they are big in. I had the opportunity in the UK to take out a 80k mortgage in England when I was 18 with 10k down payment but I put it off as I didn't like being tied to a loan for 30 years.

Now I am 22 and I live in NYC and I want to work my way up to large apartment buildings, I live in a huge complex where there are about 10 buildings, each containing roughly 80 units, everyday I do the math in my head and it motivates me how much money there is to be made from the monthly rents of 800apts which are around $1700 a month each that's  1,360,000 a month. I cant even imagine what that would be like, (if it was one person that owns).

Now the people I am working with take out lines of credit from a network of extremely wealthy people they know, buy huge apartment complexes and somehow make money and pay back the hard money loan. I have read 2 or 3 real estate books but it all confuses me at the moment, but I want to learn to do what they do and get an idea of what they are talking about.

for example someone will recommend deals to them that look good, they then turn around and contact the wealthy network to see if anyone is interested, if good they then the get a hard money loan to buy the complex for 12k...... but now how does this work, How do they make the money back to pay the hard money lenders within the time frame, I would understand a loan as they could just pay it off with the rental income, but how do you do this with hard money?

 can you get a hard money loan and then get a loan against the complex without telling them that the mortgage is to pay the hard money off?

Any replies are appreciated, I understand that this might sound dumb but I had to ask someone and this seems like the perfect place, Also as a side note if anyone has any experiences with complexes and hard money please share your story with us.