All Forum Posts by: Jace Perez
Jace Perez has started 14 posts and replied 49 times.
Post: for you young retired people
- Long Island NY
- Posts 49
- Votes 17
for everyone who has retired early from real estate or whatever you did to retire at a young age, do you ever get bored of being retired and feel like you dont have much to do?
hey guys, i have been learning real estate for a little while and i have been trying to expand my network by reaching out to people, but im not exactly sure how i can find people who i can add value to or maybe get a deal together with that person, how can i find people who are looking for a partner to invest in properties with them? also i dont have much capital, so would finding good deals for that person be considered adding value and would i be able to get a percentage of the property if i were to find the deal for them or just a wholesale fee?
Quote from @David Ramirez:
Hey @Ricardo Baptista, welcome to BP! I think it's a great idea to buy a fourplex with an FHA loan, but when it comes to living in one of the units, you might want to keep your ownership a secret. You don't want your tenants showing up on your doorstep at 2 a.m. because their toilet is backed up. Good luck!
How would he be able to hide that he is the owner, would he get a prop manager or something?
Quote from @Ozzy Smith:
Quote from @Jace Perez:
Quote from @Ozzy Smith:
This is an average deal IMO. Things to consider are all of the reserves and vacancy that obviously you're not accounting for. Once you factor all of that in and the additional up front repairs I'm guessing this is about a 7-8% ROI. I don't get excited about that by any means but that's not uncommon for OOS investors. Other things that you can't tell from this is the area, are the current tenants willing to stay and are they still paying, what is the cost for rehab of other units, etc. Way to many unknowns to give a solid answer, but the fact that it's on redfin throws up MAJOR flags (that's typically where deals go to die). If it was a GOOD DEAL it would probably never make it to a site like that.
so only average deals can be found on sites like zillow and redfin?
@Jace Perez there’s always an exception to the rule but usually the great deals are found through networking and hustle. A decent deal might get listed with an agent that the owner knows. As to @Drew Sygit’s point if you don’t have a way of knowing your numbers or willing to spend $300 for something that will make you a better investor my advice would be you should not buy a rental property at a distance bc the chances are you will lose way more than that
What is the difference of the bigger pockets rental calc and any other one?
Quote from @Ozzy Smith:
This is an average deal IMO. Things to consider are all of the reserves and vacancy that obviously you're not accounting for. Once you factor all of that in and the additional up front repairs I'm guessing this is about a 7-8% ROI. I don't get excited about that by any means but that's not uncommon for OOS investors. Other things that you can't tell from this is the area, are the current tenants willing to stay and are they still paying, what is the cost for rehab of other units, etc. Way to many unknowns to give a solid answer, but the fact that it's on redfin throws up MAJOR flags (that's typically where deals go to die). If it was a GOOD DEAL it would probably never make it to a site like that.
so only average deals can be found on sites like zillow and redfin?
Quote from @Drew Sygit:
@Jace Perez why don't you put this all in one of the BiggerPockets Calculators?
i used up my 5 lol
Quote from @Cesar Rivera:
I'm curious how you calculate everything what what numbers you used? I'm also learning how to analyze deals.
i have a rental calculator and i just plugged the numbers into it from redfin, this one was also easier because the person had the rent price in the description. you can use the rental calculator on bigger pockets, you get 5 free ones then you have to pay so i just found another one.
hey guys, i was just analyzing deals for practice and i came across one that seems to be pretty good, i put in all the numbers and it came out to be $800 a month in cash flow, would anyone be able to let me know if the way i ran the numbers was correct.
property: https://www.redfin.com/OH/Clev...
I do not have a lot of capital or close to 2 years in tax returns so i have been thinking of learning creative finance. what do you guys think are the best creative finance strategies? i really do not know too much about it.
Post: how hard is it find a good deal?
- Long Island NY
- Posts 49
- Votes 17
Quote from @Henry Clark:
Plus, don't look for a GOOD deal as your first deal.
Look for a Safe deal. Will make less, but you won't loose a lot more.
Safe deal examples:
a. Needs clean up and landscaping.
b. Needs new flooring or carpet replaced.
c. Needs new shingles.
d. Paint job on the outside.
Bad deal examples: as a first timer.
a. Foundation repair
b. Total kithchen/bathroom makeover.
c. Moving walls
d. Bad neighborhood
e. Window/Door replacement
f. Sewer not checked out.
If you do a Safe deal, even though it's not a great financial deal. You will have started. The majority of people who look at REI will never start.
All of us have to make our mistakes. You want to keep them low dollar, so that don't take you out of the game on your first deal.
Start small and Make Your Big Mistakes Early.
I appreciate that advise, I will definitely follow that, thank you