All Forum Posts by: James Ritter

What are the details of the property? Would you be interested in a partnership?

I know there are deals to be had in Brooklyn. I have seen somebody buy a property for 300K fix it up with 200k and sell it for over a million. He does this quite often actually, which is exactly why I joined this forum. He took hard money to buy and renovate then used a home equity loan to pay that off.

There are tons of distressed properties, boarded up places where the owners have died and you have to contact the next of Kin. I would be interested in working with you guys on a property (I am in Long Island). Looking for somewhere to put my 100K.

thanks buddy

Hello guys,

I am having a hard time trying to figure out what I should be asking myself when looking at a potential property. I want to buy and hold for rental income and potentially take a home equity line to buy more property. I have 100K of my own funds to start.

I am not sure if I am allowed to post links or not so im just going to mention the name. I am looking on myhousedeals and there seems to be some crazy good deals on here. Is this a legit site that anybody has experience with? I see a three family home for 135K in the NYC area that was listed on Zillow for 1.35MM before being removed. Dont understand why.

Where do you start looking and how do you know what is and isnt legit? Any websites you guys recommend?

Because I see the deals he does. I have seen/heard rent rolls, flip values, etc etc....

I want to start out smaller than that as the properties in the NYC area are much more expensive and I dont want to wind up getting burned on my first deal and have it be bad enough to make me never want to try again.

I have been searching around but am not completely sure where to find all of this info that I need.

Could I purchase say two homes in cash (100K) and take out a home equity loan to look for more properties while I let the Rent pay the mortgage (and hopefully generate a little income)? Where can I read more about this strategy, if it is one?

Good advice. Thank you

Is it common to do deals so far from where you live?

Hello and thank you for the reply

I am thinking of just making a Pro account as I did not realize I was not supposed to ask certain things on this thread (which were removed)

Lets assume I wanted to find a partner and learn about the business from them. Would 100K be enough money to feasibly leverage that request? IE. Would it be reasonable to assume somebody would want to mentor somebody that has 100K to go in on a deal with them, and potentially allow them right to first refusal on all future properties that they work on?

I am interested in buy and hold as well as flipping. I have a brother in law that is in the business that makes a KILLING rehabbing and flipping in Brooklyn NY. (We do not get along or I would be working with him already)

I am also in Long Island (Glen Cove). I am completely new to real estate investing, have some capital, and hope to learn a lot too.

What are your next steps?

Hello all,

I have already read about 5 "What would you do with 100K" posts. I own a merchant processing company and have a portfolio that I am looking to unload and would like to get my feet wet starting with 100K. I am learning as much as I can. I live in New York and therefor it is difficult to do ANYTHING with 100K so I am a bit nervous when it comes to pulling the trigger. I like some properties I have looked at online in Atlanta but am completely unsure of what to do.

Looking for some advice!