All Forum Posts by: Jimmy Barry

@John Teachout the DVM mistakenly suspended my license twice over 5 years ago for a ticket. It was supposed to be in dispute, but their system flagged it anyway and I cannot get rid of it. I was also involved in multiple accidents from 2013-2018, so even a $3000 vehicle will make my insurance $230/month. A $3000 vehicle will also come with many costly issues, my 02 Jeep Wrangler cost me $16000-$18000 on repairs in the 8 years I had it. I can always borrow a friends, families car if i need to drive in the rain or just wear a rain jacket and tough it out. I currently have no vehicle, just sold the Jeep and it's hindering my investment and agent activity, so I just need something to get around at this point. 

@John Teachout --- I don't mind the bike, I've previously had one. I'm putting all my money back into my business and I just want to cut my costs for now. Keep it in good shape, resell it back to the dealer in November. 

Insurance: 

$189 a year for my bike 

$3000 a year for a user car

$6600 for a lease car

@Ray Fisher LOVE IT!!!! 

@Shawn Mcenteer what a reply! Thank you Shaun.

Yeah i am dead set on the bike.

@Gabriel Kolendrekaj ... There has been a swarm of Brooklyn residents moving to the burbs, which is why i left my team (selling new dev) to put more focus on investing and less focus on "busy" agent work. I was essentially the teams buyers' agent / runner. Time to do my own thing and take over the island. I'm going to PM you. Would love 15-20 minutes of your time.  

@Gabriel Kolendrekaj & @Jay Hinrichs 

Thank you for your response. I was with Corcoran in WIlliamsburg, so the "For Sale" sign is new to me, unless I had a brownstone listing. Staten Island is another animal, but I want to bring a high-level service to the island. The agents on SI, no offense, just don't perform well, tend to do the bare min. 

@Clinton McGilvray thank you for your input. Just sold my Jeep, I want to lease a new car, but my insurance is going to be $678/month!!!!! Moto insurance will be $500/year. 

I am based in Staten Island (NYC). I don't think clients would care as long as I present myself accordingly. If anything I think it will help my branding. I'm just not sure how I will transport my for sale signs! hahaha

Has anyone ever had a motorcycle as a real estate agent? 

I want to get one for the summer as my primary vehicle, but I'm thinking about riding around with "For Sale" signs might be a little tough. 

Anyone have experience with this? 

Hey Everyone,

I am a RE agent in NYC, primarily BK/Manhattan, currently selling new dev (10-20 unit condos). 

Transitioning into an investor (3 months in). I have private money, splitting profits 50/50 with investors. 

Currently farming Staten Island, Brooklyn, and NJ for fix and flips (investors only provide funds for flips). 

I have multiple real estate agents working to find properties, I have 2 GC's I'm using (one for luxury, one for reg renos), I have not formed an S Corp yet because I have not even completed one flip. 

Currently pulling data from PropStream to find PreForeclosures, Foreclosures, REO's, Vacant Owners, Vacant Land. Currently just calling these owners, no email or direct mail yet.

I feel like I'm spinning my wheels, why? 

- I have zero construction and architectural background.

- I'm having a hard time breaking down my costs so numbers can be 100% accurate.

- Having trouble identifying ONE area to farm. 

- I have a plan, but unsure of which systems/software to use.

I know I just started, but I'd like to have my first property purchased within the next month. I am currently educating myself on construction, architecture, pulling permits, different costs (i.e. short term capital gains tax in NJ is 37%, NYC is 25%). I am also constantly connecting with agents in my area. 

Would love to hop on a call with some seasoned investors to see what systems you have in place that save you time and money. 

My dream is to buy a 3fam and do a condo conversion, so most likely 1st Floor --> duplex garden unit, 2nd floor --> two 1 beds w/ balcony, Top floor --> 2 bed/2.5 bath w/ roof access, common roof space for other tenants potentially, then sell the units myself. Issue is, I haven't even completed a regular cosmetic flip, let alone a condo conversion. 

I am also looking into other markets: Atlanta, Pittsburgh, and North Carolina.

Any help is appreciated and I wish you all the best of luck on your journey. Thank you for your time and thank you BP for the platform!