All Forum Posts by: Joe Gallo

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $595,000
Cash invested: $595,000

This is basically an inside into what Success and failures I'v had while doing my first real estate deal and the mistakes iv made and learned from showing you that it isn't all sunshine and roses.

What made you interested in investing in this type of deal?

The location, the location is run down but I'v lived in the area for almost 20 years and the far rockaway's are looking to expand and make new communities and want to turn the area around 100%

How did you find this deal and how did you negotiate it?

I found the deal through an agent and we negotiated based off any repairs and previous purchases prices of homes in the area.

How did you finance this deal?

OTM--> paid cash for the property, refinanced in the first month and paid investors back; now have a mortgage that is being paid for with one of the rents.

How did you add value to the deal?

I haven't added any value yet--> but the house has needed repairs with tenants in, so Iv been making those repairs which are building up some equity.

Hello Bigger pockets world,

I recently bought my first rental property which I am very excited about, However, I am eager to learn direct mailing and after seeing all the cost and time it takes with agents, and  have decided to dedicate my time to learning Direct mailing and finding off-listed properties. I recently signed up for Propstream and will be using that to find potential properties with out-of-state investors and that are 4+ units. Using grant Cardone's 10X rule and doubling from my first property. In addition, I was hoping to get some feedback on how some of you use direct mailing and what are some strategies, mailing ideas, and just ways you guys go about direct mailing. 

In addition, I have also been looking for out-of-state investors with existing loans on their property. As being someone new to existing loans, I was hoping to get some more information from you guys who are in the process of taking on an existing loan. I'm hoping I gain some beginner knowledge to get started. So basically, Is the process easy and If I cold call people can I use " I am willing to take on your loan" as an incentive to get them to sell.

I know it is very broad but any knowledge will help.
I have heard from the podcast about people taking on existing loans but if anyone is an expert/ has the knowledge,  please PM and we can set up a call rather than speak through text which can give both of us more in-depth information.

Thank you!

@Emmanuel Hirakis no I do not

@Emmanuel Hirakis this property does have rent stability and it is located in woodside

Hello Biggerpockets Community!

I am currently doing an analysis on a deal in queens, New York, and was hoping to get some feedback on my numbers and thoughts on the deal.

I will be posting 2 screenshots with my analysis of the deal, and I will write out all the Expenses to give you guys a clear view of what everything means.

Expenses as-is:

Taxes: 17,260

Fuel: 8,072 (Subject to change)

Gas and Electric (2,000 on 1 Unit)

Water: 3,501

insurance: 4030

Rents are consisted: 1500-1600 (6 Units)

Offer: 1,500,000-1,650,000

Any feedback or help is greatly appreciated! and Also, Looking to work with anyone in the new york area or close to. 

Please feel free to connect or DM! Hope everyone is well

Hello Biggerpockets World! 

Merry Christmas and Happy New year!

In this forum post, I hope to better understand how to analyze multiple deals to help me differentiate and choose the right one for me. Furthermore, I have a few deals at hand that I am looking at and just had a few questions on how the bigger pockets community compares and contrast deals. 

What I hope to achieve from this post:

- What do you look for when analyzing numbers on Multi-family houses and/or Apartment complex... For Example: any specific Terms and/or percentages/numbers to look for.

- When comparing/contrasting neighborhoods, what similarities and differences do you look for? For Example, Job growth, house sale prices, rent prices, Letter class.

- Are they any good websites to use that help compare neighborhoods? For example: Websites to compare crime rates, or differences in population growth, Demographic, and Median age?

Also, if you have any websites or Links for case studies and/or real estate studies! love to read about statistics of different neighborhoods and real estate.

Please feel free to connect and PM me for more information or to just connect and greet each other!

Any information or responses help!

Thank you,

Joe Gallo

Most deff! I will private message you to discuss further and learn more about how we can help each other!

This is the famous Joe's Post! and thank you for taking the time out to give your personal experience and respond to the forum! I will def shoot you a PM with questions regarding your experience and how you got started with out-of-state investing!

 @tobykhan I heard about the book through the podcast and from research on books. I will deff shoot you a PM and ask you a few questions about how you got started with Out of state! Thank you for taking the time out to respond, much appreciated!

 Hi, joe! thank you for taking the time to asnwer! I will deff check out your blog post and come up with some questions. I will send you a connect and PM!