All Forum Posts by: Frank Hinck

@Gabriel E. Galloza

Tile kitchen floor use 12”x24” with the half-bond install pattern it’s no more labor and shows like a nicer upgrade. Flooring use waterproof vinyl, LL, HD, Lowe’s all have good selections. Countertops go solid surface, not talking crazy marble or granite, checkout Wilsonart or Corian. It’s a solid surface that’s only a bit more than laminate and will hold up much better and not stain, and in NJ solid surface is almost expected. Also checkout your local Habitat for Humanity ReStore for material deals on smaller quantities like for backsplash tile, bathroom tile, 1 gallon random paint cans, carpet for 1 or 2 odd bedrooms, and scratch & dent appliances.

@Sandy Gabin

Kind of a reverse Cash for Keys!

Plus FYI you need a notary onsite to notarize anything, they won’t notarize it after the fact because it could be a forgery

@Manuel Reyes

What’s driving you to get your GC License? Are you in the trades already? As the property owner you don’t need to be a GC, you can subcontract trades directly. Homeowners can pull building permits and then Electrical Plumbing Mechanical need to pull their own permits because they have their own licenses

@Amy Ring

Ben is a BP contributor and in the podcasts, and I believe invests in Lima, OH.

https://www.biggerpockets.com/users/justaskbenwhy

@Mario Russo

They don’t stay on the market long and most are 60’s stock brick. Those that are around the U get sold to other local small/midsize owners. The 4plexes in Fridley are all owned by 1 guy but there’s a bunch of new beautiful apartments there now so those rents will drop and attract less desirable tenants. There are some on the MPLS / Robbinsdale border but the tenant quality and safety is the issue there.

@Matthew Fermino

What kind of property: SFH, 2/3/4plex, commercial?

What kind of terms: cash buy, traditional finance, foreclosure, REO, tax liens?

@Paul Sandhu

It’s not a terrible idea to call around, just don’t mess with them losing an actual potential renter. Finding out pricing, terms, etc is Market Research as far as I’m concerned

@Matthew White

Yes owner occupying / house hacking works well to get Owner Occ financing but you generally have to live there 2 years otherwise certain states can enforce capital gains as if it was a flip. You also end up living in a construction zone and moving constantly but if it’s bearable for you + family if applicable it’s a good way to go. National banks or Local credit unions work just as well if you’re planning on living there for a few years. Then when you move you get to keep that good interest rate.

@Jason Aro

From LI now living in Minnesota (wife). Taxes are tough on LI, you’ll get high rent but you really have to purchase right to overcome taxes. Go for Suffolk if you’re set on LI., property taxes will be high but Oakdale, Sayville can get good returns if you can buy right. Suffolk’s got a lot of old folks living in “time capsule” / out of date but well maintained houses, If you yellow letter to them you might stand a chance but likely their kids will have their noses in it because that’s their inheritance. For Nassau stay out of Hempstead, Freeport - just because those are cheaper still $300k and you’ll have tenant problems. I’d go upstate Rochester, Buffalo and pull some dup/triplex for $60k/door.

@Lieselotte Anke

Definitely find a commercial broker, someone in the restaurant vertical. Look to CBRE, Colliers, Transwestern or someone CCIM or SIOR accredited. Leasing that space will be a much different commercial lease with rent escalations, could be Triple Net to include Taxes, Common Area Maint., and will have options for additional terms.