All Forum Posts by: John Spina jr

My thought was possibly doing a lease option or a,sandwich lease option or even a wholesale deal?

Quick note... the seller has inherited the house from her mother who recently passed away. Her and her brother are now the owners and will be trying to sell the house in the next month . When that time comes i would like to have done my homework and be prepared to give them a well written offer.

Hey everyone I'm trying to evaluate my first deal. Here is the information on it. All info was pulled from county records.

Staten Island, New York. SINGLE FAMILY HOME. 3 Bedroom 2 Bathroom 1 full 1 half

 Lot Sqft 2,500. Finished Sqft. 1,152. Finished Basement.  Lot is 25 by 100.

Estimated market value is $370,000 from year 16/17. Future market value is $414,00 year 17/18. House is paid off theres 100% equity.

property tax-$4720 

Built in 1965.

Estimated Rehab Cost- $20,000.

-Im not sure if this is a good deal or what the best approach is. I cannot afford to pay the monthly payment to owner occupy, nor can i afford the 20% down payment as an investment property. Is there anything I could offer the seller or is just a bad deal for me? Are there any tools i could use to approach this situation?

If I'm missing anything please let me know.    Thanks

Thank you, I appreciate the info. What exactly should I ask my real estate attorney? Would I be correct if I asked him for blank contracts with those certain contingencies incorporated? 

Hey everyone, I'm a newbe investor from New York. When getting a property under contract with the seller, what exactly has to be on the contract that will protect you and give you time to do your due deligence. Ive heard people say first get the property under contract then figure out what tool will work best.

I'm also very new to real estate investing. I've read most of the bigger pockets books and listen to the podcasts instead of the radio whenever I'm driving in my car. My question that I feel lis holding me back is the initial process on making and offer. What type of document do you need to have the seller signed? And what exactly needs to be on the document that gives you the protection to start figuring out how exactly you can help the seller in the situation.

@JerryPadilla yes I have considered house hacking. As a matter of fact I found a possible deal about an hour away from where I live. But the numbers didn't really work out.  I am still looking though. At this point in the game, it's probably better to go try house hacking since I don't have much capital for a down payment or rehab  costs. 

Quick question about where to find the initial funding for a down payment on an investment property. Is it looked down on to get the money from a hard money lender for a 20% down payment on an investment property? Or should I try and see what I can take from my retirement account or my annuity fund? I've literally have gotten hung up on from lenders I called this morning. I googled hard money lenders in my area and went down the list calling each one. Got to number 5 on the lit and said to myself let me jump on the forums and see what everyone else thinks. Thanks everyone

Aside from calculating the NOI, ROI, cash on cash return, and the comps. If someone needs to finance the conventional way, do they need to sit down with a broker and see what kind of payment they'll be making and at what interest on every property?

  How else would someone know exactly what the expenses will be for each property? (Mortgage payments, tax, insurance etc.)

Good morning! I'm new to bigger pockets. I was interested because every search on Google always mentioned bigger pockets. This all started about 4 months ago since then Ive been educating myself and listening to the BP podcast in my car. By trade I'm an engineer with a long background of general contracting. Im from staten island, NY and have searching outwards because prices in my area are pretty high. Pennsylvania has caught my attention. If anyone has any advice I would appreciate it.