All Forum Posts by: Samson Kay

@Eric H. 

So I ended up buying it as a fix and flip. But during the closing I found that it would be possible to wholesale the property for a small margin if you could line up a buyer in time. The auction site didn't seem to take issue with the and or assigns or buying in an entity. So theoretically, you could buy in an entity and sell the entity to the end buyer.

Hope that helps.

Im in the same boat as you. I'm probably another year or so before I'm in a position to leave my job, but that is my end game. Good to see others are making it in real estate.

@Glenn McCrorey Thats amazing. Congrats!

A couple of questions:

1) What factors help you decide that this was the right time for you to quit you job.

2) What goals do you have near term for your new RE adventure?

I purchased a 6 unit last year that I spent the last year rehabbing and renting out. Based on area cap rate, I believe I increased the value to around 475K from a purchase price of 340K. I was hoping to refi it to get some cash out for another acquisition, but I'm having trouble finding a small bank that will do it? 

Does anyone have suggestions?

I think I might actually work on this app. Would you like to test it for me when we are ready to test?

@James Wise 

The app in that commercial searches for phone numbers in the view finder and brings it into the phone so you can dial or save the contact info.

Im thinking something more like the yelp app. The Yelp app had this feature, where you look through your camera, and it shows restaurants on your street with ratings and type of food. The app would be like an augmented reality app. 

So it would be like a quick visual tool to stand on a street look at your house and a price would show up over the house based on MLS information. Then I can shift right or left to the house adjacents to see if they are for sale or recent sale info to quickly gage how well the other house is priced.

Saw this forum on REDDIT, and thought it would be cool if we started a forum discussion: "Someone should make this" for something you need in real estate.

Could be an app that you wish you had that could make your life easier.

Could be a tool that you wish they made for some aspect of your rehab.

Maybe you need a specialize "tool" that you need to convince your renters to pay rent.

FOR ME, one thing that I think would be useful, is a visual app that shows the price of a house by viewing it in my camera. Particularly if I want to quickly see how much a house is next door to the buildings I'm looking im visiting for a snap shot of what the comps near by..

@Rob L. 

. yeah the numbers i reported here account for the condo fee(water sewage and trash and general common area upkeep) and PITI. It doesn't take into account future general maintenance like holes in the walls a broken sink or anything like that though. I manage a few buildings nearby so things like that would be easy for me to take care of should they arise.

@Jeffrey Smith I agree one hundred %. theres little risk on my part if we can secure it with no money down. 

Aly,

Yes there would be some due diligence involved. But I think things like new AC unit and water heater are small ticket items are can be chalked up to the cost of doing business. But a special assesment that raises the price of the condo fee will affect my bottom line short term. I will find that out.

Do you have any insite on the proposed structure of the deal? Sub-to sound like a good idea?

yeah the condos in downtown lowell actually. Do you know the area? Lots of redevelopment, Good for the young professional.