All Forum Posts by: Matthew Fuentes

Hi Everyone!

So I recently closed on a house that sits on 2 lots. I am going to try and get each lot zoned on their own in order to sell or build on the other empty lot. I have been in contact with a lawyer in the area (Long Island NY). He is telling me I would initially get denied and then we would file for an article 78 and most likely win. 

All in all cost would be roughly 18k all in and would take 1-2 years.

I am also in contact with an expeditor who has not gotten back to me.

Anyone have any experience with this? I want to get the job done however, thinking of doing it on my own and saving the money.

Best,

Matt 

Hello!

I am currently bringing on an LP for a new prop I am purchasing. She is investing 20k on a 160k prop. My LLC will be contributing the rest of the down payment.

Should I have a lawyer draw up a contract for our partnership or are there templates I can work into myself?

Thanks!

-Matt F. 

Hello Everyone!

I currently own a 2 bedroom property that is earning me almost 21% ROI each year (only one rent profits). Closer to 30% each year if you include mortgage payments and .50% house value increase each year.

I currently don't have enough cash left to purchase another place, however have a few investors who love what I do and want to invest with me. They are each willing to put in 20k (total of 40k).

Props I am looking at are around 160k turnkey. Perfect for a 40k investment! 

My question is how can I set up an LP to use their money to invest and set up a 5 year LP with profits paid to them and myself and allow them the chance to ask for their initial investment back after those 5 years? I have been racking my mind!!!

Thanks!

Matt 

 Best idea I've heard - and we have thought about this - however if we offer them these terms over 5 years - how to pay them back initial investment? many of them might not want money tied up for a while. 

-Matt

Thanks Aaron - appreciated 

 Exactly - this is where we are hitting a bit of a wall !! I don't want to tap out resources with another prop as we have long term goals in mind 

Hello Everyone / Here is the Gist:

- 80k saved with myself and my partner.

- Purchased 1st property - a 2 bedroom turnkey on Long Island (Mastic Beach NY) - house is raised and commands between 1600 and 1700 a month rent. 20% downpayment - taxes around 4500 yearly - OUR ROI is looking to be around 20% yearly (based off downpayment)

-We have 40 k left which can get us into another property, however where do we go from there?

-Our goals are to bring in around 8k a month with props.

-We were thinking (private equity, hard money lenders). But how to pay them back etc. etc.  ???

Any thoughts or suggestions would be appreciated!

Best,

Matt

I know this is an old thread - but I just purchased a raised 2 bedroom in Mastic Beach - turnkey for 160k - looking to get 1700 - ROI with 20% down is around 20%

Best,

Matt 

I will make this quick and hopefully easy to understand:

80K liquid saved for investing: WAS going to purchase house for 50k, rehab, rent, refi and repeat. Not finding any properties that meet my criteria. I live on Long Island NY.

I have the opportunity to invest in Charleston SC in condos that are asking 117k. Have family in real estate down there.

I am worried I can't scale up quickly enough going with these condos than what I could do with the 50k props and BRRRR strategy.

Any advice would be appreciated!

-Matt 

Hello Everyone!

My partner and I have been losing deals left and right as properties are being snatched up before we can get into the action. We have an agent working for us and we even call the listing agents as well, however it always seems the properties are already in contract or negotiations.

These properties are in a distressed area in Long Island, NY and we are calling on them legitimately the day they show up on MLS.

Any advice would be appreciated.

-Matt