All Forum Posts by: Michael Gessner

@Account Closed Depending on how much is "alot of debt" how much life is left to the car loan ? if you have high balances on your credit cards with high interest and only are making the minimum monthly payment you will never climb out of the whole, especially with the student loans. You need to somehow consolidate everything into a personal loan with a decent interest rate, I would try for a personal loan to consolidate the debt if you cant do it on your own maybe seek out a relative to come on the loan with you. What are your goals in real estate?, with your current condition id say your ways away from buy and hold. In terms of getting rid of the car loan, as long as your current car has a warranty still on it, the last thing i would do is go buy a junker that can cost you thousands in repairs.

@Steven Bonfante what seems to be the issue with the basement? pm me details and if possible email me a few pics of the property

start fully documenting everything and take lots of pictures, I would start communicating via email or by letter, even send them a certified letter stating damages etc, sounds like you didn't hire a qualified roofer. send a copy of everything to your attorney maybe even have him draft a letter demanding a response, if push for a refund + damages and go with a new roofer

I say this as I am new to real estate, but I disagree to a certain extent, the key is to take the cash from flipping and diversify it, tying all proceeds into rentals is not going to work today. you see my goal is to flip to bring good cash to purchase other real estate and small service businesses, now I've used the funds to the fullest and now have multiple streams of income, to only rely on rental income unless you have large investors or large amounts of cash is setting your self up for failure, if you diversify the proceeds into multiple cash flowing businesses and properties now your building stable wealth. an example, I know I can purchase let's say 80 loan accounts for 30k, I can hire 2 guys to cut the 80 lawns in a week at approx 11k in monthly income, that's 110k income for 10 months, not bad from 30k profit off a flip to now a steady 110k income. the same goes for several service business you can buy them cheap and make a great roi off a small investment. Let the profits work for you in multiple streams not just real estate.

@Vincent Plant small business are tough, really do your do diligence on the company and the owners, its a long term commitment that can go south quick. Depending on how much your looking to tie up why not partner with a flipper, you fund the deals and take a steady interest payment. This way its more short term you get through a flip if your not comfortable you can move on, small business once your in, your money is spent, not all businesses have the capitol to buy you out if you decide to pull out. That being said im currently looking for a financial partner if your interested send me a PM. other wise best of luck.

So here the scoop, im in contract on a property in Orange county I was going to go with hard money however my father and I were going to borrow the 20% + closing + rehab from his annuity, unfortunately he was turned down because he borrowed many years ago and now can not borrow again until he retires next year. This could be a great deal for my first flip if I can just secure the funding. 

The deal,

PP $185,000.00

Reno Budget $60,000.00

Taxes $9,587.90 (responsible for the unused portion only)

Holding costs $1,200.00 (utility's)

As of right now my material list is coming in at $34,519.91

Closing costs $6,870.85 (includes builders risk insurance policy)

ARV $370,000.00 (appraisal came from a reputable company who does most of there business in Orange County)

I was advised by both my agent as well as the appraiser the final sale price should go well north of $370K due to inventory and the area the property is in.

Descripition of property

Split ranch

4 bed

3 and 1/2 bath

in ground pool (new liner and filtration already in reno budget)

1973 build date

.73 acres

2348 square footage

Scope of work,

Upgrade kitchen, upgrade baths, new heating system, refinish hardwood floors, paint interior and exterior, new front porch, open 5 walls not fully just expand opening that already exists, new widows and doors new landscaping and new pool liner.

If your interested in making this happen please send me a PM asap, im looking to this full time so we can start a strong relationship if your eager and willing. My experience includes an extensive background in residential construction and remodeling, as well as light commercial, I have many freinds in the industry that know my capabilities and are willing to pull electrical permits as needed, My father holds a valid Rockland County Master Plumbers License, I am in the process of renewing My Rockland County GC license. My goal here is to not have to seek out contractors and do all the work in house, Myself, my fathers and former employees of mine are fully capable of completing rehabs and are ready to start. I am expected to close on the 21st of March so time is of the essence. Please contact me so we can discuss how we can make this happen and how it will benefit the both of us. I fully expect to have this property flipped and ready to be listed back on the market in no longer then 6 weeks, I am putting a budget of 60K and 6 weeks to completion only due to the septic system, the building dept has no pump cert on file so the condition is unknown, Myself and my father are fully capable of installing a new system if need be, my father has the background in sewer systems and I have an extensive background in heavy equipment operation, weather it be drainage site grading excavation so on.

@Aram Hambardzumyan

Send me a pm and I can get you in touch with a good realtor who deals with those areas.

Haverstraw is where the good rentals are, you will be going up against a certain group of people who have deep pockets and pretty much own a majority of real estate in rockland. Me personally I would steer away from rockland its going down hill rapidly and and the cost of living is through the roof. If you choose to bid on anything be prepared to go over asking, its very rare you will be the only one looking at the property. Good luck

welcome, I'm in Rockland as well good luck on your new venture, if ur looking more towards by and holds look into westchester

if the numbers work it shouldn't be a deal breaker, get a mold abatement company In for quotes to remediate, plan on waterproofing the exterior basement walls and adding heat to the basement if you plan on doing anything with it