All Forum Posts by: Michael Longobardi

@raymond

@Raymond B. thank you. I will look into it.

I'm wholesaling a deal in Mastic, NY. It's a turn key property, low taxes, currently occupied 1400 pm for 89k. Where can I post it on Bigger Pockets?

I just want to do it within Bigger Pockets' terms of service.

We are getting a lot of leads from our marketing efforts to buy properties. Many of the leads that come to us are lower than retail but too high for wholesale. I am looking to farm these leads to an agent on Long Island. Post a reply or PM me back ASAP.

@Robert Leonard - Thank you for the response!

We started wholesaling very recently and a deal came up through our bandit signs. To make a long story short - it's an updated (new SS appliances, paint, carpet, etc.) 2br 1ba on 78x100 lot in NY - taxes and insurance are $300 pm and it's occupied with tenants paying $1400 per month. I called my mortgage broker to run the numbers and he said that I can do it as investment property, 25% down + closing - The fee worksheet showed that my total out of pocket is 28,000 and I still need to hire an attorney. I spoke to another investor today who suggested an FHA, but I already have a primary residence and it would look a little odd to leave a 5BR to go to a 2BR. I called my mortgage broker back and he said this was my only option and then I asked if there was anything else that could work. He reluctantly told me that subprimes were coming back, but quickly said that I shouldn't pay 7%. I told him that I was not opposed to that rate if it could get me in without so much down. He said that he would look into the product because it isn't something he's used before and would get back to me. Does anyone have any ideas?

Thanks for your reply, Josh.

We purchased a list of pre-foreclosures in a 5 mile radius which included a column that shows equity. Almost half of the houses have equity less than 100 percent all the way down to -68 percent. My question is whether I should be mailing to these people or not?

Michael Anspach- Thanks for the welcome. What exactly are you looking for? What area, single or multi-family? What price range? Please PM me when you're free so we can talk.

Joshua Dorkin - Hello fellow (former) Long Islander.. Your site is amazing!! - I will check out the "Ultimate Beginner's Guide to Real Estate Investing"

Jon Klaus - Thanks for the welcome. If you ever have the chance, I'd love to hear how you got started and some of what worked and (maybe) more importantly, what didn't.

Thanks Joel.

Hi Everyone,

My name is Michael. I am a 41 year old, married, father of two babies under two and I am looking for a way to ensure a solid future for my family through real estate. I have a private practice as a Certified Life Coach and am also a case manager at a substance abuse facility.

A couple of friends and I just started getting into wholesaling recently. The reason there are three of us is to keep the momentum going, remain accountable to each other and not let fear or discouragement get in the way. We've posted ads on CL for buyers and are building our 'Buyer's List'. We just took delivery of our first bandits signs and have started planting them locally and have already gotten a few responses in the first couple of days.

As we are very new to this, I would appreciate any feedback or insight into the best way to get started/continue and would love to hear how some of you got started in wholesaling (or real estate in general). We are under no illusion that this a get rich quick deal and are really interested in learning from the ground up.

At this point, I guess it would be helpful to learn where to find local 'investor friendly' allies like a title company, attorney and RE agent. If any of you fit that description or know who I can contact, please let me know.

I hope to hear from some of you soon.

Best Regards,

Michael L