All Forum Posts by: Mohit Asthana
Mohit Asthana has started 3 posts and replied 42 times.
Post: Laundry Equipment - Cleveland, Ohio
- Investor
- New York City
- Posts 45
- Votes 22
Leasing them causes less problems imo. We're looking at a 22 unit which has mostly coin-operated and trying to switch them out with leased ones with cards for the tenants.
Also hard to find maintenance techs sometimes
Post: How are you finding deal in this competitive market?
- Investor
- New York City
- Posts 45
- Votes 22
+1 for Twitter for meeting people. I've found a deal off Facebook marketplace and networking with brokers.
Post: CA resident looking to invest out of state
- Investor
- New York City
- Posts 45
- Votes 22
Originally posted by @Sean Rice:
What’s up all! I hope this post finds you all well and in good health! My name is Sean Michael and I’m a newbie, like really newbie. Im really interested in beginning my RE investment journey and living in CA it’s much more of a challenge out here, and I’m determined not to let a costly state to stop me.
I do understand that investing out of state has its obstacles however it’s the way I’m going to get my foot in the door.
Can anyone recommend what cities/states I should be looking into?
And if there is anyone who has experience investing out of state I would really appreciate any tips and advice that you would be willing to share!
Thank you all so much I really appreciate your insights and look forward to reading your responses.
Sean Michael
Hey Sean, pleasure to meet you. I'm also in CA (Bay Area to be exact). I invest in Cleveland, OH. Strong cash flow market, nearly no appreciation though.
Post: Dan Dalby from SF Bay Area
- Investor
- New York City
- Posts 45
- Votes 22
Another Bay Area investor! I'm over in Fremont, but work in SF.
Putting in offers for small multifamily and commercial property in Cleveland. Would love to chat some more and meet likeminded individuals.
Post: Anyone know a site like this but for selling on Amazon?
- Investor
- New York City
- Posts 45
- Votes 22
A lot of Facebook groups have good resources for FBA. First you gotta find a supplier (I recommend Aliexpress/Dhgate for cheap/quality goods), then find a marketing strategy and create social media profiles and keep posting.
Businesses are all about marketing and getting your products to other people.
Post: How to Flip a House- with David Greene
- Investor
- New York City
- Posts 45
- Votes 22
Originally posted by @Johnson Michael:
@Mohit Asthana, I am planning to go. I am from Fremont, CA. So if you want to car pool I am game. Plus, that will be a factor in me not pulling out at the last moment :)
Can you text me at 510-396-2382?
I need to confirm with my family I'm free on that day. I also live in Fremont by the Warm Springs station.
Post: Need some solid career advice
- Investor
- New York City
- Posts 45
- Votes 22
Hey man, I was in your position last year and sort of in your position this year. I'm 23 and "funemployed", but want to get back in the real estate space.
I'm trying to work on buying my own property first using funds that I'm saving from a job. Basically I'm trying to buy property as soon as I can, so this way, I can develop a track record. I'm still going to REIA meetings and local RE meetups to build my local network.
Being an agent is tough man. Not sure how much classes will cost you where you are located, but oftentimes, it's many months of no steady income. If you're trying to become an agent, you're going to have a hard time getting a loan since you have no W-2 income (granted, there are ways to workaround this).
Good luck to you, brother. Hope everything goes well.
Post: How to Flip a House- with David Greene
- Investor
- New York City
- Posts 45
- Votes 22
Is anyone traveling from South/East bay? I'd love to join someone if they're traveling from Fremont/San Jose area! Would absolutely pitch in for gas and a meal!
It's quite an opportunity to meet the amazing David Greene.
Post: Buying cheap commercial property out of state?
- Investor
- New York City
- Posts 45
- Votes 22
Originally posted by @Lane Kawaoka:
Mohit Asthana I know it’s not a popular on this site but I would really recommend researching a mentorship group for going into commercial. Especially when you are looking to play the big kids game.
Would you suggest that for a commercial property that's >150k?
I'm hesitant to pay for a mentorship since I prefer to learn by doing and I figure 150k isn't a huge risk. Plus, my friend's dad does it and he's actually helping me find a post office!
Post: Buying cheap commercial property out of state?
- Investor
- New York City
- Posts 45
- Votes 22
Originally posted by @Michael Lee:
Hello and welcome to this site Mohit! I've been listing to a man that owns over 4,000 apartment units and I tend to believe what he says and he thinks that apartments is only the good way to go and not to make investments on only other retail, office, or hotel business right now because most retail will continue going down versus on-line shopping with few exceptions and one of them is to acquire retail or office buildings in a high demand area and is in the path of growth and a good economy with diversity, population growth, and job growth and must positive cash flow on day 1.
Go with a location that is already popular and making money and that it's a good location. The price may be larger per square foot but if its already making money it will eventually pay off, even with some appreciation. One downside of retail is a vacancy might be harder to fill and can take 6 to 12 months to lease with a new tenant. If you go medical it needs to be fairly new and up to date to get new tenants.
I grew up in Dallas Texas and still live in Dallas County. I am 61 years old and have about 30 years of experience in construction management and also had a real estate broker license for about 30 years. I was into residential and commercial projects. This knowledge of me knowing what I talk about might make me knowledgeable and believe in.
If you buy something out of state you will want an experience property management company that will take care of the daily action and will call you to keep you up to date. Budget accordingly. Good luck to you!
I'm extremely bullish on apartments. My old company was the biggest property management firm and they also did development and acquisitions with large institutions!
Basically the building that I want to buy is an existing post office in a rural area (since that's what my budget allows). I figure the post office isn't going away from rural areas anytime soon and the USPS has a AAA credit rating. I'm not sure what I would do in terms of property management, since in a rural town, property management firms are just scarce in number.
150k can get me a post office with a 6-9% CAP rate and I've heard USPS is pretty lenient with rent increases. I spoke with my friend who buys them and they say USPS usually stays in that same location and an option of 5 years is baked into the lease.