All Forum Posts by: Nick Rutkowski

@Jeremy Swanson I’d figure out what both of you can bring to the table. He isn’t going to be managing the property as much as you would. Maybe one of you can be the managing partner of the LLC while the other is the silent partner?

@Marisa Rowe I’m on an hour or two a day. This website is one of my favorite ways to network and help out fellow investors.

 If you're purchasing all cash, then check with your lawyer/title company for a final closing amount. If you're doing financing, check with your loan officer to see what the closing amount will be. 

3 days sounds a little ridiculous... I've seen a 7 day closing but I haven't heard of a transaction only taking 3 days. Maybe others in BP have done a 3 day closing. FHA typically takes over 30 days to finance so that may be an issue for the seller. If it's a property being sold by a wholesaler, it's probably going to have a difficult time meeting the FHA property condition standards. You should check with your loan officer to see what those standards are and see if this property meets the conditions. Hope this all works out for you!

@Brian Ellis, you're absolutely right. It's way different market than Boston. How much are you paying for on average for taxes when you bought your properties?

@Brian Ellis which state are you referring to? I'd love to invest in a state next. I typically pay 10% between origination fees, lawyers, inspectors, appraisals, taxes (which is the big killer of all deals and can be in the thousands if not 10s of thousands) Granted, my taxes are prorated at closing but I still need the money upfront. Then again, I invest in Upstate NY, so it makes sense to have 10% extra on hand and why my rule of thumb is state dependent. If you don't believe me, I can show you my closing statements on my 62k loan that I need $9,000 in closing costs...

I agree with @Brian Ellis, CC seem a little low.  My rule of thumb, estimate 10% of the total purchase price as closing costs. (State depending, I live in NY where CC and Fees are up to 10%)

I'd do some market research and see how much rents are from comparable properties. That's as easy as using C-list and Zillow (for starters). How do you plan on managing it out of state? How much are houses selling for in your area, could you flip your house? 

You may need a lawyer, NYS is an attorney state and we typically use an attorney to handle title and sometimes escrow. If you're buying a deal off of the MLS in your area, then the Real Estate brokerage will hold escrow in their account.

As for a good lawyer in Rochester...ask @Mark Cumbie he's the RE professional of Rochester. 

Best of luck!

@Brad Mylius Getting licensed is a great start, you’ll get a fantastic education in the Real Estate transaction process, you’ll meet a lot of Real Estate enthusiasts, and you’ll get access to all the houses on your MLS. Brokering is a valuable skill to have, especially if you’re looking to get into bigger projects like syndication.