All Forum Posts by: Nick Rutkowski

@Kevin Scott

Hard money wouldn't be a bad option, in NY we can refinance out in 6 months -depending on your lender. What's your exit strategy? 

Could you find an investor who you could partner up with? 

They say they will give you up to 50,000 for the downpayment on your home. In exchange, you must rent a room out for Airbnb and they get a split in the profits for the next 1-3 Years. What are your thoughts?

@Moises Rafael

Depends, do you have anyone in your inner circle who could lend you the money for a down payment or cosign the mortgage? If you do, maybe you could form a deal with them - you rehab the property if they help with the purchase. 

Ask the agent if the owner owns the property "free and clear" and "if they would be open to owner financing". If they don't then, you will need to put a mortgage on the property. If you choose to "House Hack": with your partner, get an FHA203k (3.5% down payment, with renovation money included), ask for the maximum amount of "seller concessions" (state depending) and purchase the property. You'll have your closing costs covered and you put little down. If you don't choose to "House Hack": then you and your partner need to come up with 20-25% for the down payment. 

Us Real Estate Agents are pesky people (evil depending on who you ask). Try asking him/her to be your agent on the transaction. They might try "extra hard" to make the transaction work, especially when there is twice the amount of commission on the line. It's also a good to see where their loyalty truly lies. 

Good luck!

I use LLC for my rentals, make sure you do a separate one for each property.

@Adam Bordes,

Check with your local board, you might be able to pay just for MLS access. If you were to bring other buyers and sellers together for a sale then you would need to join a brokerage. IMO try looking into small brokerages who deal with investment properties. They tend to be more "flexible" with your Real Estate intentions and don't pressure you into generating sales. Plus being new to Real Estate and covered by E&O insurance is a very good thing.

@David Morgan There are lawyers out there who are educated on sub2s. Are there any Investor meet up groups in your area? If there are, try reaching out to them and see who their group members use. That's how I found my lawyer.  

Matt K. I like this approach. I'm an Agent and I think that would be helpful if my clients did that on both ends. Zillow, Redfin, and Trulia makes the local RE market accessible to everyone but not everyone can analyze a property correctly.

Find a new agent immediately.

Solomon, I am an agent and in my brokerage is a women who has the exact same experience as you do. She is crushing our market right now (Southern Tier Region, New York). It took her a few years to work up to that status. You will still have to "pay your dues" as the vets in the industry call it. A huge part of our job is to advertise to people to get their business, you have 15 plus years. Self motivation and the patience to deal with a lot of emotion from people is another big part. If you have all three working for you then you should do well. Go for it, because you don't know what will happen when you do it. If you need people to connect with or to help you out -give me a shout.

Hello, My girlfriend and I are finishing up our first investment property and we are now looking for our next investment. We live in a tourist area and thought about buying a cottage on the lake and run an AirBnB out of it. Neither one of us have ran an AirBnB before or owned a "vacation" house. What is your experience with AirBnB and what should we look out for? Is analyzing a vacation home the same as a duplex?