All Forum Posts by: Nick Rutkowski

@Jessica Dawn Kalinski

Through the Roof Homes. My partner came up with it and we rolled with it.

@Alex Soto

This looks like a better flip than a buy and hold. If you’re looking for a rental try looking at a duplex or triplex.

@Jason Fernandez

Get an inspection done. That way you’ll know what’s going on with the property. Plus you’re covered legally if sellers don’t properly disclose any major defects.

@Jason Kang

Whenever you can, separate your assets from you. I prefer a LLC others will say get umbrella insurance. Both have their advantages and disadvantages.

@Chris Howell

Ithaca NY is always a good market with a decent ROI. You might want to take a look here. It's a smaller market but there's plenty of opportunity.

@Bronson Simmons

Depends, first I’d get my purchase terms written out. Price, interest, monthly payment and length of mortgage. Next you’ll want to add in your inspection terms. In NY you have 5 days to get the property inspected. Don’t waive this, I’ve been royally duped before and having an inspection would have saved me. Then add in your financing terms. If it’s bank financed, give yourself a solid 3 months. If it’s owner finance work it out with the sellers. Additional terms can be written out after, such as keeping something, repairs, etc. There’s more specifics, check your states RE rules. I’m giving you the bare bones of how I do it.

@Michael E.

That’s pretty much what I’m doing in NY. I think you’re on the right path. However, your insurance company and bank might have an issue if you don’t set yourself up correctly. I had to form two separate LLCs one for the construction and one for my real estate holdings in order for my bank and insurer to be happy. Michigan might be different but it’s something to look into. Great idea, hope you stick with it and see great results.

@Michael Williams

Here's how I did it on my last two properties and my next one I'm about to purchase. I found a bank who lended 100%, no down payment if I found a property selling for 75%LTV. Then I found a property fitting the criteria.

Second option, find a bank that will accept a second position of 20%-25% from the sellers in a commercial transaction. Easier said than done of course.

Both options are doable but are rare to come by. I tried dozens of different local lenders and when I found the right one, I had to have my first transaction with them under my belt before I got the better deals. Hope it works out for you.

@Edwin Gutierrez

A lot of people in NYC invest in Ithaca. Tourist destination, Cornell and Ithaca College are 5 miles apart, job growth and real estate development. I run airbnbs around Ithaca and I’ve been doing well.

@Marquez Ford

Look up your local real estate board, they normally have small articles about what’s going on new wise. They also should have stats on sales, new listings, pending listings, solds, etc. It seems like you’re in the DC area, finding out news about your area should be relatively easy. There’s a lot of people here from DC, lots of information and trends are brought up before you hear it on the news.