All Forum Posts by: Angelo Mart

I always wanted to be a real estate investor. I saved up money and purchased my first home when I was 30. The property was a short sale and I viewed it as an investment because it had great equity and was below market value. The reason I purchased a home is because it was the "next phase of life" and "thing to do" when you turn 30 and to make me feel like I was actually doing something with my life. Homeownership is believed to be a big accomplishment but it is all BS. I fixed it up and sold it after 2 years and broke even once you add in taxes, repairs and mortgage interest. As Grant Cardone and many experts state that the home you live in is a LIABILITY and not an INVESTMENT. After the close of the sale I put all the funds into flipping and rentals and never looked back. I currently rent the home I live in because after crunching the numbers aggressively it is more beneficial to rent in my townhouse development here in NJ which was a combined property taxes and HOA fee of $900/Month before mortgage. Complete total waste with 20% on $400,000 my PITI was over $2,900 but i rent it for $2350 with no money out of pocket. Took the down payment and purchased a 4 Family. Homeownership in high taxed states is a complete scam for the government and banks to get rich. YOU have to make the choice if you want to be a REAL ESTATE INVESTOR or buy a house because its so cute and socially acceptable. I still try to explain to my uneducated relatives the strategy I go by and they look at me with 5 heads and say but the landlord gets rich not you. I reply "my rental properties pay for me to live in a luxury townhouse for free" while recycling the downpayment money and having all the other real estate benefits.......

Look at exact room count and size of comparable rentals

I hope he screened thoroughly and utilized a bullet proof lease from attorney. Maybe manager did not screen good enough and does not necessarilly know how to manage correctly. Also, I like Section 8 in the Hood - Never late and is so Great

100% .... I thing its time for me to hire an assistant lol

It like having a baby, you are never actually "Ready" but if you have:

1. Money ready and have a goal (i.e. flip, rent etc)

2. Studied the living sh*t out of 1 specific market obsessively yes obsessively (this is not a hobby)

3. Numbers for that market are verified and correct

4. Construction estimates are in line

5. Boom Pull the trigger

Margins are getting thinner as values keep going up

Without hustle you have nothing

MLS photos can make or break a deal. Also, take a close look at current COMPARABLE inventory and see if they offer any concessions etc

Wikipedia has some current annual numbers. I believe we have to wait for the next Census to come out

As an appraiser the number 1 item we look at is the condition of the kitchen and bathrooms (if renovated or not). Added square footage, additions major renovations are huge. As far as weatherstripping, dual flush toilets etc etc it is completely IRRELEVANT to the FNMA 1025 Appraisal report form and will not really increase appraised value. Renovate kitchen, bath, fix whatever need be, paint, new floor. Add a bath, finish basement, add a deck. These are all important items that increase value. I just did a house where the guy replaced a roof, sprinklers, security cameras and new grass. This might be cool and help (slightly) when he sells the home but it had absolutely no impact on the appraisal. Repair your dishwasher, clean carpets fix roof etc etc these are all differed maintenance items you need to address to help your property from falling into disrepair and depreciating due to wear and tear but will not "increase" your value. If those items are not addressed the property can turn into a piece of garbage...