All Forum Posts by: Parish Pradhan

@Martin Manning  If it's too good to be true then it is! There are many lenders out there with very similar programs. I would never do a deal with anyone that I have doubts with going in. Better safe than sorry! 

Good luck!!

@Abhiram S.  Welcome to the site!

I live in the Upper West Side and still broker deals in NYC as an agent. I have also started investing and flipping properties in CT. Would be nice to connect, share ideas to expand even further with your experience. 

This is a great site to learn and explore different markets! I have made some great connections and got amazing feedback in past month itself.

@Account Closed  I have read that book many times by Gary Keller, who is also the founder of the company I work at as an agent. That book is for real estate agents that want to grow their business and start a team. It's not the right book to read and question yourself on how to make a million annually. 

You can make a million or more by everything you've asked. It takes time and patience like every business. But most important question is, are you committed and passionate about real estate. It's not for everyone, so you really have to love what you're doing. 

From my personal experience: Flipping and becoming an agent is the quickest way to your first million.

Good luck on your road to millions!!

@John Canchola  Understood! 

Look at deals offered on LInkedIn. There are many of those with 100+ units.
Good luck John!

@John Canchola  I have a good deal in the Bronx, NY.
1.2M asking 6 resi units and two commercial space. Cap rate of 10%. It's newly built with tenants in place.
I know this is far out east for you, but we can help you manage the property.
If interested, contact me and I will send you all details in a private message.

I agree with @Jonathan Twombly and partially with @Michael G. 

I live in Manhattan and I'm an agent here but also an investor in other states. Manhattan is a "safe deposit" for real estate investors and foreign buyers because of the strong market but steady income. You are very lucky if you find a building with a 9 CAP in the city. NYC is for investors who likes to hold for a long term and sell for a high margin; years later. Investors who prefers high ROI in short time prefers to deal outside of NYC. Definitely the price point is a bit high for me right now. That's why I'm investing in Fixer Upper in other states with high ROI and still earning high commissions for the deals I broker in NYC. Best of both worlds!

Most of the best deals come through brokers. I rarely hear stories about an investor meeting a seller and finding the best deals. Of course, when you are dealing in 100M+ deals, the community is small there so they call each other and trade properties.

@Michael G.  I've sold some few off market deals in Brooklyn to local investors. Let me know if you are in need of a "Bird Dog" or local agent. I got a good one for you.

@Maha Mikhail  I don't think there is a standard fee for that. I am also not sure how it works in TN. For Realtor's that would be part of their job to help find clients good lenders and you earn a commission off the closed sale. If you are not a realtor, may be a 3-5% is fair to ask?!?! We also call it a "Finders Fee" which works for properties or lenders and it is roughly about 3-5% of the loan borrowed; 3% being the standard mark.

Sorry I didn't really answer your question but hope it helped a little.

Best wishes!

@Orion Walker  I think @Jean Bolger and @Andrew Kniffin pretty much summed it up for you. 

My thoughts: I would just have a normal convo "get to know you" kinda meeting. Based on your informal meeting, you can always set up an actual meeting for later and make offers or help the gentleman. If he's tired of being a landlord and don't want 1031 Exchange, (which is a lot of pressure) but still prefers to have a passive income, you can mention about the exchange through Delaware Statutory Trusts or DST's. The value add for these programs is that they are ideal for the passive investor who doesn’t want to mange property anymore. I know people who specializes in this, who can help clients fill the entire deferral with any boot money left over from the relinquished property. You can also advice him to direct all his capital gains to his IRA. Definitely will save huge in taxes.
I am not a CPA or Tax expert so he will have to seek his own legal advice.

You can only get the best for yourself when you do the best for others. If you help him with his problems (IF THERE IS ANY) then he will hand you the property.

I wish you all best! Good luck!

BP Community:

I am new to BP but not to real estate. I have been in the business and worked as an agent for over 6 years, closed over 250 deals in sales (Co-ops and Condos) rentals, multifamily and development sites. 
I am also an investor, currently flipping houses in CT (flipped 5 past year) and would like to invest in other states if there are greater opportunities. Focused on SFR or Multifamily fixer upper only. Not looking to Hold any properties. I am looking in to doing the same in NYC area. I will be closing on my first wholesale, with a profit of $260K.. Whoot!!! Opportunities are endless in NYC. I work with the biggest landlords and developers in NYC, catch a few drinks sometimes with them. If anyone is curious to learn more or need tips or share inside stories; I would enjoy it as there is nothing better than talking real estate... well at least in my opinion.
Looking forward to networking with like minded people and expanding my business.

Respectfully,
Parish Pradhan

@Eric Siu  I would like more info if you can provide. Are you fully set up as a Private Lender? I have flipped 5 houses in past 12 months, all cash deals. I have averaged 25% Net Profit and I'm looking to borrow to do more deals. Volume is where I would like to make more money. Please feel free to email me at [email protected]

@Dave Malone  If you can lend, please email me some info. I just started talking to Private Lender, would like to avoid Hard Money Lenders.

Thanks,
Parish