All Forum Posts by: Paul Sorgi

There are at least 4 more expenses I would factor in.  

1. Vacancy 5 to 10% depends on area

2. Management 5 to 10%

3. Capital expenditures which is different than repairs. 

4. Utilities if there are common areas.  these will be metered to landlord.  

The offer is like a draft of the P&S. In some States the offer converts to the P&S. Wayne is absolutely right get your attorney involved to draft the offer.

Do this for me.  Learn one thing then implement it.  Take action right away.  I don't mean you have to buy a property tomorrow.  For example if you study how to find distressed homes learn one technique and go do it.  Then figure out your next step.  The best part is you only have to ask here on BP and you will get multiple answers.

You expense repairs and depreciate capital expenditures.  The best answer is going to come from a CPA or someone with much more knowledge than I.  

Welcome @Matthew Marini to participating on BP!  Keep sharing  your experiences. 

Welcome @Matthew Marini to participating on BP!  Keep sharing  your experiences. 

 Glad I could help!

@Steven Paul through networking. You can do a search here BP for investors in your area. Read their profiles and send them a message. Attend local REIA meetings do a google search for real estate investors in "your area"

@Steven Paul    You would be the wholesaler.  But first before you do anything learn the process.  There are some great "guides" here on BP check them out.  If you move to quickly you will end up with a "pig" that no one will want and all the problems that go with it.  

For instance I made the mistake of buying a cheap home for $2000 the rehab was going to cost me 40k sounds cheap but the house finished is only worth 25k  and will rent for 500. 

 The property was an eyesore for years before I bought it and the local code enforcement had had enough of listening to neighbors gripe.  

When I met with them to inspect the property they told me I had to fix it with in 4 months or they were going to tear it down.  Well the short story is my money was tied up in another deal and I had 4 other homes to rehab.  

I explained it to them but they did not care.  I now own a house on a list to be torn down and even if I wanted to appeal the chances are very slim it would be overturned.  

This can happen even when you know what your doing it can get worse if you jump straight into the fire with now way to get out.