All Forum Posts by: Rafael Norat

Thanks for the input!

Anyone have experience with vinyl plank flooring? I've been hearing about it as a durable option for rentals. 4mm seems to be the standard. But 2mm can be had for about $1/square ft. Anyone use 2mm? Any issues?

You may be able to use the po box as simply your mailing address for tenants. And then still have your home business address. Hopefully someone can answer here. But, a clever tenant that wants to find you WILL FIND YOU if you have any court recorded docs with your personal address. I found that out a little while ago. I use a business LLC as my management service and simply tell tenants I'm management. This tenant looked up the property tax where I still had the property owned address as my personal unfortunately. Since then, I changed my tax info to avoid any further issues.

Joseph Cuomo Hey Joseph. Congrats on getting your 1st call! With this seller as suggested, unless the seller is willing to eat the difference or has a bank willing to short sale at a price you can agree to, it may most likely be hard to work out. Either way, get your offer in and let it be. How are you basing your numbers? Most wholesalers in NY/NJ will start out at 65% ARV minus repairs (the 5% as the wholesale fee) when estimating. With an ARV of 260, that brings you down towards $140 ish. Hang in there and be patient. The majority of your leads won't hit to 6 or 7 touches. And NJ/NY are out of control right now with prices and the sellers know it. Best wishes man and keep it up!

Michael Cooper Keep at it and this is a great place to be! I always try to implement at least 1 thing from every podcast I hear. That way I keep moving forwards and progressing! Clumsily, but shoot.. Still moving forward!

Stephanie York Congrats on getting started! Have you found some good contractors yet? Using your own money? Hard money? Take your time and build a good team around you. Work with realtors wholesalers and be patient. The more you dig the better chance of finding the deals. I'm sure you have good network events in your area as well. Not to advertise, but pick up j Scott estimating rehab book or something equivalent. He has good contracts in there to use. Get that in order with an attorney to make sure you are legally covered to give yourself the best chance of starting out right. How's that helps!

@David Biederbeck

I took me a good 6 months to jump in as well. With that said, I made tons of mistakes getting started!! You cant worry about that though. I deal with risk mitigation all day long, and EXPERIENCE is by far the best mitigator!!

I'm sure you are attending the meetups near you, as you are connecting with local investors. Just keep building your network here in BP as well, as I'm sure there are plenty of locals as well. Networking always pays off. You just cant put a timeframe on it. Its similar to generating leads. As long as your consistent, it'll start trickling in a some point.

@Account Closed

I would just add the repair cost and cap rate to your numbers there.

Do you have any REOs/short sales and such in the area? Any chance in picking some up 75% ARV cash purchase?

What type seasoning periods do your banks have? 

William Lees Thanks for sharing. Is this completed or needs repair? What's the typical property tax that way? Do you have property management services that will handle these units? Do you have banks that way that will refi with or without seasoning? I know this goes beyond numbers, but I would be interested in the setup down that way.

Mujtaba Khan On the meantime as your options unfold, go to some of the local meetups and network. That should give you more ideas of where to go with things and build a good network to leverage and collaborate with. I personally had about $20k to start with and worked that into business credit to leverage and rental units in PA. But a lot of those possibilities came up as I networked.