All Forum Posts by: Rafael Norat

ATTENTION Lenders (Conventional or Private),

I have an offer to purchase 17 units in total (4 Unit, 6 Unit, and 7 Unit) in Hazelton, PA

- Completely functional

- 16 out of 17units rented

- No major repairs needed

- Purchase price = $315k (As-Is should easily appraise for $350k+)

- Seller is willing to carry back $50k in second position

- Gross Yearly rents ~ $90k

- Valued at $450k assuming 12% Cap rate   

Please PM me if interested. I am more than willing to put together a full report and submit any docs needed to assist in the process.

FYI: Hazelton PA is a typical blue-collar area. Of note, Hazelton does have an industrial park which creates a majority of the jobs in the area. Amazon recently opened up a facility there creating ~ 3000 jobs. There has been a lot of influx from NJ/NY into the area in the past 2 years.

Thanks.

Rafael

Great job mark! A lot of experience built in one case there! Online auction? Public?

@Roy N. Great options..

@Jon R. That pretty much somes up some great suggestions, Jon. I myself am in the process of securing a 6 unit deal with hard money upfront and long-term finance once done with the rehab. I juts make sure to add the holding costs in and stay below my price point.

I'm also looking at the 2nd position option as well on a larger deal where the seller wants close to ARV value. Its an attractive option for the seller, as the seller will get most of his money upfront. Just needs to be conveyed propertly.

Hope that helps.

Clauny Cassagnol Be sure to attend the BP NY meetup. That ones pretty good. Flippers and funders should have an NY one as well. Either way, network a bit and you'll find your mentor.

Agreed with last thread. Was in Shenandoah last Friday following up on a lead. I have campaign that way. Tough area to move properties. Hazelton isn't bad though from what I see.

Hey Jamel. Congrats on getting started. Look up flippers and funders. They should have a meetup down your way. Also set "jersey" as one of your keywords. That's how I found this thread. Lastly, look up all BP members near you. Start your own network group. Just passed my real estate salesperson state exam today! Rafael

@Arun V.

There are many ways to slice this one! I would suggest discussing with your CPA and/or attorney. Because, as you grow, whoever you are growing with will have their preferred method of acquisition and protection as well.

Rafael

@Patrick Liska

What area do you invest in? I'm mainly in the Scranton area.

@Sachin Acharya

Are there any local real estate groups your way? If not, I would suggest starting one. That way maybe you can find your partners and seasoned investors to better navigate through the local laws abit.

Best wishes!

@William M.

Keep me in mind when you do decide to move on something that way. I'd be interested in coming down and seeing things.

Rafael