All Forum Posts by: Rafael Norat

@Manuel Villegas

Hey Manuel and congrats on getting started! I would say a couple of things:

1) Start with an end in mind. Do you want $2000/month cash flow? $5000/month cash flow? Defining this will paint a clarity on your day to day events.

What's needed to get started?

Location, Working Capital, and Team Members

All 3 of these 3 factors need to work together. You can have a lot of working capital, but the wrong location. Or a great team, but low capital.

Ideally try to start in your own backyard as suggested. NY is bit of a train wreck right now. Miami is overpriced as well but alot more opportunities. I have some wholesalers working in Miami in case you need an intro. Keep an eye on short-term rentals in that area. Great way to improve your cash flow.

Everywhere is competitive. Surround yourself with good people, keep networking and helping, and something good will come about. That's your added value in a tight market. Hope that helps!

Hey Christopher. Have you tried building out of state? I had a similar issue when starting about 8-9 years ago in NJ and built a good size portfolio in PA. Now its much easier with zoom to be able to network and build at distance. Sure, trust has to be built. But that's in every case regardless of distance. I live in NJ but invest in multiple states now because NJ is similarly overpriced and overbid. 

Hey Elvis and congrats on getting started. $100k is definitely good to get started. I would suggest joining some local groups and networking here to build your local team. Try to meet some investor-friendly realtors and wholesalers in the area to start discussing deals and learning how to analyze as well. Run thru all the podcasts here as well as it is give incredible info. And take your time in moving on your first deal. Realize that the learning process is an investment as well. Hope that helps. Feel free to reach out and I'll help in any way I can.

Hey Eric! March 24th is our next event. 

https://www.meetup.com/IN-NEPA-Investors-in-Northeastern-PA-Real-Estate-Meetup/events/frdskrybcfbwb/

See you there!

Rafael

Come network with all experience levels and bring your cards!!! Established by a real estate developer with 15+ years experience nationwide. This Real Estate Networking Event is being established to bring all surrounding counties together to share strategies and resources as well all look to better ourselves and our communities! Come join us the famous Tomato Bar in Pittston PA for some drinks and fun!!!

Come join us, learn, build your team, and network!!!

Come network with all experience levels and bring your cards. Established by a real estate developer with 15+ years experience nationwide. This Real Estate Networking Event is being established to bring all surrounding counties together to share strategies and resources as well all look to better ourselves and our communities!

Come join us, learn, build your team, and network!!!

Attention all wholesalers...

I am a rehabber in Union, Essex, Morris, Bergen, Middlesex, and Hudson counties and IN NEED OF PROJECTS!!!

Have my own rehab crews, but always willing to expand.

Have funding secured via hard money and private (Not an issue)

Rehabs can be light to full gut.

I WILL CLOSE AND KEEP MY WORD!!!

What I ask:

- Everything you send must follow 70% ARV minus repairs

- Please have some comps to show justification

LOOKING TO BUILD LONG TERM RELATIONSHIPS...

This is my one and only job. 

Let's get to it!!!

Thanks BP and call any questions.

Rafael

@Mike D'Arrigo @Justin Kane @Nathan Gesner

Much appreciated for the responses guys!

Actually met with the family members today and got them to leave the premise. Told them if they wanted to stay they would have to meet qualifications and pay all rents and damages due. They understood our position and decided to take an application and apply correctly. Locks have been changed and can start the cleanup.

Attorney got back to me and said if the family members had any bills with address or I was aware of their stay, that may cause a legal interpretation to require an eviction process. Grey area. So, good its been avoided and reason prevailed.

Thanks again and much appreciated..

Rafael

Thanks All! @Marc Reno @Thomas S.

Will go through the screening process, but file for eviction today. Tried working with the previous tenants, but they were constantly late and filed on them before. Good people, but lacked integrity. So, I am assuming the same here. But, will have them fill out an app and deal with the eviction process if they really want to stay and show that they can respect the unit as if its there own.

Much appreciated BPrs and have a great day!

BP Community,

I preface this by saying I am consulting with my attorney (waiting on callback) and will discuss with local police tomorrow, but wanted to ask in the forum in case someone has been in this situation.

My current tenants, who are month to month, have moved out with January rent past due. While they are gone, there family members have stayed and are requesting that they be allowed to pay January rent and take over the lease. I have not spoken with them directly. This information has been relayed through the tenant. I have told the tenant they must move out and re-apply. The tenant also left without leaving my keys as well.

Do I have to go through the normal eviction process if the current occupants who are not listed on the lease refuse to leave? Or can I simply have them removed by police if they refuse to leave?

Thanks for any suggestions. I am traveling there tomorrow to address.

Rafael