All Forum Posts by: Rafael Norat

In need of a licensed electrician for a rehab project in Sparta, NJ. Also have another project in Hillside starting this Wednesday. May be able to use for both as well as long term. Please reach out to me ASAP.

Thanks.

Rafael
908-419-3665

Bryan,

Best of luck in your area. Be sure to let others know what you can offer in return. Even taking little things off an experienced investors plate can go a long way to showing sincerity. Also look up your local REAs. Im sure you have plenty over there.

Rafael

Any good books not normally recommended that you've read lately?

Just finished Robert Kiyosaki's Second Chance. Great, light read about general financing and why to keep your money moving. Lots of charts and graphs for data junkies like me. Just finished Think and Grow Rich prior to, which was much more of a tedious read.

I'm not advertising here! But definitely a good read for anyone like myself that is still learning the mindset of an investor and wants to learn of the "invisible" forces affecting our personal finances.

Rafael

Christian,

Refinance is basically referred to when someone is able to get acquire financing for a property that substitutes how they are currently financing the purchase.

For example,

If I have a current mortgage and am able to secure better mortgage terms with say another bank, that's a refinance.

If I finance a property myself by paying cash for it, and then secure financing from a lender, that's a refinance.

People refer to "cash-out" refinance when they are able to finance at least 100% of the costs with a lender.

For example, if  I buy a property for $50k, put $50k into fixing it, and then go to a lender who appraises it fixed for $150k, that lender would most likely give me a loan of say 30 years, 5%, at 80% Loan to Appraised Value. So, I would essentially have a loan for 80% of $150k, or $120k, which would cover my initial $100k costs and leave me with $20k in my pocket at closing.

That would be a sweet deal!

Hope that helps.

Rafael

Hi Everyone… Summertime is in full effect! Let’s plan on networking a bit this Wednesday at the July 8th IN NEPA Real Estate Group Meetup!

We will not be having a meeting in August. So come network a bit and enjoy the rest of your summer!

This meeting will be solely focused on networking. 2 hours of handing out cards and meeting like-minded investors! So come join us for some pizza and fun as summertime approaches!

If you are interested in flipping, rehabbing, wholesaling, landlording, money lending, real estate sales, or any other facet of real estate – please join us and have some fun!

We are IN NEPA: Investors Network in Northeastern PA

When: July 08th, 7-9PM

Where: Grotto Pizza at the Wyoming Valley Mall (back room)

Cost: $5 (Pizza included)

No sales pitch, membership fees, or obligations. Just bring your appetite and bring your deals!

Please sign up on meetup.com if you haven’t already (link below)

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

Thanks again.

Rafael Norat

Good People Good Homes

www.goodpeoplegoodhomes.com

Hey Shaniqua,

Do you have a good realtor to advise you? I always like to leverage local knowledge before making a decision. If you don't, go on Zillow and look up the top selling realtors in that area. Pick the top 5 and call them. Ask them for comps. Usually 2 to 3 will call you back. If they all come back with the same info, then you have some good data to go by. And some good follow-ups to possibly sell it for you and become a long-term partner in that area.

Hope that helps.

Rafael

Hi Indra,

I haven't used them, but from there website, there numbers aren't too bad. Do you have a project of interest? I would say reach out to them and at least see what info they would need from you. Getting that together will prepare you in case you go with them or other lenders, as they typically require the same info for the most part.

I have a HM lender right now closing on 2 deals at 4pts, 12%. They cover 80% acq and 100% rehab. So, Lima's numbers are on par except you would have to come out of pocket a bit for rehab.

Look up Green Tree Acquisitions as well. I've used them with success as well.

Hope that helps.

Rafael

Hey Jonathan,

What are your overall goals? Can you outline where you would like to be in 3 to 5 years? I would say let your goals dictate your day. I started out wanting  $3000/month cash flow in 3 years. I found an area near me that could produce $150/unit within my price range. I estimated I needed about 20 doors to give myself a bit of a buffer in reaching my goals.

Try to lay out some numbers that you can shoot for. Then, look around your area and see if that's feasible. Then, address your weaknesses with others people through networking and build a solid team to reach your goal. You have some good strengths to get started with. I would say investigate your area and make a determination if you have everything there to reach your goal.

Hope that helps.

Rafael

As a fix and flipper, I like to work with good agents and give them both the buying and selling side of things. That way they get paid on both ends and hopefully establish a long term relationship. Also, possibly incentives for selling quicker. Maybe find such partners and establish relationships were you know they will be repeat customers..

Hope that helps..

Hi Everyone… Just a reminder on tomorrow night's meetup. Hope to see you all there!

Come join is this Wednesday and meet like-minded individuals in the Wilkes Barre/Scranton area…

This meeting will be solely focused on networking. 2 hours of handing out cards and meeting like-minded investors! So come join us for some pizza and fun as summertime approaches!

If you are interested in flipping, rehabbing, wholesaling, landlording, money lending, real estate sales, or any other facet of real estate – please join us and have some fun!

We are IN NEPA: Investors Network in Northeastern PA

When: June 10th, 7-9PM

Where: Grotto Pizza at the Wyoming Valley Mall (back room)

Cost: $5 (Pizza included)

No sales pitch, membership fees, or obligations. Just bring your appetite and bring your deals!

Please sign up on meetup.com if you haven’t already (link below)

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

Thanks again.

Rafael Norat

Good People Good Homes

www.goodpeoplegoodhomes.com