All Forum Posts by: Shmuel Harris

@Jessica G.

Welcome to BP!

There are a lot of very good resources here on BP that can help you move forward with your investment career. I love listening to the podcasts and going through forum posts. Make sure to set up keyword alerts so that you can meet with people in your local market. 

I believe starting early really helps you get to a comfortable financial situation, especially regarding retirement. 

Good Luck!

@Sheree Fullwood

Hey Sheree.

It is always in the best interest of the "seller" to try and keep the property from going to foreclosure. I think the best option in situations such as these are to try and get the owner to agree to a short sale. It is possibly better for the owner, although I have heard a lot of back and forth about this.

Let me know if I can help you with anything.

Good Luck!!

Hey Jill and welcome to the BP community. Plenty of very good resources to take advantage of here. I enjoy listening to the podcasts and going through forum posts. Also, make sure to set up keyword alerts. This will help you network with people in your local markets.

There are some very active members on BP in NYC. Just have to keep connecting with people here. Keep an eye on the keyword alerts and you should see some meet ups happening throughout the city.

Good Luck!!

@Elise Chen

Hey Elise and welcome to the BP community!!

Plenty of amazing resources on the website, however it is important to realize that the NYC market is a very different beast than most other markets. I enjoy listening to the podcasts and going through the new posts on the forum. Also, make sure to set up keywords so that you will be able to stay connected to people in your local markets.

I would point out to your lawyer that there is no reason that the seller would go ahead and agree to such an addendum when it is very likely that the seller can find a buyer that will not require this. The market these days is such that the seller is probably comfortable with the idea of finding another  buyer that won't ask for such an addendum. 

Something for you and your lawyer to take into consideration. 

Good luck!!

Can you loan your money from your solo 401k to an llc you own as the down payment? This would allow you to take the loan out in your name. All this would help with is having tax free down payments that you pay back into your 401k with "interest". Might be straight out fraud. I have no idea. I'm not a lawyer. What do you people think?

Luis Gonzalez Hey and welcome!! BP is definitely a good place to network. Try using the keyword alerts and the search systems to find local members Also, take a look on Craigslist! Craigslist always has buyers posting up there!! Good luck!!

Nik Krohn Hey buddy and welcome to BP! Plenty of good resources here. You are definitely doing it right by getting out there and trying to ask people what we think is going wrong with a deal. The first thing that struck me when reading your post was your comment about how the price hasn't gone up. In investing you have many, many, many different strategies. When you bought into this property, what was your intended goal? It sounds like you were aiming to get some solid appreciation. If you bought the property at market value, then you would have to be in a seriously rocking market to see a dramatic increase in value in a couple years. Here in Brooklyn, one of the hottest markets in the country, in order to see a dramatic increase in a property's value in that short a period of time, you need to buy in the next wave areas before they become next waves, and then you need to gut renovate to be able to cash out on the property. Sorry if I'm kinda rambling but it's been that kinda day. My point is that it seems like the route you took would be working better if your strategy was just buy and hold. But in that case then why would you be buying and holding in an area where you will have to pay 8% to a property manager? That definitely cuts into your profits. Doesn't mean you can't use PM just gifts calculate for that amount of space. Anyways, I'm sure if you keep educating yourself, you can keep up with all the success you have been seeing until now. Gonna let other BPers jump in! Good night!

@Asad Bajwa

I know of a couple hard money lenders. However, they generally require some form of past performance before giving out loans. Some need to see that your business has a successful history.

I can tell you from personal experience, you must be careful  when you go straight to the closing. Obviously. Just make sure to do your due diligence. Doesn't necessarily mean that it is a bad deal or no deal. Does mean that you might be out of the pocket money running the title search.

Give me a shout out if you would like more information on the HML.

Sam Harris.

@Yosef Smetana

Welcome to BP!

When it comes to finding under valued properties, nothing beats knocking on doors and bandit signs.

I find that BP is a wonderful source for educating yourself and networking within your local markets.

I love listening to the podcasts, they are entertaining and educational. I also like going through the latest forum posts to see what is on other peoples mind.

Also, make sure to set up keyword alerts to be on top of the latest action within your local market.

Good luck and enjoy!

@Solongo Otgon

Welcome to BP!

I find that this is a wonderful source for educating yourself and networking within your local markets.

I love listening to the podcasts, they are entertaining and educational. I also like going through the latest forum posts to see what is on other peoples mind.

Also, make sure to set up keyword alerts to be on top of the latest action within your local market.

Good luck and enjoy!