All Forum Posts by: Scott Wolf

@Adam Wigdorski hard money may help you speed up the purchase and remodel process.  As far as the 10 loan limit, perhaps you can get a blanket loan on the 3 properties you currently own now to wrap them up together.

@Jared W Smith, any suggestions?

 3% vacancy plus under median rents does not equal a rent reduction.  If anything, it means a standard 2-3% rent increase at the minimum.

As for the pet, that's up to you, for the litany of reasons mentioned before (hardwood that can be damaged, complaining neighbors etc.) but if you do so it will definitely require additional security deposit.

@Josh Klauber a 1031 into a NNN property is a great way to leverage the current equity in your warehouse. I assume your basis is much lower than $5 MM so the tax gains will be substantial.

You can also 1031 into a large apartment building, but you may not feel comfortable with that as a "newbie".

Feel free to reach out for any further advice.

@Esteban Jimenez, first of all, congratulations on the upcoming baby!

Secondly, do you enjoy what you do? If you do, it may not be ideal to quit your job for the uncertainty of "door knocking".

If your goal is to be financially free, and your wife will soon not be working, giving up your income may not be the best course of action, especially with a baby on the way.  While she is still working, and you can count her income toward a loan, it may be wise to look into a house-hack in your area to set you off on the right track.

Best of luck, and feel free to reach out with any questions!

@Nick Farrell no matter what you do, make sure everything is clearly communicated, and written down in an operating agreement.  I left a family business with my father because promises were made, that were not kept.  

My decision to leave allowed the father-son relationship survive, as if I had stayed any longer, things would have completely blown up.  Just tread carefully.

Yea, it was definitely mind-boggling to me.  I guess people don't like making money.  I had no desire to do the management myself, and based on these first four months, it's been money well spent.

@Alexander George post that on LinkedIn, with some NYC Real Estate hashtags, and you'll get thousands of brokers sending their deals.  Or, you can call the big players and see if they're looking for partners, as they get lots of deals brought to their doorsteps.

@Timothy Mullally, I'd call local banks where you're looking to purchase. In Hyde Park, NY I had a small bank loan money to an LLC for a 3-family.

@Matthew A Tracy 1) Yes, you'll find many success stories on BP about house-hacking 2) speak with a mortgage broker or local bank in the Peekskill area.  I have a connection to a local bank if you want.