All Forum Posts by: Scott Wolf

Hey @Tom Cafarella I'm in the NYC area as well, and would love to hear more.

I think Jason's point is that you should not pay yourself a commission.  Being able to offer buyer's brokers commission is a great idea, but you should just keep the profit for yourself, instead of paying commission and additional taxes on that commission.

@Jonathan Berridge, hard money may be your best venue as mentioned by @Jason Carter.

I invest in the area, and would be interested in seeing the deal, perhaps we can partner together. PM the details and we can talk about your plan. If what you're saying is correct, a BRRRR on this property would seem to be a homerun.

@Dane Marrow, they have a very good reputation in the industry, but I would also check with the larger banks for a primary residence loan.  I was speaking with a lender from Wells Fargo, and he said right now that BOA has the best rates.  But I'd check with those guys, as well as Chase, Citi, and whoever you do all your primary banking with.

To paraphrase Shakespeare, something smells rotten in the state of New Jersey.  Definitely get a title company involved.

@Mark K., usually the buyer picks their title company in NY, but if it's a sponsor sale they can't give you a "discount", but they can split some fees that are usually the buyers responsibility i.e. transfer taxes.  

If you want to make sure they are a real company and you're not getting hosed, feel free to PM me the name, or just put it out here on the forum, also your attorney should be able to help you with this.  I can recommend one if you don't already have.

Suffolk County NY?

@Daniel Boccia congrats, that sounds like a great first deal! If you can pull out 70% of the value, you'll be walking away with $4k in your pocket(minus financing costs) and a cash flowing asset. Just make sure your DSCR is at a level you're comfortable with.

 100% this!  Get #1 under your belt, then worry about 2,3,4.......

You could also take out another HML to pay off the current one, and then sell at a more equitable price.

Also, if it's really worth 310, and you'll sell for 230, send me the details!