All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1796 times.
Post: Looking for wholesale Lawyer or title company in New York City
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Hi @Deborah Hill, I work for a title firm in NYC. Feel free to reach out to me. The end user in NY may choose title so, it's something worth discussing.
Post: Nassau County NY Agents
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
OK, let me reach out.
Post: Nassau County NY Agents
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
hey @William Merone where are the properties? I may have a realtor in mind.
Post: How do I get estimated value of a portfolio of apartments ?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Jimmy Mozingo:
@Scott Wolf
I am out of my element here but jumping in. I know conventional wisdom says don’t bite off more than you can chew.
Scott I truly appreciate your feedback. I am definitely new to investing and yes I have some capital and sweat equity and a huge eagerness to learn to invest.
In my case, is this something I can wholesale instead? If so, what advice would you have ? Thank you for taking time to reach out.
Without knowing the aspects of your market, I don't know if there is enough meat on the bones for a wholesale deal at $7.19MM, and you could lose a lot of money if you don't find someone to flip it to. I think the equity upside of partnering is also greater than the quick hit of a wholesaling deal as well. Also, you wouldn't learn anything from flipping the contract on this deal.
Post: How do I get estimated value of a portfolio of apartments ?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Jimmy Mozingo:
Just received update on financials as follows:
LP- 7,190,000
Gross income: 666,264
Annual exp: 202140
9.3 cap rate
That's a 6.5% cap rate, not 9.3%. (666,264-202,140)/7,190,000
Based on it being in California, that may be a good deal, but everything is market specific. It seems you're very new to RE Investing. Do you have capital to bring to the deal? If so, it may be worth partnering up with someone more seasoned. You'll need to know if that's even a real cap rate, based on if it's good underwriting. Is there deferred maintenance waiting to suck money from the coffers? Lots of unknowns based on this limited thread.
Post: Thoughts on the nj/ny market right now?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Kusmayadi Djunaidi, thanks for the "data". So you think because of one 5-unit luxury condo (a sector that was already being hammered pre-covid), everyone else is selling at 50% discount. Great insight, and wonderful anecdotal evidence regarding your friends.
I recently got the listing for the Brooklyn Bridge, since NYC is basically dead, I can sell it to you for a 50% discount. PM me if interested.
Post: Thoughts on the nj/ny market right now?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Kusmayadi Djunaidi:
They are reducing the rent, but about selling I'm not sure. Now, the ones are selling already reduced their prices in half.
You have any data to support this 50% price reductions?
Post: Borrowing Money - Parents
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Donnie Wilson, you should have formal legal documents drawn up, and treat it like any other hard money loan(title insurance and all). Also, 24% is extremely high for interest on a loan. I know you're trying to help your parents, but you could get better rates elsewhere (although not such a small amount)
Post: Title insurance needed during refinancing?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Kyle J.:
@Kumar Gaurav The new lender you're refinancing with will require title insurance, but that doesn't mean you have to pay for it. I just closed on a refi a few days ago with a lender that I found after shopping around who paid all of my closing costs, including title insurance (they also waived the appraisal but had already agreed to pay for that too had they not agreed to waive it). So, in the end, the borrower costs to me ended up being zero. Just need to shop around.
Who was the lender? I've never heard of a lender paying for anything!
Post: Best Real Estate Related Jobs to Help with Investing
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@David Barajas if you can find an asset or property management company looking for internal accountants, that may be the best place to start. There you can really get a feel for what goes on.