All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1796 times.
Post: First Deal Overview and Lessons Learned - House Hack
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Chris Montes beautiful reno! Congrats on the first deal done!
Post: Typical sponsoring broker arrangements and fees in NY?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Malgorzata Gorniak:
Hello
Im just about to take my salesperson exam for New York . Looking for any advice how to find sponsor brokerage . Any tips would be appreciate it .
Thank you
Malgorzata, the school you took the class through should have some companies that advertise. What are you looking to do, commercial, residential? And what areas?
Find someone who looks like a market leader in the area and contact them.
Post: BRRRR in Long Island, Suffolk County NY
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Jorge Rivera I'm not super-familiar with the area, but will a home like that actually rent for $3,950 per month with you in the house as well? (If I'm reading your post right, it seems you want to live there and rent out the other rooms)
Post: Who should be responsible for the deposit money?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Can we change the name of this thread to "Why you should have a good team, and especially an attorney?"
Your agent should have helped you through this and read the HOA rules. An attorney would have also helped you catch this. How big is your deposit? This may be something you need to eat. At this juncture I would still recommend asking an attorney instead of a bunch of strangers on an internet forum.
Post: Real Estate Meetup Interest?
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Edgar Martinez there are a ton on meetup.com
Also, I'm in the Real Estate Investing in Hudson Valley FB group. They usually promote a meeting in Fishkill.
Post: Just Cause Eviction New York
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Michelle G. If you're selling a rental, you can sell it with the tenant in it. If you're looking to sell it to an owner-occupier, then yes, the tenant has to leave. Whether or not you can actually get that tenant to leave is hard to say based on the current wording of the law, and I would ask an attorney. @Adam Leitman Bailey what are your thoughts?
Post: Rent Collection Methods (vs home address)
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Ronald Starusnak:
We only accept payments through our online portal. It's required in our lease, if we take on a new management client that has tenants that aren't used to paying online, we work with them but ultimately everyone pays online.
Ronald, wasn't this just made illegal(forcing online payment) with the new rent laws in New York?
Post: Multifamily Property Downpayment
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
@Nicholas Sheridan, Jr. find a partner for the remaining 10-15k.
Post: Fix & Flipping long island New York
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Congrats! What was the ARV and your total profit?
Post: This is my first buy and hold rental deal.
- Lender
- Boca Raton, FL
- Posts 1,916
- Votes 932
Originally posted by @Cory Kline:
@ Scott Wolf - you are absolutely correct. The cash on cash ROI is going to be between 2-4%. Unfortunately I did not think this one through as well as I should have. And it will be an expensive mistake, one that I'll never make again, that is for sure!
Well, hopefully you can get rid of it in the near future for a break-even so it's not too expensive of a mistake!