All Forum Posts by: Scott Wolf

@Jordan Formicola just met a roofer last night at a REI event. He was recommended by a few people there. PM me your info and I can pass it along to him.

@Luis Dominguez, if you need a referral, feel free to PM me some more info about whether they're looking to buy, rent, and their budget.

Bate's Motel.  Has a certain ring to it...

@Christine N., when did you buy the property? If you bought with the intent to flip, you won't be able to do a 1031 exchange.

If you can do a 1031 exchange, you'll be into the property for $600k and will be selling for $1 MM.  That means you need to buy a property for $1MM, which at 30% financing is a $700k loan, which will give you your $100k in cash back that you invested in the property when you purchase the upleg in the 1031.

@Jessica W., is there anyone in your life that has a real estate background that you trust?  They can help guide you, but I definitely would not rush into such a huge decision.  Getting a duplex would be ideal as the rent can help cover your payments, but make sure you can handle the whole payment if the tenant leaves or stops paying.  If you can find a triplex or quad, this will greatly ease the burden by having 3 paying tenants to help ease your monthly payment.

@Gary Dezoysa, in my limited experience, most banks/lenders have deal flow requirements.  Essentially, the few investors I work with need to commit to buying 5+ notes per month from these banks to be worth the banks time (and 5 is a very small #).  @Chris Seveney's idea of starting small, and building a track record before reaching these banks is a good idea.

@Matt Suarez, you may need to consider a private lender.  Or perhaps @Matthew Crivelli might have some guidance.

@Brian Donahue, most 'lenders' won't give you money for a down payment.  You may be able to find someone to invest with you as an equity partner, but people usually like to see the person they're investing with have skin in the game.  Will you be contributing to the down payment, or is this a plan to get into a property with no money out of your own pocket?

@Evan O'Brien, your best bet is Googling the town and mortgage broker. IE, Google 'Sayville NY mortgage broker" or "Sayville NY banks"

@Dakota Fleming, anyone that claims to be a licensed lender and doesn't have an NMLS number on their website screams scam to me. Also, hell no on the upfront fees.