All Forum Posts by: Thomas Santella

To begin, 

You can do much of the work yourself until you wholesale your first property. From there, you can allocate a % of your earnings towards generating leads and marketing yourself to investors/flippers/developers to further scale your business. Some people in the field do as much as 30%, but the amount is what you are comfortable with. VAs are great and especially cost effective, but will take time to teach how to do the job correctly. Be careful who you choose and how well they perform because they will be a reflection of YOU and your business. Even if it is a few $ an hour, you don't want to pay someone who isn't generating you business

thank you @Ecaterina Katerina Morosan !

south slope 

stand alone 

was wood framing

 Not in an LPC area, how much would asbestos abetment be typically?

Hey Everyone,

Realtor in Brooklyn and Long Island NY, and I have an off-market property lead to source to my developers, but I don't know how to estimate cost of demolition. If it was on a 25x100 lot in South Slope and was a 2 story duplex with siding, what would that cost be to demolish? I am good at estimating cost to build, haven't done it the other way around. Any insight helps !

Welcome!

Depending on the seller and their interests/desired exit, any down payment or terms is negotiable if they are open to seller financing. If you are getting a loan for any part of the purchase, typically if it is owner occupied you will get more favorable rates. It would be difficult to provide a reasonable amount for annual repairs without knowing the size or unit count of the building, but I know if you had to renovate a unit or the building, the investors I work with use $120-150/sqft depending on the extension of the renovation project and how high-end finishes you would use. Lenders most definitely look at experience to determine whether they will even lend to you or not, and will ask what type of similar experience you have and may even ask for proof. If you don't have experience at that level, they might even ask you to bring someone on to the project that does. Easiest way to find out is to get on the phone with one to find out. From my experience, DTI is more used for single family homes and primary residential housing. For this property, you would be wise to incorporate the income from the other units against your debt service to make the property more attractive to lend on. If you would like to speak further just connect! I am a realtor in Brooklyn and Long Island good luck with everything

There are good investment deals in any market, people successfully do so all over the country. As a realtor in Brooklyn and Long Island, I can promise you there are most definitely good rental properties in NY if you look in the right areas and have the correct strategy. 

Not many people know about SDIRA's, I am very happy for you that you are interested or have opened one!

I have also read "Rich Dad Poor Dad" and "The Book on Rental Property Investing", both are tremendous for wrapping your head around the possibilities to achieve financial freedom and how exceptional real estate is as one of those vessels. It is extremely exiting to set your mind to begin investing in real estate, especially when you have a loving and supportive wife. Although preparation is important, experience is better! You will learn 10x faster by doing then preparing. You can only prepare so much to the point more is beneficial, and from how it sounds I would say you are more than ready to get into your first deal! Good Luck!

Hudson and Housatonic Valleys is not a place I hear of often, a market I must look into.

Hi Timothy, 

I am also a realtor in NY doing business in Brooklyn and Long Island, looking to invest in multifamily towards the end of the year. Are the units you own in NY?