All Forum Posts by: Account Closed

I used a dual agent and they pocket 4.5%, that's normal in my market NYC if the buyer comes without an agent. If the commission is set at 6% for that listing then get yourself an agent to make the purchase process smooth. If the listing agent agrees to negotiate the commission if you come with no agent that take that route to save money as well.

Chris Ragazzo Elizabeth City seems to be great for a first time investor. Newark and Irvington NJ is not recommended for any rookie investors. I was motivated to get some Newark and Irvington properties but it seems my experience in the NYC market doesn't apply well in NJ. Newark rent control ordinance and Irvington CO complications can be difficult for an outside investor to adjust to.

Rameez A. Welcome and stay motivated

Yahya Henry I work both in construction and real estate on buying and holding properties. I'm currently looking to purchase 2 in NJ and was looking at Newark for the past 3 months but after extend research I no longer will deal with Newark for now but in the future yes. Now I'm more focus in the Elizabeth City area. I'm taking a break on flipping cause it's 2 different types of renovation and since I do my own renovation as a contractor, I had more fun renovating and renting my rental properties than renovating my flips and selling it. Give me more time and I will reach your level of developing, that's like the highest level or real estate and would like to sit down and chat one day of our war stories lol or real estate.

Yahya Henry thank you for your service, I'm a Marine veteran myself. Seems like you have a great head start, Development is great and hope to get there one day.

Bryan Almodovar I'm transitioning yo NJ market. My NY days in investing are almost finish.

Your an electrician and now a real estate agent with plenty of motivation! You have a great head start and Abel Curiel gave great advice on how to go on creative financing. You and I are on the same market and I'm going to be very straight forward with you. Your not going to find an expierence mentor to give their free time to communicate with you, they are busy makings deals and balancing their own life. You have 2 options to get yourself a mentor: 1. Pay a mentor or sign up for those programs that mentors sell on their seminar for a minimum of $10k from what I last check for our market. Or 2. Partner up with another experience investors and split the profit until your ready to go on your own. Many would advice to keep reading on BP, books and etc but I do understand there's nothing better than hands on training and just a little guidance but the realty that guidance cost $10k lol.

Welcome, some much to learn here, my advice is getting perfect credit, makes things easier when you first start your first deal.

Adriel Hsu that was close and you made it, welcome to real estate and congrats on your first deal. Whatever you do don't sell that house. Passive income is a slow rich business and you have a great property for the long run. If you do sell, you will be taxed on capital gains tax, general income tax and self employment tax and possibly paying back any depreciation tax credit you claim while it was rented ( your tax account would know of this).

Here is the link of a recent wholesaler turn bad while starting out http://www.biggerpockets.com/forums/12/topics/380162-went-bankrupt-trying-to-wholesale-heres-my-sage-advice