All Forum Posts by: Abel Curiel

Hello Riley,

Whether or not the 50K is enough to secure financing depends on the kind of financing you're seeking and the condition of the property. Most banks won't lend that much on a distressed property so hard money might be an easier form of getting money for the deal.

Factoring in your operating costs, holding costs (aside from the repairs), and ARV can help you determine how to use your 50K. If you can get a hard money lender to spot you the 250K, you can use your 50K for repairs and holding costs. This is, of course, assuming the ARV gives you enough breathing room to comfortably repay the loan + interest while still securing your target profit.

Seems like you have a few options. How else were you thinking of structuring this deal?

Hello Morne,

You came to the right place. If I were you, I would actively search BP for realtors, property managers, and anyone else who might be of assistance in that area. Whether you want to sell the building or not, I would do some research on the area where it is located to get a feel for the market and get an idea of the building's value.

Best of luck to you!

-Abel

I would double check with a CPA in your area but here in NY, you can't offset those expenses on your primary residence (as per my CPA). This benefit seems to only exist for "investment properties". Although your property is an investment, I'm not sure how the IRS would view it.

Best of luck to you!

-Abel

Sounds like you've got it mapped out pretty well Mike!

Be sure to check out the unlimited sources of information here on BP and don't hesitate to ask any questions. 

Best of luck to you!

-Abel

Hello @Erik E.,

I had a great experience taking a few weeks to REALLY focus on analyzing deals using a software I purchased about a year ago. I think it gave me a good sense of what price range of homes I should/can go after in my target area(s).

One tip I would have is- Don't overdo it. Get familiar with deal analyzing to the point where you've answered all/most of your own questions regarding deal analysis. Otherwise, you could develop what they, in the RE biz, call "analysis paralysis" or "paralysis by analysis" or whatever... lol. 

Get a hang of the analysis part of the business then shift your focus to the next step (whatever you feel that might be).

Best of luck to you!

-Abel

@Tom Albares Hello. I would proceed with caution. Maybe find out from a property management company if there are any downward trends in rental comps recently (I'm not really sure they would volunteer this info but its worth a shot).

If you're familiar with the area and check for any visible signs of a depreciating market. In the end, analyzing numbers on your return will depend on you and your goals. At a quick glance, seems like the numbers could yield a nice return (depending on HOA and expenses of course).

Best of luck to you!

-Abel

Hello Dean,

Great post! I too am in the process of growing my network in my market. 

I'd love to share 2 pieces of advice:

• Tell EVERYONE you come into contact about your aspirations to be a REI or your general involvement in RE. You never know who KNOWS or IS a; buyer, seller, investor, agent, contractor, CPA, lender, attorney, etc.
• Find out about the local REI meetings. Search here on BP or check out meet-up.com

Best of luck to you!

-Abel

Hello Fiona,

I'm glad to hear that you have gained the knowledge and confidence necessary to take the next step!

Best of luck to you!

-Abel