All Forum Posts by: Amit Kal

Hi David, welcome to BP. Good luck on your wholesale efforts. I will PM you my details so you can add me to your list as well. 

Yes. It's like asking should I plan things out before throwing a big wedding party. You need to know who is going to supply your cake, decorations, DJ, photographer, etc. Interview and line folks up. It doesn't cost you much, if anything.

Any buyer (and their lawyer) will want financials as well. Any recent buyers there you can speak with to see what type of Informaton they were given and if they were able to satisfy lender obligations? Additionally, read hour by-laws and have a lawyer write a letter pointing out your concerns and the HOA's obligations. Good luck!

@Christine L. - you've asked a few times if your name is on the deed or not. That information should be on the county records - have you tried looking it up online? 

Do you know what title company was used for the transaction? You can also give them a ring to find out.

What makes profitable sense to you? My buddy recently purchased a brownstone in Carroll Gardens for $1.1m about a year back, pretty bad condition. He also had to evict a tenant which took him six months and cost him $50,000. He just finished putting $625k work into it, very high-end finishes. He's going to be putting it on the market in a few weeks for $3.4 million. If you're looking for a buy and hold situation, there is very little (likely nothing short of buying something via fraud) out there that will cash flow. Cap rates will be 3-4% even if you put work into it and reposition to get rents up 40-50%.

@Matthew Spaulding more information would be needed to give accurate advice. 

Location of property 

Purchase price 

Estimated rent

Who the turnkey provider is

Etc

Originally posted by @Patrick Philip:

Originally posted by @Amit Kal:

Switch to selling for a bit since it's a buyers market. When the cycle shifts back the other way, you will have much more saved to buy and flip or buy and hold.

 I'm not an agent, though.

So become one. It's a couple weeks of classes and a relatively easy test. 

Switch to selling for a bit since it's a buyers market. When the cycle shifts back the other way, you will have much more saved to buy and flip or buy and hold.

The Bronx

Congrats Austin Fruechting ! Very impressive. Would you mind if I shot you a PM to learn a bit more about your market?