All Forum Posts by: Andrew Poitras

Hi all, I am still a new investor, having done one deal bought and sold so far. It was a bit of a house hack, where I bought on FHA and sold a little under two years later after a renovation.

I have proceeds from the sale that I am eager to reinvest, but have been wary to enter my next deal. I recently met a woman who works for NetWorth Realty in San Diego and offered to put me in touch with her Los Angeles counterpart.

I have already read many of the other threads about NetWorth on BP, and it appears that dealings with them vary greatly between markets. Some of their offices appear to use aggressive tactics like forcing you to finance through 212 Loans, or bid against other clients within their ecosystem, while other offices in other markets do not appear to use these tactics. 

Can anyone share the experience they had in the Southern California/ Los Angeles area?

Hey crowd, I am a young investor and I just liquidated my first deal. It was financed through FHA, and I profited six figures. I feel good about it, but now I’m trying to figure out the smartest and safest way to keep and grow this profit. I have a salary position and plan to apply for a second FHA for a new property. Even if I put down 10% down on this next property, my second deal, I will still have money left over and would love t get into the next and third property as soon as possible. The problem I am foreseeing here is that even though I will have some funds in the bank, lenders are going to look at my income and tell me that I don’t have the monthly cash flow for two concurrent mortgages. Can you all share some creative ways to finance concurrent properties? I have done a little reading about hard money but the high interest rates would only make sense for a flip. If I’m going for two buy and holds (one of which will be my primary residence) the hard money doesn’t seem to make sense.

@David Olakanmi I'm interested in meeting up. You work for KW? Where are you based? I'm in Greenpoint but can travel.

@Michelle Clark

Hey Michelle, I just sent you a direct message.

@Scott Wolf

Hey Scott,

These are important questions. Ultimately I plan to be an investor. I do need somewhere to hold my license, but I also wanted to learn the industry ins and outs. I want to know how to properly, effectively, and legally conduct my own sales. Regarding commercial or residential, I am interested in both. The first (and only) property I ever purchased was zoned C2- for both commercial and residential use. That was very attractive to me because I could run a small business out of the space, modify it for various small businesses, and also live out of it or rent out of it.

I am already working a full time job in the liquor industry. I am going to research Compass and the like regardless but will have somewhat limited time, when it comes to putting in office hours and assisting, because of my career. That said, I am dedicated and will make time for the right tasks and learning opportunities.

@Ceasar Rosas

Hey Ceasar,

Your goals and trajectory sound very similar to what I envision for myself. I already have one property, but when I purchased it I did not have the right understanding of the industry and was not looking for a cashflow property. I planned to live in it. I am now in the process of selling it and plan to use those proceeds to begin investing. I have considered PA as well as parts of NJ. Ideally I would have 1 flip under my belt before end of Summer.

Becoming an agent for me is more about education than anything else, it is not my end goal. I've sent you a request on here and would love to keep in touch.

@Ceasar Rosas

Hey Ceasar, 

Your goals and trajectory sound very similar to what I envision for myself. I already have one property, but when I purchased it I did not have the right understanding of the industry and was not looking for a cashflow property. I planned to live in it. I am now in the process of selling it and plan to use those proceeds to begin investing. I have considered PA as well as parts of NJ. Ideally I would have 1 flip under my belt before end of Summer. 

Becoming an agent for me is more about education than anything else, it is not my end goal. I've sent you a request on here and would love to keep in touch.

Originally posted by @Joseph Profaci:

Hey Andrew! Congrats on getting your license!

I follow an agent on instagram that services NYC and boroughs, he may be able to steer you in the right direction for becoming an agent in NYC.

@colinolearyny

http://www.townresidential.com/eng/associate/567-a...

Good luck and hope your career blossoms! Tell him @JoeyProfaciJr from instagram referred you

 Thanks Joe! I am checking out his profile right now. 

Originally posted by @Adrie Moses-bailey:

Originally posted by @Andrew Poitras:

@Llewelyn A.

Hey Llewelyn, yes that's correct 123 Williams St! It is quite dated, but nothing municipal is ever "with the times" so I wasn't surprised at all. 

I appreciate the suggestion. I actually purchased my first home through KW so I have a person there I can start the conversation with.

Feel free to keep in touch. 

 What did you use to prep for the exam, how did you register. I am looking at getting licensed as well.

 
I used http://www.nyrei.com/ and bought only the most basic course. It was very simple, just time consuming because you can't skip ahead or "beat" the timer. 

@Llewelyn A.

Hey Llewelyn, yes that's correct 123 Williams St! It is quite dated, but nothing municipal is ever "with the times" so I wasn't surprised at all. 

I appreciate the suggestion. I actually purchased my first home through KW so I have a person there I can start the conversation with.

Feel free to keep in touch.