All Forum Posts by: Darwin Verdugo

Thanks for sharing these tips, Chris Dawson I'll take them into account when looking for IFREA agents.

Hi All,

I have a cousin that's willing to put down 50K to purchase a rental property in the Long Island area of NY. We are looking in Suffolk county. He has the cash and I have basic real estate education but no experience nor much cash (for now). How do we purchase a rental property that works 50/50 for us both?   Thanks

Troy Zsofka Thank you for your insights. You're right, I will focus on properties that will generate a better return. My exit strategy is long-term rent, but as you said, it will depreciate in value, unlike other types of properties. I will focus in SFRs and MFRs instead. Troy, thank you for helping me out to see the difference. Darwin

The owners of a 2 bed / 1 bath newly renovated mobile home in a nice area of New York want 128k, (they asked for 140k). Here, it would rent easily for $2000/mo. The lot fee is around $700/mo. The owners won't do owner finance or accept a down payment since they're relocating and will be using that money to buy a property in Florida. Therefore there is $1,300 left over to pay a private money lender (PML) and get some cash flow as well. Now, what's a fair interest rate a PML could charge me to finance this property? What terms? Or what type of creative financing can I use? (If it's a good deal, of course) FYI, mobile homes in certain areas of New York could cost more than 100k, especially in the Hamptons. Any help is greatly appreciated, Thank you folks!

@Bryan L. 

Thanks for the information Bryan, that was great! I leaned new things today.