All Forum Posts by: Mike Berlay

Daniel Singh Hey, welcome!
You did right thing to come here. Start asking question and check out blog and podcast, tons of info here.

Mala, 3k was on 2 family 500k house on staten island. We also did not know that insurance in flood zone maybe tricky. A lot of companies do not want to insure it.

Mala S. 100% :) I also learning and asking questions not to let you down, but gain knowledge.
Got another questions. You said seller is motivated, But why to sell property if it is free of loans and with tenants?
Maybe is not positive cashflow? Based on map of this zip code flood insurance maybe $3k per year as it is located in 1 mile zone from water. Cannot get FEMA map to show flood zone. As you know after sandy it may be problems with mold.
What is the reason to sell?

Why did you take 5% from rent on insurance? Do you calc property insurance this way?

Can I get anything for 1099 form?
Let's say 100k income with 70k deductions and 30k
taxable income will it be same ($900-$1100) scenario as W-2?

if $0 liabilities, monthly debt allowance include PITI(principal, interest, taxes, insurance) or principal and interest only?

I also got question:
If I pay $1400 rent for more that 2 years, can I get a loan with payment close to this number to buy primary residence. 2011 W-2 44K, 2012 W-2 30K?
Can I use rent payments as history that I'm good with this amount?

The reason why they do not believe that wholesale will work is they did not do it. They can tell you about their experience. Good thin is you can skip rat race and go to fast track if you will gain access to network and in some cases this mentor can back up your data with experience on some deals to get funds and so on.
You need to ask yourself "Wholesaling is your final point in real estate or just first? Do I need license in 5 years? "
I will more that happy to work on any deal for free, just to get practice and meet people that know more than I in this field.
So feel free to contact me, as I said it is free.

I start looking for people around, cash flow games. But found people that looking for same thing as me and do not know how to invest or MLM guys trying to sell their products.

Thank you Brandon for reply, I enjoy podcast that you running. I will go though this guide, but i thing that I do know a lot of thinks in this guide. The thing is i know that there are a lot of stratigies and technics in investing, but some work in one field and does not in other. I'm looking for mentor to help focus on things that will work in my market and my abilities. Everyone says start small and build experience and track record. How can you start small in NYC?