All Forum Posts by: Bill O'Donnell

@Nhi Nguyen

I personally would not buy that property.

However, if you do, and if you are doing any renovation, start learning about minimizing the noise infiltration.

Double layer of sheetrock, roxul insulation, selective tree planting, omitting windows on the noisy side where possible. Triple pane glass in any unavoidable window.

Again, I would pass. But if you buy, bid accordingly. Renovation budget will be higher than average, and resale likely lower..

Even a low wall can help. Concrete or masonry.

@Jaz Ram

No problem.

Wholesaling in NY is tough.

Best of luck.

There are plenty of other ways to get into real estate. Don't give up...

@Brian Spies

Short term rental

Think Airbnb and the like

@Ryan Bird

To me it sounds like they are covering their butt. Having said that, I'd have a good look, or a thorough inspection, looking for a leak, but more specifically for any shoddy workmanship...

If it needs, or soon will need, work, you have a decision to make.

If its good, its good...

People often make the cheapest most temporary repairs if they know they are leaving..

This may not be the case, but it would be my first thought.

@Jorge Crespo

Thank you for your service.

Welcome to real estate. Congratulations on your first purchase.

The va no money down loan is an awesome tool. Glad to see it being used.

I don't know your area, but in general I try to buy properties that are between 1 and 2 percent. Research 2% rule if you have trouble understanding what I mean. Having said that, you are in good shape based on condition and the fact that you have so little money tied up in this deal.

Welcome aboard. Best of luck. Enjoy your new home.

@Jaz Ram

http://www.clarkslaws.com/wholesaling

Or, check out their website.

There are ways to wholesale legally in NY, but its not like other places.

Im neither a wholesaler nor a realtor, but I found the information interesting.

@Jaz Ram

Follow the link below. From YouTube.

Done extensively by a NY attorney...

Can't vouch for him, but informative.

https://www.youtube.com/watch?v=k2v_kqK_Bd8&fbclid=IwAR1JRpwHVoxV-vlFbyWuPsXdSG5Do6aa_rP4kA5h34FNhicQFLwyYWjihbw

@Justin Pierce

The pm takes 8 to 10 percent of the rent, so something like 8 to 10 percent of the late fee seems logical to me. But I self manage so...take my opinion as an outsider opinion...

@Blake Jenkins

Consider a 2-4 unit property with a 3.5% fha loan. Move into one unit, and rent the others. Consider it higher education.

And by putting in 3.5, you can keep more reserves, or have a head start on your next one...

@Ralph Poirier

Consider having an attorney draw up a loan between you and your llc. Put a lien on the llc. That way you never have to worry about paying a mortgage on a property if it were lost in a lawsuit..

You would come before the lawsuit, but behind your bank..