All Forum Posts by: Bill Thomas

Great question Patrick.

I was driving for $$ in my market and noticed owner neglect (high grass, damaged masonry, etc.).  I looked up the property using the address online. In NYC, you can easily find ownet information online using ACRIS or through the property tax records and used the owners mailing address to send them a letter ("I want to buy your house using all cash."). She called me and it went from there....

Simple. 😁

That's exactly what I was thinking. I don't want to ruin the relationship by being supper pushy. I'll follow tour advice and keep it moving; but give her a light touch here and there until she's ready to fully commit to a win-win deal. Thanks agan.

This is great advice guys...thanks!

Just to give you guys an update. The seller does seem too motivated anymore. She's not returning my phone calls. 

Just to give you a little background about the property:

2 family house in decent area in the Brinx fully occupied, $0 (rent roll), absentee/tired landlord, owner owns the property free and clear, owner hasn't collected rent in 15 years, property is current with taxes and water and sewage.

Should I followup aggressively - after all she did verbally agree to a purchase price - or should I give her a little time then followup?

Thanks

Best,

Bill

@John Bryson Thanks for your advice. I'll be reaching out to anyone and everyone that could support me on my first wholesale deal. I don't know how common this is but it seems like this wholesale deal, my first, will be a homerun and I'm excited about the possibilities. I will remain hopeful and purposeful on this deal. Thanks again.

Best,

Bill

I Have a Potential life-changing Deal Cooking...

Hello friends,

I was driving for dollars and found a distressed property multifamily property in the Bronx, NY. I have a verbal agreement with the owner in terms of price. I want to lock the property under contract then wholesale it to a serious investor.

I want to make sure I use a valid purchasing agreement and assignment contract. Can anyone lead me in the right direction with finding a great template to use for the purchasing agreement and assignment contract? 

I would really appreciate it. This could be a homerun. Thanks.

Kind Regards,

Bill

I hear you about the sketchy tenants Ryan. I've been there before but I didn't live in the area and I inherited the tenants. In this case, the building will be totally renovated,  I will be living in one of the units and I plan on vetting  the tenants personally.  Plus I will start the eviction process ASAP as soon as they break lease terms. It would be a huge lifestyle change for me because I currenrly live in the suburbs with an onsite swimming pool, tennis courts and  Riverside views.

Does anyone know someone that has had success in this type of neighborhood?

Billy T.

I'm definitely going to put the info in the calculator and evaluate the deal. Good advice. Thanks Andrew.

Billy T. 

Hello BP Family,

I have a potential house-hack deal cooking. I'm thinking of buying a multifamily property in Mt. Vernon, NY. in a "sketchy" neighborhood. This is a legal 2 family house (that will be newly renovated inside and outside) with a basement that could generate income as well. It has a two-car garage that's connected to the 3 bedroom unit that I will potentially live in.

The property is on the expensive side (450K). I don't believe that the property will increase much in equity but the two bedroom and basement combined can potentially pay the entire mortgage while I'm living in the 3 bedroom and will cashflow when I move out.

Should I do it or not? 

Your BP friend,

Billy T.

@Brian Garrett 

I like the ball park estimated savings for CapEx and Maintenance. Thanks for that. I also like having a goal in mind for yiur particular investment and saving accordingly.

Thanks for everyone chiming in. See you on the flip side.

Best,

Billy T

.....so how much or what % of your gross rent roll should be put away for capital expenditures such as a new roof, driveway, leaks or whatever large repairs that need to be made to your multifamily investment properties?

Let's say you've been saving for years and you never really need big repairs; how much $ saved is enough? 

I know one thing for sure, one super expensive unexpected repair can ruin your glorious investment.

Please chime in on this one.

Billy T.