All Forum Posts by: Lelith Walker

I did not take any classes online but I did take classes at Neighborhood Housing Services NHS and Housing Preservation Development HPD in NYC.  Both were free, look to see if you have these in your city. 

The office of Adult and Continuing Education in NYC also offers free courses on electrical, welding, carpentry, plumbing, solar install, a/c and refrigeration, boiler maintenance and building maintenance. I took webdesign from them so I cannot account for the other courses. 

See if they offer this where you are.

http://www.youblisher.com/p/1045827-Office-Of-Adul...

I preferred NHS cause the teacher was nicer and it was more hands on.  I put up studs, laid down tiles, changed locks, did plumbing.  They showed me electrical and welding but I did not grasp it to well.

http://www.nhsnyc.org/en/?option=com_eventlist&vie...

The online courses are not as comprehensive

http://www.nyc.gov/html/hpd/html/buyers/online-dig...

Lastly there is youtube.

GAREIA has a list of recommended contractors for those who join.  http://gareia.org/ I am currently working with the board on 2 deals and I am not a member.

I also am friends with Juan who uses a good contractor named Abdul.  You can go to the site and contact him for the number and consultation.  I paid them to go video tape and take pictures of the property I wanted.   http://www.100percentfinanced.com/ You can also see Abduls work on https://www.youtube.com/channel/UC6Pl8TV9HQI2PGXaEciWSgw/videos

I also found Jean Norton's groups that gives advice and recommendations on Atlanta contractors, flips, deals

https://www.facebook.com/groups/377843269023619/

I've never been to your country so I do not know the market.  However, I do know that most people in NY prefer to rent an empty apartment.  The rent is less than a furnished apartment and they want the apartment to reflect their personal style personality.  Most who rent a furnished apartment are short term tenants so turnover is higher.  It can take a little longer to rent out these apartments as well.  These type of tenants normally want the top of the line appliances and a well appointed room.  Top dollar goes to the ones that have a nice view, close to the train, and in a relatively safe neighborhood. 

I've bought a new property and I am about to buy two properties that will need renovation.  For a newbie I say it depends on you.  If you don't know how to fix anything or have a friend or a good crew to fix things for you at a reasonable price, then I say buy ready to move in.  If you know how to do things yourself and know others that can help you then you can buy an underpriced rehab.  When getting estimates for rehab always add at least an extra $5000-10000 to what they say because surprises can happen.  Also add some weeks to that as well. 

To maintain a positive cash flow the rent I charge covers my mortgage and bills.  I keep costs down as much as I possibly can. I have joined certain real estate groups and gardening groups in my area where I get a discount at certain stores and cheap labor.  I have developed relationships with people who are handyman.  One guy shovels my snow for food.  Another put the  air conditioners in for a bottle of wine.  I also look for sales, shop at warehouse, wholesalers, etc. 

Everyone has different strategies. 

1. Study the market that you want to be in. 

http://www.apartments.com/starreport/dma.aspx

http://www.cityrating.com/joboutlook.asp

http://www.greatschools.org/

http://www.dataplace.org/

http://www.crimemapping.com/

2. Join the REIA or any real estate meetup groups in that area.

3. Make sure the rent is at least greater than the mortgage payment. 

4. If looking for appreciation buy in upcoming neighborhoods or those on the outskirts of established neighborhoods or places where the transportation is about to expand to.

5.If buying a home that was previously owned get a recommended engineer to be your inspector that can tell you how much it will cost to repair.  If its new then you can get a licensed inspector.  http://www.ashi.org/

6.  Maintenance costs can be found out by the previous owner or if new then by  a similar home in the neighborhood. 

7. You should also inquire about taxes and HOA fees if applicable.

8.  Have an exit strategy

NYC real estate is extremely expensive.  Networking is extremely important. 

To network you can attend the following meetings

http://www.reianyc.org/  or http://www.richdadnyc.com/

Welcome to BP!

I am fine tuning my business plan and investment strategy.  I am going to continue to make more connections and follow up. 

Network at your local reia or real estate meetup groups and organizations.  Go to one consistently.

If there is a mailing list for this group I would like to be added to it.

Yes, they know but they do not know the specifics and to what extent.  I do not feel they need to.  I never had to ask to have an extra day off or leave early.  I have had to tell previous manager that I leave on time when my shift ends though.  They were trying to get me to work overtime instead of enforcing that other coworkers come in on time.