All Forum Posts by: Lelith Walker

Neighborhood Housing Services has downpayment assistance.  To qualify they normally make you take one of their courses.  Go on the internet and search for the one that is closest to your home or where you want your home to be.  Did you check out Sonyma mortgage program?  Some banks like Chase used to reduced a point on the loan too but again you have to sit in one of their classes.  You should also contact HPD to find out what else the city is offering in regards to financing.  http://www.nyc.gov/hpd  You should be able to take their courses online now.  By the way all of the courses are free.

To be honest the deal does not have to be that good.  If you are a good worker on your job and have that as your reputation then once people find out that you invest in real estate they will want to get in on your deals. 

@Mitesh Patel Whomever you use make sure if permits are pulled its  done in their name.  Mine used someone elses name on the permits without me checking then he got deported before finishing the job.  My friend had recommended him and I seen his work.  I went by my friends word alone-big mistake, next time I will check with secretary of state to make sure they are registered and not give them any money until permits are pulled.    Also when I finally did get a new GC he conflicted with 2 of the subs.  They got into some argument over he say she say.  Some things contracts do not always resolve.  Plus at the time I had to let my boots on the ground person go because he was not showing up like he was supposed too.

Sometimes subcontractors are cheaper but many general contractors will not work with them.  GC like to work with their own subs.  I learned this the hard way and it took me 3 months to find a GC that would work with my subs. 

I do not believe in buying something and not looking at it.  I know some people who are successful with turnkey although its less stress the price point is high.  I think it is best to get a team of experience license people.  Run background check on them via some type of skip tracing tool.  One of the people you should get is a boots on the ground person that you could partner with this way they have skin in the game.  Know your market though.  If 4 bedrooms sell faster than 3 take this into account.  If a neighborhood is bad take that into account.  Put everything in the contract and let your attorney go over it.  Have the boots on the ground person walk with the inspector or engineer to make sure everything is done right.  Some people have made local retired engineers and contractors their boots on the ground person that they partnered with, kill 3 birds with one stone.

Hi

I have invested out of state and it was not good. However, its turning around and I am ready to do it again. Make sure you deal with experienced people in that area. You need a boots on the ground person. It may be good to make them partner because they will have skin in the deal. They should take pictures and video inside and out plus the neighborhood periodically. They need to test the outlets, switches, and faucets before you submit payment. Make sure the contractors are licensed and certified in that state if you are doing extensive repairs. All subcontractors that the general contractor has should sign a lien so as not to sue you if he does not pay them. I have visited both Detroit and Philly which are being built up. The atmosphere of both cities is a block by block situation. Philly has more transportation. My preference is to go and visit to see which one you prefer and what neighborhoods you prefer. I also like going to the local REIA's. Run a skip tracing tool on whomever you meet there that wants to do business with you because everyone at these meetings can not be trusted. People are paying others to follow them and give good reviews. As a matter of fact that one that I did trust got kicked out of REIA after I did business with her and she stole my money.

Have you asked for a raise or promotion?

Is working overtime particularly on holidays and weekends possible?

How much are you contributing to your job towards retirement and insurance.  You can lower the deductibles and contributions.

Are you taking advantage of your job employee discounts on anything?  I get like 15% off on the cost of cell phones, mortgage rate discount, transit check, flexible spending, free movie tickets and reduced ticket price to a lot  of theme parks.

Subscribe to Pennyhoarder its free http://www.thepennyhoarder.com/

Sit down with your bank and choose accounts that have less fees or higher rates

Do you use coupons?  You can download them on the pc or phone

Become one with the dollar store

Take advantage of freebies

Instead of a typical night out you may want to opt for hanging out in the park or square nearby.  Many in the nation have free concerts or go to http://www.rentafriend.com.  There are people who do not want to go to concerts alone or who come to a city by themselves and will pay you to eat with them.  Its totally platonic.

Get those free membership cards from the drugstores

You can get paid to be a mystery shopper, blog, and earn a little extra cash

Do you have cable?  If so why?

Do you have a gym membership?  If so kill it and walk or jog more and do pushups at home.  I know some people who instead of driving a mile to work will walk that mile. 

Do you unplug your appliances when not using them?  This cuts electric bill

Sell stuff you do not use anymore like books, electronics

Do you have an extra room?  You can rent it out as air bnb if your lease lets you

Can you teach?  There are sites that let you charge people a fee to take your course

https://teach.udemy.com/?ref=teach_header

There is a guy in the park around my way that charges people $25 each and shows them how to exercise. Another guy thru meetup charges $2 pp to show them off the beaten paths of the city that I live in. 

You can do both even if you buy a one family.  If it is a multi you can either rent the extra apts to renters or make it a BNB.  If you get a place with a basement you can do air bnb.  If you get a place with parking you can rent out the parking space.  Some rent for storage.  If it is big enough you can rent it out to photographers and film crews.  If you have a backyard you can rent it out for camping.  Some companies will pay you to run fiberoptic cables in your home.  You also have air rights.  If a neighbor puts something on your roof like a satellite you can charge them rent for that.  Some condos and coops will not let you do this so you need to ask. 

Has anyone gone to the festivals and parades and handed out flyers and cards to promote your business.  How successful were you in either generating leads, clients, etc?

Hello

What website(s) does one go to for information on a property?  I want to know who the owner is, property management company, and violations.