All Forum Posts by: Carlos Tovar

I am buying a foreclosure in Scranton PA for 69... is worth 105 need 8 grand worth of work

If I wait 6 month and let it season I get money back in for 6/7 grand but I got to wait for 6 months On refi

Than it 478 positive cash flow

About 800 without any mortgage

I am not to excite about this deal

I mean 3 years to get my money back

Seriously considering selling..

Take a quick 20k and move on

any advice or encouragement

@T Sanch

The issue you have here is simple...

You shouldn’t leave 35 in a house

Here why...

If you refinance and pull out 80 percent

28k mortgage

7k in each house

You have enough to buy 5 properties... (you need about 42/43 because of closing costs and miscellanous fees )

Than you cash flow increases tremendously...

Say you mortgage is 28000 your paying be 135 at 4 percent

300-135 165

165 x 5 = 825

825 x 12 $9900

So basically 3 years to get your investment back... than 825 month is all yours... not to mention your principal gone down about 5 grand in 3 years... and your investment value probably gone up 5 percent..

So I’m 3 years you get your money back and be up 6750

Repeat the process to your comfortable with your income

Don’t be lazy now.. it might seem difficult to get 5, but like anything in life.. the more you do it... the better you are....

it become as easy a withdrawal of cash from an atm machine

🥳🥳🥳

I meant not be very friendly to landlords

I would give it a year timeline to evict tenants judges are going to be very friendly to landlords... also they can file bankruptcy and slow you down.. unless you buying cash and waiting for them to leave I wouldn’t do it..

I just bought a house that is worth 1.5 for 550 exact same situation beside them moving back in... except I have to evict 3 tenants and you can’t start the process to August 20th in New York City where my property is at...

I bought the deal cash

Nothing worse than making payments on something and you have no end in sight

Good Luck

I’m buying a shortsale for 715 in corona queens

2 family

3 bedrooms 1 bath living room and dining room

Garage walk in basement above ground

Close to northern Blvd

Before the corona virus it was comp at 1.5

I just got the hard money loan Apprasial for 975k

Which I think is way offf

How long you guys think before prices get back to normal

I am at a cross roads

I recently bought 3 properties in Scranton PA

For rentals purpose

Than the coronavirus hit

I am dragging my feet and fixing them and I was going to flip them

But I have this idea of making them rentals

Here my problem

I flip houses in New York

I done about 16 flips in the past 2/3 years

I just finish 2 flips

Have about a million cash

And about 400 grand lines of credit

I am about to buy a house worth 1.5 for 595...

I am getting financing and now it look like I might have an issue because the coronavirus

Here where I need your opinion

I am tired of dealing with real estate problems

They are always these impossible problems that cause stress and headaches

I am looking to do rentals fully..

Mainly with a BRrrr strategy...

Want to focus on buying and repairing fast

The way I see it

I buy 100 rental at 500/600 rent each that 50/60k a month

I rather do this than deal with these problems anymore

Advice ?

My name carlos.. I am based out of queens New York City

I been buying Shortsales and flipping them in queens and Long Island for the pass 4 years

I do about 1 flip every 3/4 months

I come to conclusion that I should focus more on rentals

Flips are a lot of work and the money good... but I have a constant need for fresh money every month.. and that need.. affect my bottom line tremendously

In all reality once I sell I see a nice amount of money but I am wrong to think.. that I should probably sell some of the equity use other people money to do the deal instead of throw a portion of the money to keep doing flips

So I can take that money and buy a lot of rentals

Cash flow important to me..

I am fully beginning to understand the concept of why money is garbage and should be invested

I thought I was doing good with a large amount of money.. but this cash flow thing has me awake all night

Is not a good feeling watching The money flow out waiting for properties to close...

I think I am doing the right move

Any suggestions opinions and overall information would be ideal and appreciate

Thank You

Carlos

@Glory Dasilva

Way to low of cash flow.. assumed problems will happen... your cash flow need to be higher.. look for properties that meet these requirements

My name is carlos.. I been flipping houses for 3 years and I have done well.. I am worth a million liquid and 500 grand in assets I currently have 3 Shortsales pending with very good approvals coming..

I am in the queens New York area

My problem is this...

I bought a mansion to flip with my business partner and friend damian...long story short it was a disaster.. I spend way to much and bleeding money every month.. it took us a yeAr and a half to get rid of the tenant every month is 13 grand out my pocket... I believe I am going to lose a nice amount of money on this deal... my attitude is always been... you solve a money problem by making more money... I flip 3 properties and got pending approvals for 3 more... long story short... my attitude is eventually I sell it and whatever the **** I lose I make it back..

I am being to confident or is this a good attitude to have..

Carlos