All Forum Posts by: Cheryl P.

@Bill Gulley - not sure what you mean by "out of the professional realm for an attorney"? Basically looking to have a knowledgeable atty in each state that I'm looking to buy/sell notes in. I know some are more familiar with these transactions than others, just wondering if there is a way to identify them.

Hey BP, does anyone know of a good resource to identify attorneys who are familiar with real estate note investing? I'm focusing on the following states primarily: Florida, Nevada, North Carolina, South Carolina, Texas. Thanks in advance!

@Chris Delacruz I'd suggest checking out the Marketplace here on BP for starters. Also, call the investors who put out those "We Buy Houses"/"Sell Your House Fast" signs you see around major streets another possible resource is the internet - Craigslist, Backpage, etc. Google "RE wholesalers long island" and I'm sure you'll come up with something. Hope this helps!

@Les Hegyes welcome! I'm also focused on LI - looking to fix and flip. Best of luck.

@Chad Bernstein welcome! I live in BK but I'm from LI and looking to fix and flip there. There are tons of resources on the site to get you started whatever your strategy may be and you'll find that folk are very generous with their time, knowledge and experiences.

@John Hayes thanks for the info, that is good to hear and very reassuring. I'm glad that others are making it happen. I'm still putting the pieces in place but I want to get something underway before the end of the year. Any suggestions on sources for these types of properties and/or particular towns in either Nassau/Suffolk?

Hi @John Hayes - just wondering how you're doing with the rehabbing biz on LI? I'm looking to do the same preferably in nassau county.

Hi - I'm wondering if there are any fellow BPers who are rehabbing - fixing and flipping in the NY - Long Island area (Nassau or Suffolk counties). Any insights? Recommendation on neighborhoods to explore? I'm looking to educate myself on the current most attractive markets for this strategy and connect with anyone who is currently doing this.

Thanks!

@Darrin Carey good points all around thanks! For some reason a lot of the Dayton leads I'm getting are for rents in the $300 range (mostly 1bd/1ba) per unit.

The tenants pay all utilities except water. I didn't explicitly ask if they are all actually paying (I probably shouldn't have assumed that) but that's an excellent point and I will do that.

I'll work on putting a team together as you suggested.

Thanks again gentlemen for your help! This is really helping to put things in better perspective and to consider the different elements of the deal.

@Jason Minnich thanks for the reply! I will dig deeper and ask those questions, when I talk to the seller again. The seller mentioned that even though the PM doesn't pay rent that "he could", which I guess means that he'd be willing to stay on and pay rent (not sure). I like your suggestion of charging him rent and paying him a fee for managing.

@Jon Holdman thanks for your reply! How do you determine an appropriate and fair wholesale fee? I had a feeling some of the numbers were too good to be true but the comps that I was able to find, place the value of the house at $50K based on a dozen nearby/similar properties. I've been using trulia, homes.com, homesnap.com and others to try and get an idea of the value and most of the sites put the value around $50K. Do you have any suggestions on getting comps w/o MLS access?