All Forum Posts by: Christian Cuevas

By the way I'm really hoping to get this deal set up to present the offer by end of this week. 

Hello all,

I am trying to get a deal done and am having a bit of trouble figuring out how to do it. The owner is trying to sell a 5 unit building that is fully rented. I spoke to him and he is willing to take 170k for it. Attached to this 5 unit building is a mixed use property also for sale (was listed for 47k), it has an apartment upstairs and had a church downstairs. So I am trying to tie up BOTH properties and either buy them No Money down if possible, or wholesale both as a package for a nice fee :) . Here are the numbers:

5 unit building:

Rents: $750 per apartment but rent is low. Should be somewhere in the $850-$900 range.

Each apartment is 3bd/1bth. Bedrooms and bathroom upstairs, and living room, dining room, kitchen and laundry on first floor, and access to basement.

Building needs some repair since its old, but being that its fully rented I assume there aren't any major problems or it would not have passed inspection.

Mortgage on it was taken out for 118k back in Dec. 2011.

City taxes are $7273 annually and school taxes are $5510 annually.

For the attached building:

a mortgage was taken out for $27700 back in April 2010.

City taxes are $3602 annually and school taxes are $3322 annually.

So I was thinking of buying both to have 6 units and a commercial space to rent out for a convenience store or something of the sort. The building is walking distance from a college campus and less than a 5 minute drive to downtown area and 10 minutes from a community college, 5 minutes from a hospital and in the near future there will be a casino about 5 miles from it.

I have a good relationship with the landlord so hopefully he is open to a creative deal. I was thinking about leaving the 5 unit mortgage in place and having him carry back the rest and I make monthly payments to him until I can refinance and cash him out in a few years. But I don't know if there are other better ways to structure this deal. Thanks for any help.

@Steve B.He has a balloon payment coming due by end of year and doesn't have the money to cover it. He almost had it sold but the deal fell through due to financing from an out of state buyer. The bank supposedly appraised the property for the loan between 220k and 230k. But I don't know how accurate that would be. I have spoken to the landlord several times and I can get it at a good discount, but I'm just trying to get the numbers right. If you're interested let me know.

Hello all,

So I am looking at this possible deal (to wholesale) but do not know how to come up with the ARV since there are NO comps in vicinity. The building has 5 units and each unit is 2 floors, 3 bed 1 bath each. Each apartment is rented out for $750 but that's low rent for the type of apartment since normally it would be like $750-$800 for only 1 floor, and these apts each have upstairs, downstairs and basement. Living room, dining room, kitchen and laundry room on 1fl and 3 rooms and bath on 2nd floor. So I feel like the rents on these apartments should be somewhere around $850-$900. All apartments are currently leased and in the neighboring area (within 2 miles) they are about to start construction on the first non-indian owned casino here in upstate NY. Please help, landlord is looking to sell fast and is telling me to make the deal happen. I CANNOT afford to let this one slip away. (It will be my first ever deal). Thanks for the help. And since you guys are great, I know I will be posting this success story soon. :)

@Tony Lipari

 Great! Send me a PM with the area, type of property, how much repairs you want to do and price range of where you would like to purchase and I will keep both eyes peeled.

@Paul Mendel

Sounds great. Send me a msg with what you are looking for and I will keep an eye out for you.

@James Wise

Will do. Thx for the advice

@Steve B.

Thx for the advice. Also, send me a msg with what you are looking for and I will keep an eye out for you. I am also working with a close friend who is a contractor and licensed plumber. That is how I will be learning some reno work and repair estimating. I am thinking of getting some fix & flips under my belt to learn the work and costs associated with it so I can better come up with the numbers for my wholesale buyers. Hopefully we meet at AIN this Monday if I get out of work early enough.

Hello all,

My name is Christian Cuevas and I live in Schenectady, NY. I have always been fascinated with real estate but never knew how to get started because I thought I needed to have tons of cash to start. Then I came across wholesaling, and figured it's my ticket out of the rat race. So that is what I have been reading and learning for the past year or so and now I'm ready to dive in completely.

My goal is to start wholesaling locally to get the flow of it and build a national wholesaling machine, with the money from that I will begin buying properties to build up my net worth, and when my net worth is high enough I want to invest in other companies or ventures (future billionaire?).

For a few weeks I have been trying to find a good mentor in the area (or anywhere for that matter) that is willing to work with me and split some deals while I learn. So if anyone knows wholesaling and wants to partner up, please let me know since I want to get this wholesaling machine engine fired up ASAP!

Thanks for the advice guys. I feel like I have been reading so much info here on BP for a long while now ( I just never registered) and other sites, I just want to start acting on the info I have. Because if I just keep planning and preparing, I might never get out of the planning stage. I just want to start putting things into action as I learn them. Unfortunately, Some of the things I read are not completely actionable since it feels like not everything is completely explained.

Hello all,

I'm brand new to BP and have been reading post that are very informative. Unfortunately, I don't have much time to read over 20k posts on info. To start, I have always been interested in real estate since very young but never got started since I thought I needed tons of money to start. About 4 years ago I learned about wholesaling and I said to myself "This is my ticket out of the rat race!" Unfortunately, I fell prey to the "Coaching" programs out there. I bought into Preston Ely, Than Merrill ($4k), ************* ($4k), and countless books full of fluff. They all said I would make tons of money and they would coach me. All I got were a bunch of binders of info and 1 coach call a week for 4 weeks and then after that whenever I had a question, all they did was point to where on the darn binders the info was on.

Anyway, so that's my story on "Coaching". My goals are to start wholesaling and build a crazy wholesaling machine and use the profits to buy real estate and build a huge portfolio. Once, I build a big enough net worth, I want to start investing in other businesses and ventures. I've always been fascinated with Donald Trump and Warren Buffett by the way.

With that being said, I have been trying to get something done in these 4 years that have passed but can't find someone local to either teach me and split first few deals,  and the wholesaler in my area said I can't make it on my own and she wants me to work "for her." So I have more incentive to beat her at her own game. LOL

My questions are, every post or info I read says,

Step 1 find property, step 2 contract property, step 3 find buyer, step 4 get paid. But it doesn't explain how to negotiate, fill out forms, or what forms to use (I used to be a RE agent so I have the standard NY Contracts still), or any of the specifics from start to finish.

I am limited on money and DON'T WANT ANY MORE EXPENSIVE COACHING! LOL

Hopefully we can get some tips or point in right direction. And sorry for the long post.