All Forum Posts by: Ceasar Rosas

Great List!

Definitely add financial freedom with Michael Blank.

@Guy Rigby

Welcome! I 2nd what everyone else mentioned here. It seems like you are getting your stuff in order which is great. Let me add, if you have no money or no credit, ask yourself why would someone invest with you? Would you invest with someone in your position? With that being said, become a master at finding DEALS!!!!! If you doorknocked, cold called, marketed or whatever you can do to find a deal inexpensively and so happen to find one, guess what, you would likely find a partner that would offer you a percentage for bringing something like that to the table. Ex. You lawnmow, which is great, (and don't justify it by comparing it to a $15/hr job, landscapers have million dollar companies and started by lawn mowing), that means you are out and about, in different neighborhoods. Look for the dilapidated houses, or multifamilies. Look them up, get all the info, compare them to others, find the value, LEARN TO ANALYZE ANALYZE ANALYZE, doorknock the property, introduce yourself and let them know to consider you if they ever want to sell. Follow up, etcc.... Get my point? This is mindset, hustle, which you have. Get a deal, go to your local network events, and I have no doubt you can make it happen!!! Good luck. 

@John B.

I went there a few months back. I'm from New York, so I'm back and forth about investing so far. I have been analyzing deals looking at 20 units and more. The market is good, but a lot of competition making caps kind of low. Looking to get more serious about that area pretty soon. @Lucia Rushton was a great resource while I was there and had great information and knowledge on the area. Reach out if you have any questions.

@Robert Alexis

The Bronx, Bronx, Bronx.... If you can commute from here, it may be worth looking into. You can potentially get a 2 family with a basement(accessory unit) stay in that and rent out the other 2. Or boost your budget up and get a 3 or 4 family. Even places like Yonkers and New Rochelle can get you there, my only issue with those areas is that taxes are much much higher and it kills cashflow. 

Looking forward to seeing everyone tonight, see zoom link:

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@Kimberly DiMarino

I see you are a real estate broker. Do you have our One Key MLS? If so, look into Remine under links. You may be able to find the lender. Is there any access to current owners? That would be the best way to go about it. They usually have a bill or statement with a number, where you can get in contact with an asset manager.

Step 1. Speak to 3 different lenders and get qualified. Runaway from the over salesy type. Compare closing costs and programs from each lender. Decide which one to work with. Check reviews.

Step 2. Interview 3 different realtors. Question them on their experience working in the area. If they are in a team, or leader of a team, find out who you'd be working with and question them on their experience. Ask if they are investors in the area themselves. Ask if they have good relationships in the realtor world. Ask them how they get paid. Be clear on commissions. Check their reviews.

Step 3. Interview 3 attorneys and make sure they are knowledgeable about what you are trying to do. 

Start shopping now that you have your team in place. Start looking for a home inspector also who is licensed and has a background in construction. 

Hope this helps.

@Amy Halloul

Hi Amy,

Welcome to the wonderful world of Real Estate.

Check your insurance and property taxes and make sure you are accurate with that. 2% is definitely HIGHHHH for insurance. That is 1.

Then I always tell people you have to plug in Down Payment at 25% regardless if you are putting less to determine if it is a good investment. If you are plugging in less than 20 percent DP you are getting PMI in there and that almost never let you cashflow. Also, plug in the purchase price that actually works and you offer based on that. Provide us an example of what you're analyzing.

I would use a Hard Money/Bridge Loan that finances renovations.... get everything in order and rehabbed, take time into consideration and then refinance at the time you're done with a new value.  

Sometimes in situations like this, you will not get all the details. Especially smaller multifamilies. Sometimes you have to make decisions based on your proforma, utility expenses, and price you are getting at. If they were supposed to give you all these details based on contract, maybe re-negotiate price and speak to your attorney about lease estoppels.