All Forum Posts by: Dalwin Garcia

Hey BP!

Anyone have any experience investing in Atlantic City? I heard in recent years of casinos closing down, but some casinos opening back up as of recent. Also, with NJ online betting I could only imagine the impact this could have on AC. Curious because we came across a lead for a commercial deal down there, but wondering what others have to say.

Thanks!

So we came across a lead. 24 units in Atlantic City. Anyone have any experience with investing in AC?

Hey BP!

So after almost 4 years of REI, my wife and I have accumulated a decent sized portfolio of 8 duplexes, putting us at 16 units. We're now looking to get into our first commercial deal. Ideally we'd like to get into something within the 10-15 unit range and were wondering if anyone has any advice as to where to start. The majority of our deals have come from our agent who's listings have either been off the MLS and some off market deals, but he's primarily a residential agent. We've been searching sites like LoopNet, for example, but haven't really found anything that's caught our attention. Also, a lot of those properties aren't even active anymore and have been sold months ago.

So if anyone can share some advice, their experiences in commercial real estate I'd really appreciate it!

Good afternoon everyone!

I'm curious to know if anyone here has ever used a private money lender to fund a hard money deal? Let me explain:

I, myself, am strapped for cash (bought 2 new deals in the last 6 weeks). I may have another deal coming my way though and I do have some friends who are interested in partnering up with us (myself and my wife) if a deal were to present itself and made sense.

My friends aren't swimming in money, so the idea of them just funding the entire deal isn't feasible, but some of them do have the funds for a down payment a closing costs.

The reason I mentioned HML before is because this deal I have in the pipeline will require a quick close (less than 2 weeks) if I really want it.

So, with all that being said, anyone have any experience structuring a deal of this nature? Essentially the down payment and closing costs would come from our private money lender (our friend) to help fund the hard money deal and the HML would obviously fund the purchase and rehab (if the house needs any, which I'm sure it will).

Last thing to mention, we're primarily Buy and Hold investors so this deal would be a rental (duplex).

Thanks guys!

BP community! My wife and I are in need of some help/guidance.

We recently closed on a duplex through a Sheriff Sale. The 1st and 2nd floor apartments are vacant, but currently there is someone living in the basement. Illegally of course. We already approached the individual and informed him that we will not be renting to him and that he will need to go.

A few days later he went to the city and basically admitted that he has been living illegally in the basement for quite some time just to see what his options are now that there's a new owner. They told him he will need to go because his occupancy is considered illegal.

We have also made the city aware that we will not be renting to him or collecting any payment from him, we need him out. They informed us that although he knows he needs to go, if he doesn't go on his own free will we will have to evict him.

So our question is this: What kind of legal notice are we suppose to give this individual? Notice to Quit and Vacate? How many days are we technically suppose to give this individual to leave? Can we just go ahead and file for eviction immediately without giving him legal notice?

Basically we're seeking help/guidance/advice from anyone who has experienced or gone through this. Any help would be greatly appreciated! Thanks!

Hey @Boris Peyzner!

Curious to know the outcome of this situation and how you handled it. I'm currently about to close on a property and am dealing with a similar issue.

Hey @Sunny Burns!

We'll be there! I'll spread the word. Thanks for setting this up!

Last night was awesome! Looking forward to the next one! Thanks @Justin Beides for organizing!

My wife and I will be there. Looking forward to meeting and networking with everyone!

Hey guys! Count me in as well! Lets make this happen. I've been looking for a Bergen County meetup!