All Forum Posts by: Dalwin Garcia

@Ben Leybovich Legal of course, lol! We're planning on getting all the right legal docs in place so that we're all protected and there is no confusion on how this partnership will work. Any suggestions on how to structure this deal?

@Andrew Michael We need him, or someone like him, for the rehab of the property and any future properties we acquire in the future. We've been using the BRRRR strategy on our last few projects, but with someone like him we don't have to wait 6-12 months to cash out- refinance. Essentially, we're looking to acquire properties faster all while working smarter, of course. Any suggestions on how to structure this deal?

Hey everyone! It’s been a while since I’ve been here and I’m in need of some advice. We have a friend who approached us about becoming a silent investor in our next deal. He’s seen the success we’ve had in the last 2.5 years acquiring 4 two-family homes and wants to put some of his money to work. Before finding the deal, we sat down with him so that we’re all on the same page and so that we’re all aware we will have legal documents in place to finalize everything. He’s looking to invest into our next deal $50-$75k and wants a 15% return on his money. Fast forward, we found a great deal in the area we invest in. Purchase price is $240k for this two-family. The mortgage will be under me and we will be coming up with the 25% down payment and closing costs. We estimate the house will need about $60k in renovations. My question is, how should we structure this deal? I’ve read a lot about this, but quite frankly we’re a bit confused and don’t know where to start. This will be our first time structuring a deal so any advice would be great! Thanks in advance!

@EDWARD M. Hey! I just went through the same situation, only the oil tank was outside in front of the house. My buddy also went through the same situation in his most recent purchase. What you've read is absolutely correct! I wouldn't take the current owners word for it and I wouldn't go by any documentation he is providing. The only way to be 100% sure if the soil isn't contaminated is by testing it. If the owner does want to work with you, I would recommend getting out of this deal. Here's why, once you own the house and if it turns out the soil is in fact contaminated, to clean this entire mess up could cost you thousands and thousands of dollars! For my buddy, the underground oil tank was decommissioned and the soil came back negative so they just removed the oil tank. For my most recent purchase, the oil tank is still active and the soil came back negative as well. But I'm planning on either bringing that oil tank above ground or possibly just converting the house to gas. But either way, if he's not willing to work with you, this is a risk I wouldn't recommend anyone to take! Hope this helps!

@Arthur Soto Congrats on your 3rd property! Hey, I'd love to pick your brain one of these days since you have experience in other markets outside of Passaic. 

Take that language else where, buddy. No need for that here. 

Good morning BP,

I'm looking to help anyone in need of funding for their current or next project. The bank I work for has a lending capability of up to $70MM. We are a small community bank based out of Northern New Jersey and our primary focus is to provide exceptional service all while helping you grow your business. If anyone is interested in learning more, please feel free to PM so we can exchange contact information. I look forward to hearing from some of you real soon!

Hi Arthur,

Thanks for that information! 

Since you invest in Passaic as well it would be great to share some tips with each other. How long have you been investing in Passaic? I've been investing in Passaic for almost 2 years now. We just closed on our 3rd 2-family and we're looking to keep growing!

Good afternoon BP NJ!

I currently own 3 two-family properties in Passaic, NJ. I've never increased the rent on my tenants, but I'm thinking of implementing this strategy starting this year. Can anyone help me understand how rent increases work in our state? Is there a certain dollar amount? Percentage? Am I allowed to raise their rent without having done any renovations/improvements to the apartment?

Any help would be greatly appreciated!

Good morning BP NJ!

I currently own 3 two-family properties in Passaic, NJ. I've never increased the rent on my tenants, but I'm thinking of implementing this strategy starting this year. Can anyone help me understand how rent increases work in our state? Is there a certain dollar amount? Percentage? Am I allowed to raise their rent without having done any renovations/improvements to the apartment?

Any help would be greatly appreciated!

Good morning BP,

If anyone is looking for commercial lending/funding, my company has a lending ability up to $70MM in the NY/NJ area on commercial deals. Please PM me and lets chat! I look forward to working with all of you in funding your next project!