All Forum Posts by: Dan Hertler

The Nassau County REIA meets every 3rd Tuesday of the month in Lynbrook, next meeting is actually tomorrow night. There are usually a few wholesalers there who sometimes bring a few to the table each month, but either way it's great to make some connections. Search for the invite on Meetup.com

Appreciate all that! I will DM you to connect 

Good info Andrew! Just curious, did you start the company under the brokerage's name, or your own? If the latter, how does that look on a day to day in terms of operating, marketing, and the ownership structure? Thanks in advance!

Just curious, did you ever look into starting it under the umbrella of your sponsoring brokerage, but create it as a DBA? For ex: Sponsoring Brokerage Realty DBA Dan's Property Management Company. And it would be marketed/operated on a client-facing basis as Dan's Property Management?

I plan to speak to my broker and it's probably a question for their lawyers, just wanting to check all my options before I choose a route

I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

I am a licensed RE salesperson in New York, but I am wondering about the requirements to start a PM company. Based on what I am seeing on the Department of State website, in order to do this I'll need to be a licensed broker. Are there any New York PM company owners here that could weigh in on the requirements? 

If the answer is that I need to become a licensed broker before I can start the company, does anyone know about the broker points scoring system? I only recently became licensed, so I would have a long way to go in order to comply with the 2-year experience requirement, but I have been an active investor for 5 years so I am wondering if I would fall within the 3 year exemption, below:

• - Have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field or a combination of both
• - Meet the minimum points required for the experience type (e.g., buying and selling your own property, managing property owned by your employer)

Thanks in advance!

Welcome aboard! Fellow Long Islander here. Your plan seems solid so far, good luck! 

One suggestion to consider as I mainly do BRRRRs as well- find a local bank or credit union in the area you plan to buy that offers construction loans. They will give you a normal mortgage + construction funds for your project. With the hold periods on BRRRRs nowadays, your margins will get crushed with hard money interest payments/points/fees. 

Send me a PM to discuss further if you have any questions - always looking to network and share knowledge with other LI investors

Agreed that $1.5mm in Levittown is insane. If you are fully committed to purchasing rather than renting, I would suggest to try and get into the best area with the best schools you possibly can. That way you can be reasonably sure that appreciation would continue or at least be relatively steady in the event of a downturn. Perhaps you could use your earned cashflow to help offset with monthly PITI? And there are lots of conventional loan programs where you can put down <20%

If it were me, and I was committed to purchasing, I would try and land an off market property needing a bunch of work and force appreciation that way. Then refinance into a conventional mortgage afterwards

Happy to see that you're ready to make some moves! I invest out of state because at the time, I could not find anything that would meaningfully cashflow, plus a $150k deal was a LOT less scary than a $800k deal! I made some really good connections and now the rest is history. I gravitate towards "red states" given the landlord-friendly laws and relative ease of evictions, which unfortunately are unavoidable in the buy and hold game. There may some merits to investing upstate/western NY, but I would suggest doing some serious homework into eviction timelines, annual rent % increases, etc. 

I invest mostly in the southeast and upper midwest. Someone mentioned wanting to be within driving distance of a property, but I actually prefer not to be close. Video walkthroughs and establishing a trusted boots on the ground are just as good plus save me hours and hours of driving!

Feel free to shoot me a PM to discuss, I am happy to share knowledge and answer any questions you might have

Welcome to BP! Fellow Long Islander here. I exclusively invest out of state (buy and hold / fix n flip) because cashflow is extremely difficult to find in this area. Sounds like you've started your research on OOS investing, but the single best piece of advice I can give you is to establish a trusted investor-friendly agent who will be your boots on the ground once you decide which market you want to target. Start connecting with investors in that area on BP and real estate investor groups on Facebook. 

Investing out of state is a bit scary for your first deal, but once you get really familiarized with your market you'll start being able to establish approximate values from afar, and it becomes second nature from there. I analyzed dozens of deals in the beginning to really nail down which areas worked and which didn't. I wouldn't worry about small details like setting up LLCs, just focus on establishing a solid market and making good connections with people on the ground there. 

Feel free to shoot me a DM to discuss any questions you might have about investing out of state, always happy to chat! 

Hi All, I have a quick question that I wasn’t able to find via BP Search:

Is there a way to find out what a house sold for during a recent Auction.com sale?

I am speaking to someone regarding an off market property for sale, and a quick google search showed it was listed on Auction.com about 2 months ago.

I would like to be armed with this info so I can go into negotiations with an idea of the seller’s built-in profit spread

TIA!