All Forum Posts by: Dave Fontana

What kind of properties?

Hung, its right at the top right hand corner. Right next to the word that says "Location".

Aaron im interested. I can come Thursday to see the property. Do you have anymore? I really am looking for 20units and up. I own 150 units in Charlotte now and im looking to add 50 to 100 before the year is up. Ill do to surrounding area, Concord, Gastonia etc..

Jonathan,

Im looking for off market. My budget is 2.2MM-2.5MM.

Let me know what you have.

I mean you make a great deal with a seller, they go to their attorney, than no one ever returns you calls. I now offer a credit if they use one of three attorneys I recommend. Mailing really don't work. But you just need to buy 2 houses year to make up for it. There is 3500 RE brokers/agents on STATEN Island trying to wholesale deals. It's a tough market!!

I do direct mail campaigns in STATEN island. I send out 50k letters a year here. The problem with that is many of the attorneys here will steel the deal from you. STATEN Island is a trick place to buy!!

Hello I have been investing in Charlotte NC for 5 years. My biggest problem is finding a good contractor. I always find ones that are too high, don't respond and if they respond they don't follow up and last but not least the guy that takes the money and runs. If anyone can recommend a good contractor or jobber, please email me.

I have a great deal in contract, by great I mean 16.6% cap. I want to syndicate the deal to raise some cash for a down payment. I don't want partners but i think that is the next step for me. 

Does anyone have a syndication format, layout, or know of any software that i can use . I know excel is probably the best way to go if i had the right format.  

Any suggestions would be helpful!!

Thanks

When I was investigating wealth and how to be wealthy. I read something regarding, how many years can you live on what you have. So if you spend 10K per year and you have 100K, you wealth would last you 10 years. This is a crude example. I know there are other things to factor in.But its a basic formula. Different people need different things.

This is why I went into rentals. I have reoccurring income month in and month out. If your expenses are 10K net per year but you collect 20K net per year from your rentals, I think I would consider that wealth.

The deals are thin at best in that zip. 700K for a building that generates 3k is not a deal. If you're buying for cash flow, this is definitely not the way to go. If your buying speculatively than that's a different story. I am earning 18%-30+% cash on cash on my buy and holds. If you buy too thin, you wont be able to hire a PM, your profits will only be cut by outside property management. 

I think you should go to all the REI meeting you can. This is the best form of education. I realize there are a lot of newbies there but, you only need to meet 2 or 3 professionals. I would also go through the process of interviewing property managers. PM love to talk, you just need to listen. They are a good source for deals also.

BP, my very favorite choice for info. It seem like someone on here know or has experience regarding situations at hand.

 P.S. I wouldn't use "older gal" in a post, from your profile picture I would disagree!!

Good luck!!