All Forum Posts by: Dave Fontana

Brent,

I would just ask for a discount. I buy a lot of distress and problem properties.

1. At some point you may have a claim for adverse possession.

2. It seems to me that the rest of the neighbors are parking in the front yard. The discount should be based on installing a new car port up front.

If its a good deal this might have made it better!!

I need hard money in Philly. As soon as I find a deal!! Lol

Don't move!!

I would refi and put the money in a multi family rental . Looks like you can pull 220K out of you current home. You might be able to buy something for 800k-950k.  If you find something that puts out 20% cash on cash, you would have 14% to 16% positive cash flow on the 220K. In a 4 years you can save 200K +/- from the new rental building. I would buy something than. At that point you could own 3 properties. 

Hi Julie,

Welding in the basement is definitely not good. It is a major fire hazard. It is a fire violation, and that goes to the owner of the building.

 As Colleen F. mentioned the gases are toxic. Most old-time welders I know have developed Parkinson's in there senior years.

I would send him a letter ASAP.

Good luck

I just did a loan with a company that is in Charlotte. They just look at the deal. But they require 5 units for more.

I just did a loan with a company that is in Charlotte. They just look at the deal. But they require 5 units for more.

A wholesaler called me this week. He had a deed for sale, where the owner of a 2F is being foreclosed on. The ARV is 435K, the bank is owed 300K, but would short sale for 180K. The house needs 40k in repairs. The woman wanted 10K to sell the deed. She has no interest in doing the short sale. She just want 10K and she'll disappear, But she will sign a power of attorney. The wholesaler is looking for 5K.

I past on the deal. I thought there may be something unethical about this. I also, couldn't figure out how to make this deal work.

Another, local investor looked at the deal and ask the wholesaler for the mortgage statement. The other investor immediately jump on the deal. This other investor is a fairly ethical man. Hes about 60 years old and has a lot of experience.

What does he know?? 

Deano,

I get this way every winter. I live in NYC, so it gets cold here. That is an automatic downer for me.

The best therapy, I find is investing in a new city. A 1-2 hour plane ride. The challenges of finding a new team, finding deals, contractor etc. It is like starting over. You get that old feeling, there is therapy in struggle. You should read the book "Who Moved My Cheese". It is not exactly related, but its a short book and when your done with it you'll get it.

Good Luck!! 

GOOD, CHEAP AND FAST, You can only pick two!! 

If a contractor is good and fast he wont be cheap. 

If hes cheap and fast he wont be good. 

If hes good and cheap, he wont be fast.

I was a contractor for 22 years. I dealt with a lot of subs contractor. The most important thing in hiring a contractor is the ability to control him. But that is only part of it. This may sound funny but, I look at his marital status, financial status, his health, his momentum in business and I call his supplier to see if he pays his bills on time. Of course a good contract. I use an AIA form.

I was consider a premium contractor in certain areas of Brooklyn and Manhattan for many years. Than, in 2010, I was sick for 6 months, the doctor couldn't figure out what the problem was. It turn out to be Lyme Disease. I was sick for many years after that. I was not the same contractor I was before I got sick.

At the end of the day you need to look at the fore mentioned item regularly.