All Forum Posts by: Dave Fontana

That sounds incredible!! I can help you with the rattling noise.

I would get some spray foam and fill the space with a can. You will require a small hole. but it can easier be patched. It beats the rattling.

Good luck!!

Purchase $420k

Down payment $0 

Insurance  $2k

Taxes $4750. (1.125%)

Mortgage payment of $2627.00 ($420k @4.25)

$3000.00 rent income minus $2627.00 = $373.00

Vacancy 5% ?? $150.00-$373.00=$223.00

Repairs $$ ?? 

I have a $750.00 rule. If i don't have the possibility of at least $750.00 Positive cash flow 

Its not worth it. 

Matt,

Build the list first, but don't just build a list. Go out and meet some of these buyer. Try to figure out who is and who is not, a real player. 

Deals are hard to come by. They need you as much as you need them, maybe more. Don't be afraid to ask lots of questions.

@Ananda Lima 

Hi, I"d like to go. Can you forward me the email?

I love old buildings. The first thing I think you should do, is have a soil test done. There may be an environment issue. If that is the case the cost of the clean up may not be worth the time, energy and the build value might be in the minus column, rather than be worth 20k-50K.

I think that loft type apartment are rockin in all parts of the country. Live-work space rent very well. I travel a lot, always looking for deals. This works in Brooklyn NY (3M people) and in Greenville SC (60K people), and every city size in between. You might be able to convert the space into live-work or loft apartment. 

Everything is blending these days, big city, small town. I don't know where the building is,   Girard, PA or someplace else, But I would look into conversion.

Partners are only good on the dance floor!!

There is a lot that an unlicensed person can do, at least in NY. You could check with your local building department. In NY, change of structural, egress, plumbing and electric behind the walls are no-no's for unlicensed contractors. But changing a door, sheetrock replacement, Spackle, etc. Is ok. There should be some printed material with guide lines. I wouldn't ask someone there. Most folk really don't know , even the folks that work there.

I used to give my tenants gift card for there kids. $20.00 to Toys-r-Us for kids under 12 and $25.00 for kids between 13 and 18. This was for paying on time and not stressing me out. One tenant sold this gift cards. That was the last year we gave out gifts. 

She had 10 kids. She sold $20.00 gift cards for $15.00. 

I know of Dave, I listen to Dave, I like Dave, I even read Daves books. But i'm no Dave!

Well I am, but i'm not. Lol!!

I think he has the right philosophy, but to play in this space you need to barrow. Its just the way it works. I know some very successful sons, of very successful fathers, that always buy cash because there rent roll is over 1M a month. When I get to that point, or my kids do, Iwill be Daves, Dave. But for now, ill keep sending my hard money lenders a Christmas basket every year.

Good Luck!!

If the deal works with hard money, go for that. Hard money lenders are hot to lend right now. 

Good Luck!!