All Forum Posts by: David Cruice

NP @Stephanie Alcin.  Just paying it forward.  Like @Samantha Lotti feel free to DM me if you any questions. Couple of more tips for you: (1) If you haven't gotten pre-qualified for an FHA loan on up to 4 units start working on it. It will be one less thing to do should you lock in a deal. (2) Use Craiglist to find off-market small multi-family deals in your area. I'm in discussion with an owner selling 12 units (6 side-by-side duplexes) that I found no CL. You'll be surprised what you can find on there. Hubzu.com is also a good source for small MF but you're fighting the crowd on those deals.

@Brendon Rogers the bank can't foreclose if someone gets caught up on their loan. However, are you sure the owners only owe $4,000? That sounds like a very low amount for the bank to foreclose on. Usually attorneys fees, penalties and all that other stuff alone comes too far in excessive 4K. Also, most mortgages nowadays don't allow for assumption by a third party. Your best bet is to bring the bank into the conversation and make sure they're okay with what you're working on with the owner.

@Josiah McGinnis sounds like a no-brainer. Go for it. While you're at it, ask the tenant if he wants to install some new kitchen cabinets! :-)

NP.  Reach out anytime.  That's why we're all on BP - both to learn and teach.

Er, why are you only looking for nurses with real estate investment experience?  There are thousands of investors on BP and around your area who'll be happy to impart their knowledge.  Good luck!

@Henley H. a "pocket listing" is when you list your property with an agent or broker but he doesn't put it on the MLS. Instead, he shops it around to fellow agents and brokers who might be looking for that specific type of property or area.

https://www.biggerpockets.com/rei/pay-rent-online-payment-tools/.  If your tenants have bank accounts and a smartphone, but have them pay you via Google Pay, Venmo, Apple, or straight out of their bank account into yours.  Bank of America has Zelle for the latter.

Why are you doing a HELOC? Why not do an FHA cash-out refi and leave 20% in the deal so you're not paying PMI?

No way are you going to be able to cashflow a deal in NYC. Think about VA, NC, and, SC. Florida, Atlanta, and Texas are getting too expensive also.

HI @Gary F. I don't think this part of the new tax law has even been implemented yet.  I believe the IRS is still putting it together.  Each state has identified their chosen their respective OZ's but that's about it.  As @Jaysen Medhurst point out, far easier to do a 1031X.