All Forum Posts by: Dylan Boesch

Sounds stressful but its not the end of the world so stay positive. 

@Andrew B. gave great advice. You need to 'take possession' right away. 

If you are tight on cash just educate yourself rather than get an attorney, and look into hiring a debt collector. Hopefully you have as much info as possible on the guy, but a debt collector will go after the tenant and only take a percentage of the money they collect, so it is a cost effective way to recover some of the money. 

You can definitely file for nonpayment of rent without an attorney and if the guy is really gone than you will win. With that, the judge can grant a judgement in the amount of money you are owed, and this will show up on any background check this guy ever gets for the next 10 years. So if he ever gets back on his feet and wants to finance a car or furniture, or a house, or he wants to rent another apartment, he will come crawling back to pay you so the judgement can be lifted. I have heard of people showing up YEARS later to pay back rent that they skipped town on. 

Stay positive and get that place re-rented.

Ground Leases are a low cost way for developers to gain rights to the land. It is less expensive in the short term than buying land. Typically lease terms are for 49 or 99 years.

Also, generally you cannot finance land acquisitions using conventional financing, so you can't leverage the purchase unless you really know what you are doing.

Hi All-

Real estate investment company here just getting up and running in Onslow County, NC. Currently have a house fully finished and undisturbed by the hurricane and I need a Listing Agent who is willing to work with my company on their fee in exchange for future listings.

Basically we are highly experienced in this business, have flipped well over 300 houses across multiple states (Not me personally but the company I work for) and we just need someone to put our houses on the MLS for us and show it occasionally.

Our houses are finished 100% and beautiful, and we price them correctly so they don't sit on the market for long at all. We are great clients to have and are easy to work with.

Please PM me if you are an agent and you are interested in discussing further. 

Thank you!

Tags:

New Bern, Jacksonville NC, Wilmington, Sneads Ferry, North Carolina, Topsail Beach, Onslow, Piney Green, 

It might still be a great deal if you can get the price reduction. They at the very LEAST should come down a few thousand dollars right off the bat. It sounds like it would take more than that to replace the wood, sheetrock, repaint, etc. etc. - but do you need to replace it? I just got a thorough treatment for termites in Orlando for $600 with a 1 year bond for free re-inspections and treatment within 1 year if the termites come back. This included drilling holes underneath the crawl space from outside (No basement in house) so the poison could get very deep under the ground. 

My point is its not that expensive to treat for them, you probably don't need to "tent'' the house to fumigate or anything like that, beware of good exterminator salesmen that convince you to spend several thousand dollars on treatment. Its not necessary! 

What gets expensive is ripping out walls and wood and replacing it. It also costs you in loss of rent! 

Let us know what you decide to do!

Do what you love. Sounds like you love the market you live in with higher value houses. 

The most important thing as a sales person is for your clients to like you. That is IT. Experience, smooth talking, and knowledge all gets trumped by people who are like-able at their core and are persistent AS HELL but professional when they are pursuing clients. 

Unless you see a massive gap in the market, i.e. the low value but high volume market being incredibly underserved and prime for an agent to rake in the listings, I would go with what you like more. 

It can be grueling dealing with the buyers and sellers of $20-50k houses, but if you think you can make a lot of money than it may be worth it. At the same time, a couple big listings can make you 5 times what those little ones could make you with 1/10th the headache. 

Here is another angle: Real Estate agent's first clients are usually in their 'natural market' like friends and family members. What kind of neighborhoods do your friends and family live in? And what type of clients will you relate to most? Higher-end or lower-end?

Go with what you love most. Sales is GRUELING if you don't like your clients, product, and/or market. 

Good luck and stay positive, you'll figure it out.

Yes David you are exactly right. Long Island, especially Nassau county is tough with high taxes, pricey properties, and no shortage of investors looking to get into real estate. Plus, this is one of the most tenant favorable counties in the country, which can make buy-and-hold a little tougher. 

It is not all doom and gloom though! With these barriers to entry on Long Island there is a tremendous advantage to people with the follow through to make it happen. All of these things that make it hard to get started for you also make it hard to get started for everyone else, which protects you. 

Leverage BP to get the edge that other newbies can't get and you'll be fine. If you're looking into the buy-and-hold strategy in Nassau County we should connect- I currently manage about 60 units in Nassau alone, both commercial and residential. Any questions I do not have the answer to I'm sure I know where to get it!

I am not sure what advice you are looking for but some really really quick ways to compare deals, in addition to cap rate, are to have an idea of a few different metrics that are typical for the location. 

Price per unit (300k / 7 = $42k per unit. Is this typical in this location?)

Price per foot 

GRM (gross rent multiple) so if the gross is 30k and you offer $300k then your GRM is 10x. Is 10x a typical grm for this property in this location?

these are just 3 quick ways in addition to cap rate to help you decide if you should analyze it further.

As for Cap Ex being too high, what is the condition of the property? juice that number up if the roof is more than 12-15 years old, same with the boiler/ hot water heaters if they are over 7-10 years old. Most other repairs are cosmetic. 

Hello BP-

Making an offer on an REO in Islip on Long Island, New York. The second floor has some fire damage, but the ENTIRE house needs to be gutted including all the walls, floors, and ceilings throughout the whole house. Even the parts of the house without fire damage are totally destroyed. I'm sure the whole house will need new electric/plumbing, and a new roof, so I wasn't too concerned with the fire damage because everything has to be ripped out and replaced anyway.

I am just wondering if anyone has specific experience with fire damage remediation. What do I have to look out for? Do I need specific permits? Are their specific risks? Will insurance be more expensive? Will there be a more stringent inspection after the work is complete?

I basically want to know if this will take longer/be more expensive then a regular gut rehab- 

Thank you all in advance 

also for phone numbers try white pages.com - they charge for a subscription (which I make no money off of just giving advice)

call every number they give you multiple times if you really want to reach someone, call family members too until you get someone - always ask for their CELL PHONE number so you know you can call them again to follow up

What are you trying to accomplish? If you have a specific end goal than people can give you advice on whats working.

for example - I am looking to wholesale properties in __________, California and I am looking to market to homeowners who have declared bankruptcy or are in pre-foreclosure.