All Forum Posts by: Guido Sanchez

@James Mc Ree

I appreciate the guidance. Definitely not going to rush into anything. I've been looking around at too many places and getting distracted by what seems to be a "deal" in too many areas.

Some background... I already owned a 3 unit multi-family back in 2005 for 5 years. Unfortunately, I was conned by a contractor and ended up taking an interest-only loan to finish the job. Needless to say, I had to get rid of that house and regroup. I've passively invested in a Mortgage Note fund. Love the passive income but ready to get more skin in the game after marriage, kids, life and 9 years "waiting" for a downturn in the market.

I was afraid to get on BiggerPockets before because I am not a fan of Social Media. BP is a great community, not just a website, I had no idea what I was missing.

I will keep you posted on my progress.

Thanks again for your help.

@Jaysen Medhurst

Thank you so much for the feedback. Because of your insight, I will focus on 1 area, write down and learn all I can for about a week. I've been a bit scattered and overwhelmed with information. So I don't want to take a shortcut and make a costly mistake. (Again)

I have the desire, the cash, and working on a team to do the BRRR method at least once this year. Then I'll ramp it up slowly from there. Ordered the book from Amazon and I look for to deep dive on the numbers.

Very much appreciate the time and the information you provided.

All the best to you and the family.

@Rick Howell

Amen! Thank you for the post.

Hello to all. Please provide feedback on prioritizing the numbers in the calculators.

- Is there a website or tool to help real estate investors find the average cap rate in a neighborhood or City?

- Should I concentrate on ROI? (Which I think is more important)

- I would assume the Cap expenditure is greater in C and D areas. How much extra conservative should it be? Is there a website or tool for that?

My understanding is that it all depends on the class of neighborhood. I am trying to stay in the D+ transitioning to C, all opportunity zones in New Jersey. My focus is to purchase M/F apartments in Paterson, Passaic, and selective parts of Newark. Possibly look into the C+ areas are Clifton, Garfield, Plainfield, Fairview, Lodi, Hackensack.  

I am currently working on a list for wholesalers in the area to send me properties. The goal is to be on the top of each wholesalers list.

- Can a wholesaler please provide an example of what a buyer usually asks?

I look forward to hearing what you all have to say.  

All the best.

@Jill F. That was the same strategy I used with my tenants and it worked flawlessly. I also lowered the rent by $25 if the rent was paid before the 1st of each month. No matter what ALL WAYS screen and verify the paperwork of a prospective tenant.

@Anessa Salinas I am new to BP, but I have to fully endorse the advice from @Jaysen Medhurst and @Andrew Bang. Another piece of advice that has helped me so far is to watch YouTube videos and attend the webinars here in the BP website.

Most importantly, learn how to use the calculators in the site because they create beautiful reports and will help you get lenders to fund deals.

Enjoy the journey and all the best to you.

@Chris Cury, @Bridget Kayitesi and @Stephen Gabriele

I am also new to BP but have been to a few REI meetups in North Jersey. They are all about marketing themselves because that is how they find deals. The one I found the most helpful because they send wholesale leads is... https://www.jdlventures.com/

Expect to collect a bunch of business cards and meet all of the players in the real estate market, from Realtors to interior designers.

Hope this helps and lets make the best of the journey ahead.

Good Afternoon @Amira Willis! I am also a new investor looking for multi-family properties mainly in northern NJ area. Many of what @Anthony Lewis mentioned is accurate but scheme in my own thoughts.

- Don't pay for coaching... Yet (but use ALL the tools here on BP you paid for)

- Learn from the Webinars here and continue to ask questions

- Analyze as many deals as you can to familiarize what you will be comfortable with

- Attend meetups and go with your criteria in hand 

- Contact wholesalers and ask to be in their buyers list

About NJ/NY is tenant friendly area but that can be mitigated by making sure you pick a property manager that thoroughly screens tenants. I managed my own property before and the only tenant that gave me a headache was the one I inherited when I bought the property and they were NOT screened. I will invest in NJ because this is were the people are. Meaning the rental market is really hot and you can expect to have a low turnover on your apartments. The deals are very hard to find but if you do get one are least your not far from the property if anything goes wrong. You will have a bad tenant in ANY market.  

In a rush to write this so pardon the mess.

Don't get emotional let the numbers talk and no matter what DO THE WORK. (that last sentence is for me, but I hope you can relate.) 

Good luck!

@Steve Emling

If I am really honest... Shame/humiliation.

I could've said fear, family, freedom and giving back to my community as well. But knowing that I can sign into BP, ask ANY question, get answers from seasoned professionals to help mitigate the risk then still NOT take action. That would be very humiliating/shameful to me. Super grateful for the opportunity and I won't let it pass by. I look forward to hearing from you all soon about:

- What to look for while building a team. (Lawyer, Tittle company, property Management, Contractors, CPA)

- Getting the best rates and avoiding pitfalls with private money lender's. Rather use OPM then my own (I am accredited)

- Partnering

- structuring deals

- Buying wholesale deals

- Pitfalls with auctions

- BRRRR all the way

And more...

Many blessings and best of luck to all.