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All Forum Posts by: Elvis T Santana

Elvis T Santana has started 6 posts and replied 14 times.

Post: 25 Acres of Residential Raw Land in Taunton, MA

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

Probate is complete, survey is almost done. Seller is looking for offers over one million. No wetlands.

Post: South Bronx Multi-Family

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

@Nicole (Dunlap) Pendergrass By YankeeStadium (Highbridge). Sending you a PM

Post: South Bronx Multi-Family

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

@Chad W.thanks! I was in the South Bronx, a few blocks from Yankee Stadium

Post: South Bronx Multi-Family

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

@Chad W. I didn't know much back then and was learning as I went. I found my tenants through a Craigslist ad and asked for documents, proof of employment etc. While I ended up with great tenants, I would be way more careful knowing what I know now. I know a property manager that can place good tenants for a fee. I can also vet them myself with online services like cozy.co

m

Post: South Bronx Multi-Family

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Bronx.

Purchase price: $550,000
Cash invested: $70,000
Sale price: $835,000

House hacked a 3-Family house in the South Bronx. Lived off the income when I transitioned to Massachusetts.

What made you interested in investing in this type of deal?

Rent appreciation. I considered the Bronx to be the last frontier in NYC. The South Bronx in particular had the cheapest rent of all the areas immediately outside Manhattan AND was highly commutable. As rents increased everywhere else it only made sense that New Yorkers would consider it. Lots of development and revitalization going on at the time and a very attractive cap rate (9%+).

How did you find this deal and how did you negotiate it?

Craigslist, paid asking price.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Renovations to attract market rent. New kitchens and baths.

What was the outcome?

Rented at slightly below market rate, lived in one unit and rented the others. Lived free for a year. Moved out and rented my unit. Property cashflowed very nicely for 4 more years.

Lessons learned? Challenges?

Don't rent to family.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Very satisfied with my loan officer, my insurance broker and the real estate broker that helped me sell it.

Post: Any investor need an apprentice in the Charlotte area?

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

I have a young cousin in Charlotte that is SO motivated to go down this path of real estate and real estate investing. I have provided some books and videos, he has consumed it all. He has read the top books that most of us reference as entrepreneurs and keeps notes! He is very intelligent, loyal, has plenty of self-confidence, love and positive energy. Obviously I am very impressed with who he is and how he thinks at his age.

He has several hours a day and will gladly dedicate it to an investor's business pursuits so that he can learn and grow. He will have his real estate license by summer.

Any one want to meet him for coffee?

Post: Investing in Holyoke MA

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

Hello - I have also stumbled on the high caps of Holyoke and am very curious. I may be checking out some properties there in the near future.

Post: Garbage duties in your SFH/MFH Rental?

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

I would. Check with local supers. 


I Have the discount situation going in my South Bronx property. I've run into complication of violations and passing on the cost when the tenant is at fault. Luckily I have cameras. My backup plan is hiring a local super that handles this for several properties on the block in his spare time. Quoted me $160 a month with a little extra for snow removal when needed. Very fair but not sure if it's going rate.

I currently give a $200 discount including snow removal and I provide materials as needed

Post: New to real estate investing (I’m only 21) Looking for advice!

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9

Congrats on starting the path at 21 and looking to educate yourself. There is lots of material out there. I recently read a couple of books that I wish I read years earlier. "Rich Dad Poor Dad" and "Richest Man in Babylon", both are free audiobooks on YouTube.

I have learned a lot from the BP podcasts and webinars.

I have learned most by surrounding myself with the right people.

Good luck on your journey, you are on the right track!

Post: Capital Gains after property split?

Elvis T Santana
Pro Member
Posted
  • Posts 14
  • Votes 9
Originally posted by @Frank Patalano:

Hi Elvis, we spoke about this yesterday . I think you'll need to give some cost basis to each property. at the same point I think you have options. Option one would be the count the property as originally four units and since you are selling one of the four you might be able to use a cost basis in about 25% of the property. Another option is to consider the current market value of each property and use a percentage of value of what you're selling compared to the total value.

You had mentioned doing a 1031 exchange. If so you could try to have the lowest legal cost basis on the first sale.

You should definitely check with your accountant because if the property has already been split up you might want to see what your accountant has already assigned as a cost basis for each property.

Hi Frank! Yes, I was going to contact you separately to better understand your advice and how to proceed. I just wanted to start making use of BP. 

The property split was approved in December. My lawyer just registered two new deeds last week so I do not have an assigned cost basis yet. I do not have an accountant either, only a tax professional in NYC whom I've used since my first W2. Time to upgrade! Do you have anyone that you are comfortable recommending?

Thank you for your valuable feedback. I really appreciate your input.