All Forum Posts by: Eric DeVito

Originally posted by @Ekaterina Gelashvili:

Hey Eric!

I've heard good things about Indianapolis and Kansas City, Cleveland OH. I am doing more research and plan to go to REIA meeting in Indi , which they are having every second Tuesday of every month.

Wish you all the best!

Thank you, I did not think of Cleveland OH. I will take a look into it.

Hello all! Mainly for fellow New Yorkers. Just curious where and if you invest out of state? Also any recommended spots on the east coast?

Location: Staten Island, NY

Home listed: $285,000

Purchase price: $255,00

Loan type: VA Loan 30/Yr (4.1%)

Hello all, so quick background. Bought my first SFH about a few months ago which I now live in. Nice neighborhood, got a good deal on it. I used the VA loan and I know I could have put 0% down, but instead I put 20% down. The reason I put 20% is so I can have al lower monthly mortgage payment. I then hired a family contractor to do much needed work to the interior of the house the way I found suitable. That cost close to 30,000k. So in total this house is costing me close to 290,000. Now I still have some money in my bank account, but not sure what steps I should take. I am interested in getting a small multi-family out of state. I just don't want to fully eliminate all my funds because I still need to pay my mortgage and also I believe its important to have some type of emergency funds. Any tips/advice would help.

@Steve Vaughan

Thank you Steven. Those last couple of issues you mentioned I am close to figuring them out. I have a realtor, Ive analyzed a property I am interested in, I found some lease agreement forms for free online. I just have to figure out what type of rent collection will work best. Thanks for the help!

@Steve Vaughan

Steve, just to clear it up. Should I advertise even during repairs made to house? Painting/Sheetrock, flooring, etc.. If so do I include that in my advertisement or should I wait until about a week prior to all repairs being completed.

@Account Closed

I was never good at quizzes lol, where do i get answers for all of this. I can google some of it i suppose. Not sure how accurate answers will be.

@George Paiva

Hi George, i plan on leaving all the wood flooring in main unit. Just gotta get it cleaned. Studio i will probably do something nice but cheap as well. I wont be going too extensive with paint. Im trying to be very cost/price efficient. I do see mostly sheetrock/patchwork/painting needs to be done. Perhaps new appliances and bedroom/bath doors throughout. Other minor things around house as well. No i am not handy, i wish lol.

Hello all, I already posted a detail analysis using the rental calculator. The link is:

http://www.biggerpockets.com/forums/311/topics/184998-help-newbie-analyze-this-property

Today I went to go view the property, here are the photos I took. Can you please tell me what repairs are needed and how much they would cost around? Some other information is this property does have Central Air system. Also in the basement picture where the sheetrock looks to be cut out all around there was a leak we found out, but it was due to a pipe being frozen and that problem was fixed and a new pipe was installed. There was no water damage from the outside elements.

This is a short sale home, asking 229,000. I did my analysis on a purchase price of 220,00. My realtor is saying they probably wont accept anything under 225,000. I honestly would like to offer between 210,000-215,000 just for the hell of it. This is a 2-Family House. 1 is a Main unit that has 3 Bed and 1 Full bath, 1/2 bath. 2nd Unit is just a small Studio Apartment. Thoughts/Opinions are welcomed. Here are the photos!

Photos of Studio Apartment:

This is everything in the Studio apartment. The last picture is right when you walk in the entrance to apartment. It is a picture of the ceiling. Not sure whats going on there. The picture before it with the large hole in wall is inside the bathroom, also not sure whats up with that. Everything else is pretty much easy to identify. Thoughts/Advice?

Main Unit: Has a Unfinished Basement that holds Heating Systems/Boiler, etc. This is where that frozen pipe was located and they had to cut sheetrock. I will show you you. Also there are two other floors in this unit. Main Floor then 2nd floor with bedrooms/bath.

Hi all, just want some advice/opinions on things I should do during/after closing on First Rental Property? Thank you.

Hello all, so I have some questions as a future Landlord that I am just trying to figure out.

1) I am interested in a property that is a Short Sale and Utilities are currently turned off. If I do end up buying the property what steps should I immediately take next? Do I turn on the utilities? Will I  be paying for utilities until I find tenants to move in? How does this process work exactly, quite confused here.

2) How soon to I start looking for tenants? Should I do it myself or use a realtor?

3) How do I collect rent as a newbie landlord? Should I use a website or go in person and collect?

4) How do I create a lease agreement? What terms do you put in it? Some common things that should be in the lease agreement so to speak.

 Any other tips/advice welcomed! Thank you!