All Forum Posts by: Erik Raz

If you plan on rehabbing you should get a property for .65 - .70 cents on a dollar of the expected price that you plan to sell it for minus all rehab costs. That means your profit should be 30 - 35 percent of the expected sale price minus commissions. This is an ideal situation which in NYC is not easy to come by. In NYC area I would go even for .80 cents on a dollar if the spread is good enough. For wholesale deals follow the same formula minus your commission/assignment fee. 

Hey Robert I am an investor from NJ and maybe we can do something with this deal  and split the profit depending on where it is in NJ. Maybe I will buy it from you myself. If you're interested you can message me. 

I am doing so in NJ many areas in NJ. The prices look something like this. An average single family house goes for $65K brings in rent of about $1,200, taxes $2,000, insurance another $600. Your left with $11,800 of which you can set aside for vacancy plus maintenance and cap-ex. If you're interested in in details you can message me. 

It can be a great strategy depending on where in Detroit and I know many people who invest in low income areas and had great results. However, you're just starting out I would suggest either going with a turn key company or partnering up with a local real estate investor. 

The best sources of information are talking to people who might have invested with the company and meeting people from the company in person and seeing what they do. Make sure you feel comfortable with the people who will be buying the properties from and that you're on the same page. Aside from all that just like there are different approaches to real estate investing there will be different Turn Key companies, some that have properties in better areas, some in more low income areas and some that have multi-unit properties. There are different ways to invest so I would say narrow down your category to better chose the right turn key company.

Welcome to the forum Mo. 

1. A great investor once said that the richest people in real estate buy properties and hold them not flip. That's how you really become wealthy in real estate. That being said initially it can be good to start flipping and rent out properties as well. A mix of the two. For me the only reason I flip is to get capital to buy more buy and hold properties. 

2. There is not set time, it really depends on many many factors such as your market, condition of property, contractors, permit approval time etc.. However, there is almost always a learning curve so the more properties you flip the easier and faster it will be to flip the next one. 

3. Purchase price, sale price (ARV), market (demographics, job growth, housing supply/demand etc..) any deal can work as long as you can buy a property for less than you can sell it for but it may take some research.

4. Look at the numbers and trust the numbers don't think that because you will renovate the property better than everyone else you will get a higher price. Assume the best prepare for the worst. Always be conservative in your numbers. 

5. Know your market and work out the numbers. 

6. I love doing real estate the whole process of flipping a house giving someone a great product and seeing that your work helped someone else. It's interesting and gives me financial independent. 

I live in NYC myself and I strongly suggest people from here to start investing out of state but somewhere close by so you don't have to rel completely on other people and if anything goes wrong can drive to the property and take matters into your own hands. People I talk to from the city get shocked when I tell them how many properties they can get out of state for the price of one property here. You can 3 - 4 times more cash flow in other areas. That's why I started out in NJ and it has been working great for me. If you need help you can message me. Best

Why do you want a degree in real estate? Is it to become an agent or just for the education. You can take classes online for agent in NY state it's cheaper and faster way to become an agent.

Welcome to the forum Ebony, I am myself an investor from NYC but I invest out of state in NJ. If you would like to connect message me, I will try to help if I can.

This is a FULLY renovated house in Trenton NJ, (about 1 hour away by car from NYC and other New York boroughs) that was just finished this week the tenant will be moving in 3 weeks. As described in the post title this is a Rental property with a very good Cash flow of at least $1,200/month (direct check from Government to your mailbox). The tenant is thoroughly vetted by the government to make sure there is no criminal history or any previous debts. The Property is fully renovated. We will manage the property for you for $50 a month if you want. If not than add $600 to the Yearly Income. The financial details are broken down below in details. After all expenses are paid the owner retains $11,356 a year or $946 a month. We can't hold the property for anyone, this property is on first come first serve basis, the first offer to get accepted will get the property.

Contact Info:

Phone: 718-415-0100

Email: [email protected]

Website: www.jhtttmanagement.com

This is a FULLY renovated house that was just finished last week the tenant will be moving in 3 weeks. As described in the post title this is a Rental Property with a very good Cash Flow of $1,300/month. The tenant is thoroughly vetted to make sure there is no criminal history or any previous debts. The Property is fully renovated. We will manage the property for you for $50 a month if you wan't, if not than add $600 to the Yearly Income. The property is located few blocks away from a major shopping center.  Photos of the renovated property and detailed property financials can be seen below.

My contact info is:
Phone: 718-415-0100
Email: [email protected]