All Forum Posts by: Farshad Mansouri

We are looking to buy our first Single or multi family long-term hold. Does anybody out there have a spreadsheet they would be willing to share with me that includes expenses associated with your rental? I would like to have one for every property we own, to keep track of everything, making sure we stay positive.

Thanks in advance.

Farshad

Hey community,

I'm not new to BP but I haven't done any "official" deals yet.  I house hacked about 10 years ago, before I knew what house hacking was, then sold the place for a 40% profit.  Since then haven't done another transaction, but I'm anxious too.  

On my way to and from work is a house on a nice blue collar street, and the houses sell for around $380,000 (Emerson, Bergen county, NJ).  This is the ugly duckling of the block.  Tall grass, falling down screened in porch, cracked front window.  

Its also on a quarter acre of land which is more than most of the adjacent properties.  Its not for sale, but I'm not sure if its vacant or not.  What should I do next?  If I could buy it, I would get a hard money loan, and flip it.  But what should I do next?  How do I get the title information?  How much info can I get on line without having to go to the county office?  

I've been trying to Jump In and not have analysis paralysis.  (Although my one biggest limiting factor is I don't have a large amount of money as a back up, although it might be just enough, maybe 30K).

Thanks for any ideas.  Again, I'm just trying to get my first deal, and hopefully start the snowball rolling downhill.

Farshad

Count me and my wife in! We're both BP Members.

@Aaron Montague Thanks a lot. That helps a lot.

@Michael Sherwood Thanks, I'll let you know once I have some funds set up!

On podcast 78, they talked about how she bought 28 doors in 3 years.  I am having enough trouble saving up enough money for one downpayment.  I am just wondering how on earth you can save enough money for a down payment, as well as enough reserve for EACH property in case something major went wrong, all within such a short time frame.  I know it is real tough to do that in my area (Northeast New Jersey), but we have ties in Buffalo, NY, so we are looking to start up there.    

Am I alone?!

Farshad

Midland Park

Bergen County, NJ

I'm sorry, I'm new. Can you explain how you determined the 8%? Thanks a lot. Farshad

Welcome Sonja Pope ! I'm in Bergen county too. BP has been awesome. A local REI club I go to is run by the Chris Goodson law offices: www.njreclub.com. Its been around for about 12 years or so. Great people and they have good speakers. You should check it out. Good luck! http://www.njreclub.com/ Farshad

I've been going to Chris Goodson's NJ REI meetings. They are really informational and great for networking.

http://www.njreclub.com/

See you there.

Farshad

I know. Thanks a lot for your help!

Hey Frank,

I know I need to have some skin the game, I just have really nothing for down payment. That's why I'll be looking for Hard money. My problem is that I just have so little time to be able to sit and look for properties. I'm looking for a three bedroom two bath or a multifamily near a college, like William Paterson University. I did my training in Buffalo, and you can buy house there for much cheaper. I still have some in laws up there so maybe I'll look up there.