All Forum Posts by: Frank Procopio

She is a hold over tenant and that is the only eviction most have been able to get through right now with the moratorium. Once the time is lapsed on the notice have her served asap 

Bad appraisals happen everyday.  On a conventional loan the buyer is responsible to make up the difference, you are not required to lower the price of the home. 

Thats the risk we take as agents, if she is not able to get it sold then she it not entitled to payment. However how long was your listing contract ?

How much money do they have to put down? That would be my first question before considering seller financing. If they can at least put 25% down and afford to do a short term note I think thats a win for you 

Really depends on your financial situation and your goals. Personally I try to deploy the cash into other assets. Some would think the smart move would to pay principal down though. At 38 my goal now is to get as many units as I can, I try not to touch the cash for personal use 

When looking to invest out of your local area, what are some of the first things to look at? I look at cash flow, acquisition price, population, job growth, market trends in that area and what other investors wins/losses

How do you determine good vs bad areas? I use the trulia crime map 

Pricing rents? just craigslist for comparison? Zillow, craigslist, apartment finder. Basically I go on as if I were searching for an apartment

Do rely on a realtor from the area for guidance vs using your local realtor? I understand your local may not know the area, but do you always try to use them when you can? Yes I do my initial search online and then interview a few to see if we are a good fit. They are key to success, not just saying that because I am one 

I spent some time today looking on mls for multi-family in a much bigger city than where I live. Its out of my comfort zone but multi-family is scarce locally.

I am a big fan of www.onsitepropertymanager.com

I think you need to incorporate as many strategies as possible and constantly evolve with the market. For example the market has been hot right now so my personal strategy has been to get as many doors as possible with my cash. I have done this by finding as many seller finance deals as possible. I typically like the seller to hold for 3-5 years. I use my cash for the initial purchase and then let the rental income pay down the principal. Then in 5 years I have equity and options. But 5 years ago inventory was plentiful so the brrr method worked well for me. 

@Paul Kubin an agent should bring value even to newer investors. The only time I will pass is if they have unrealistic expectations. Never have I asked anyone to prove themselves. We all had to start somewhere.

@Francisco Garcia have lots of banks in NY that will do that. I will shoot you a few names