All Forum Posts by: Gilbert Joseph

Scott Schreiber I personally do not invest in those areas but I'm sure they support buy and hold investors . If you are willing to work within a 2-3 hour of your home there is going to be a great market in that area somewhere !

As far as predicting rents the best tool I have used is honestly Facebook . It works like this.

Each city, area, and or county I have ever seen has a ton of group Facebook pages dedicated to apartments for rent and garage sale pages. You can search for the pages and join them . For instance my area has " XXXX county garage sale " and " XXXXXX apartments for rent." Groups. These pages are littered with apartment postings from Large Multifamily's to SRF . These posts are usually a landlord posting picture of an apartment for rent along with price . Just by seeing the amount of interest and comments that post has you can begin to gaging market rent . People will literally comment "this is to expensive for a one bedroom" or "wow what a great price " and you can see how
Many people are begging to go see this property . For me this has helped me immensely . IMO most of the online rent estimates are terrible in my market . One of my properties is supposed be rented for 1200 per apartment or some nonsense when they rent for 600-650 .

All in all trust the end renter on Facebook and see what they are willing to pay and rent these
Properties for . Use your judgement to adjust based on comps .

This was amazing advice, so simple yet very effective. Thank you !

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Congrats & good luck, I'm sure a buyer will come if the deal is good.

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@Account Closed thanks for the input, have been submitting offers and direct mailing for some time now so like you said I'm just being patient as well as persistent.

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@Account Closed thank you for that in depth breakdown I understand and appreciate your points.

I am aiming to acquire a multi-family home in queens as my first property and house hacking it. I have thoroughly researched what to be aware of when using that method, what are your thoughts about this approach in a this market ?

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@Account Closed would you say you have lost interest in investing in Queens, NY all together or just focused on less saturated areas currently ? I'm actively seeking deals in Queens and maybe its my greenness when it comes to being a REI but I'm optimistic about finding a few deals in this market soon with the actions I've taken.

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Originally posted by @Ryan Dossey:

@Andrew Teng Most banks have a certain percentage of ARV that they will allow you to "cash out". Typically its 75% but I've seen as high as 80%.

Ex: 123 Main St New York NY

Lets say that the building has an ARV of $100,000.

You're able to buy it for $45,000.

It needs $20,000 worth of repairs.

You're all in for $65,000.

Your bank will mortgage the property and give you $75,000.

You're able to pull out $10,000 in cash and get your initial $65,000 back out to do another one.

**You don't have to pull out more than you put in***

Some guys do this using Hard Money not cash.

I hope that helps!

This was a great break down, thank you.

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congratulations, hoping to close my first deal very soon as well.

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All Forum Posts by: Gilbert Joseph

Gilbert Joseph has started 4 posts and replied 23 times.

Post: newbie looking for buyers in florida and new york

Post: owner financing - advice needed

Post: How to obtain an LLC here in NYC

Post: Looking to Help Beginners ! (Investing , Financing, Managing)

Post: My First Home Is Under Contract

Post: Looking at Newark, New Jersey

Post: Looking at Newark, New Jersey

Post: Looking at Newark, New Jersey

Post: Why BRRRR is not working for me?

Post: First deal in the books.