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All Forum Posts by: Gregory DeRosso

Gregory DeRosso has started 12 posts and replied 109 times.

Post: Has anyone used Stacksource.com?

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

I'm in the process of using them now for a cash out refi. So far they have been great. I was assigned Lucy and she has been cordial and friendly so far. I'm in the process of reading the finer print but so far nothing surprising for the 1% fee. I actually came across them because I was disgusted by a rate and points this "commercial refi specialist" was giving me. I hoppe don BP and found them through there.  

Post: Should I buy this house?

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

Post: Should I buy this house?

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

Do you have interior pictures if the damage? Close up pic of the area in question? In my experience, the only real reason I see that area as being an issue is either the gutter is clogged with leaves and crap or that the pitch is distorted towards the wrong direction. Can't really tell from just a pic. Siding looks to be in decent shape. Your problem could just be the flashing where the roof lines meet. Pay a pro to come out and give an opinion is your best bet. Spend a few $ now to save big $$$ later.  

Post: Cash-flowing property but is it a good deal?

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

@Jacob Compton

Just to clarify. 85k purchase plus 10k in renovations. Comps however are 85k. The bank probably won't ok that after appraisal / inspection. Even though it does look like a 25%ish cash on cash ROI somethings not right. Either your comps are off or your numbers are inflated.

Have you signed already. If not I would go back to the seller with those numbers and at the minimum get the price down to 72k so in the event you have to unload you'll recoup your 10k / closing and broker fees if you sell at comp.

Post: LF Roommate for Bp Conference

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66
Originally posted by @John Corey:

Is there a link for the conference? So I can take a look at the agenda and other logistics.



https://biggerpocketsconference.com/

Post: NYS Gov Cuomo new law

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

This mostly pertains to municipalities that chose to be part of the Rent Stabilization Program which of course NYC participates in. However it differs by location. For example, in NYC it is usually applied to only building of 6 units or more. Here's a link to all the cities / counties in NY that have some sort of rent control.  

http://www.landlord.com/rent_control_laws_by_state.htm

and check out 



https://rsanyc.net/

Post: Auction 101 - Lunch and Learn

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

I would be interested but the day/time is a little difficult to plan around. 

Post: LF Roommate for Bp Conference

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

I booked my ticket and started searching for flights or possibly a road trip down there. Either way, I was thinking of either staying at the Convention center or doing an Air-BnB nearby. I probably will be going down on the 4th or 5th and probably leave on the 9th. Anyone interested in splitting the cost of a room or an STR for the conference.

Originally posted by @Nathan Gesner:

FEEDBACK @Mindy Jensen

I'm all booked and look forward to it!

But...

BP has a discounted room rate for attendees. The discounted rate starts two days prior to the conference, apparently so people can take the weekend to enjoy the city. Very thoughtful. However, the discounted rate ends on the final day of the conference, October 8th. I feel this defeats the purpose of the conference in two ways.

1. Many of us have limited flight options. For example, I have a choice of flying out around 6:30AM, Noon, or 3:45PM. Even with the latest flight possible, I have to leave the conference around noon on the 8th and miss half the day and any networking opportunities. The other option is to stay another night but the room rates jump to over $500.

2. Conferences are networking opportunities. Attendees will meet people during the conference and then use the time after the conference to network. However, the cheaper rates are only available prior to the conference, not after when networking is more likely to occur. 

Just my $0.02.

I thought I was going crazy. I found it odd too. I don't mind spending the premium to spend the time there but the pricing structure seemed a tad off. 

Post: What is your late fee policy?

Gregory DeRossoPosted
  • Rental Property Investor
  • Posts 115
  • Votes 66

Here's a line from my current lease. However, check your local laws. This is what I can do here in NY but from what I was told not in NJ.  I don't like to bank on late fees but it's a necessary consequence. In my opinion, depending on the area, demand and/or condition, go find another tenant and bulletproof your lease. 

  • Rent (including any Additional Rent) is due on the first (1st) day of each calendar month. Any payments paid after the 5TH day of any calendar month shall be deemed late. Any late payments shall be charged a $50.00 late fee for the first day rent is late. An additional fee of $10.00 per day shall be assessed for each additional day Rent is late, until Rent is paid in full. Additionally, any Rent (including any Additional Rent) due to Landlord that is not paid when due shall bear interest, from the date due, at a rate of eighteen percent (18%) per annum. All late fees and interest shall be deemed Additional Rent payable by Tenant.