All Forum Posts by: Gregory DeRosso

Also, have looks at the https://www.biggerpockets.com/companies/hard-money section. 

I learned this need little trick with rentometer that doesn't require using pro. Now it depends on your volume if its large enough, don't look at going pro as an expense but as an investment.  However you can always search the address in rentometer, zoom in the map to look at comps,  do an advanced google search at https://www.google.com/advanced_search . These are the steps I do. I put rent in the top line and put the comped address in the this exact word or phrase section and change last update as the past year.  

Just based on what's written. The surrounding properties are 100 - 200k above but probably in not a need of a complete rehab. The investor is looking at the ARV once complete and based on the scope of work, there is enough meat on the bones to make a sizable profit. Take in account if you go all cash, you save the 6% average that you will pay an agent to list in on the MLS. You can post it online, but you'll get a lot of tire kickers too. See if the investor can come up 50k and save the headache and get it in writing.

View report

*This link comes directly from our calculators, based on information input by the member who posted. (BRRRR)

View report

*This link comes directly from our calculators, based on information input by the member who posted. (Buy and Hold)

I ran the report as a Rental and the numbers looked great with very conservative numbers. I ran the report as a BRRRR and the numbers look horrendous. Can someone explain to me where I am going wrong?

https://www.judgmentmarketplace.com/

I've sold a judgment though them. I only got about 40% of it but is better than nothing.  

Sound interesting... 

90 minutes isn't that bad. I don't think you need a PM, but definitely a good handy man and make contacts with trades.  Set your ground rules, so that you don't get the 2am phone calls when a tenant loses their mail box key. (True story). 

You're vacancy water and cap x are too low. Don't force your numbers. Taxes seem off too. You said you have it under contract,  is that your purchase price.  Have you scheduled inspection. Your repair costs are up there. I've walked properties that have needed 150k of work  and usually that's a gut job. 

My question why doesn't he buy and play the appreciation game.  Even at a modest 1% a year (talking metro northeast)  even he he invests locally, he has someone else paying down the mortgage to a point where when he's ready he can just make it his primary residence towards the end to avoid capital gains tax and just keep it moving in 30 years with a nice chunk of change.  Also 30 years is alot of time for any residence. My parents both a newly updated house 31 years ago,  today it needs a major updates. My current condo is only 40 years old and I had to do major updates and I don't have half the amenities all of the new builds offer. Neighborhoods that once were desirable are not and ones that weren't are.  Change is inevitable. 

Where can I find a mentor?

What value can you add, or expertise you can share?  There's a reason diet pills don't work.  It takes hard work and commitment.  Put yourself in a position where you can expose your strengths.  A cup of coffee for 1 hour of time is an insult to those who understand that time is a fleeting commodity. Also if you're blessed with someone who may gladly share their knowledge and input,  it becomes a deterrent to help those who take it and just shelf it and move on to another thing.