All Forum Posts by: Jake Korossy

Hi BP
I have heard that in some states, an attorney has to be involved in the wholesaling process. Is there a "source of truth" that can outline these requirements state-by-state?

Is there nuance here depending on whether I assign the contract VS double close?

I am based in NJ so that would be my first state in question... but would be helpful to know where to turn for info on any state's procedures.

Thanks!

Hi BP, I am a new investor and listening to the BP Real Estate Podcast to hear some real stories. Question here about a topic mentioned in Episode 51 with Mike Sherwood.

31min and 30 seconds.. "Analyzing a property and the return looks good because you were financing it. I want to tell investors you can't just look at the financing, you have to look at the actual performance of the property. Extremely important. You can make any property look good if you put 80% down for example." -Sherwood
"You gotta run the numbers like it's 100% financing.. which will essentially make them the worst numbers.. and if those work out, you know that X percent down is icing on the cake" -Dorkin
Brandon analyzed CF with 100% financing assumption...

Can someone explain this concept? Does it have to do with the mortgage payment and putting more equity in up front? 

Separately, I'm based in NJ looking to start with MFHs and college student rentals in the area. Happy to connect - thanks all!

Hi @Account Closed -- I'm in a similar boat! Looking to do my first deal in 2022, multifamily. Living in NYC but born and raised with family still in New Jersey. Would be great to connect

Hi @Davon Johnson, I'm a NJ guy myself - grew up right down the street in Morris County. 
Also 23, similar income and credit. 

Looking to get my feet wet in my first property, looking primarily for Multi-Family or single families near NJ college campuses to rent to students. Interesting niche and I have started sizing the market here in NJ for some of the bigger schools.

I'm work in a highly customer-facing, funnel-driven job so I'm setting up a LAPS system for myself. Very comfortable with cold calling and being told "no" by prospective buyers. 

Let's connect further!