All Forum Posts by: James Casella

Hello All,

I am new to wholesaling and would like to explain a scenario of mine. I live in NY and bought my first residence almost 2 years ago. I noticed a house on my block hasn't had anyone in it the duration of my time in my home. The property is vacant,the grass grows as tall as me and I've seen a man cut the grass there twice in 2 years with a vehicle parked in the driveway with out of state plates. During further investigating I found online the homeowner matching the out of state plates to this person as well. I haven't never spoken to the owner yet but also researched and discovered the home was purchased last in 1987 for $135,000. Houses in the area fixed to the same sizing and room amounts are averaging in the high 300's to mid 400's. I'm hoping the house has a minimal if not no mortgage left on it. The house seems in decent condition from the outside and I have yet to see the inside. I understand I need to get comps of the ARV from similar properties and account for rehab costs plus the wholesale fee. My main concern is has anyone in the area changed their average rehab costs due to inflation of rehab materials? For example if the average price on a heavy rehab for a 2,000 sqft home is averaging 75K do these numbers still seem fair or should I account for more? I joined a local REIA and they have a place for me to submit deals so a buyers list is in place for anyone to see in the REIA. I just want to make sure I can give a fair yet realistic number in the rehab portion of the formula. Thanks for the help guys!

@AJ Minaker

Thank you. So then it's all about paying your lender out of pocket until your unit is filled. 5% is what to prep for in the event of a space becoming vacant. Correct?

Hello All,

I am new to REI. I have been reading books, listening to podcasts and engaging with others here on BiggerPockets. Right now I am trying to get into the BRRR strategy out of my own market. When watching videos online and reading the books I have realized that during the analyzing of these deals they do not account for the rehab period during the process. They account for monthly rent income, but what about when the lot sits vacant during the rehab process? Do we make up for it on the back end with first months deposit and upfront fees? Or is it the 5% average we use for when the lot sits empty included in that number? Thanks in advance!

@chrisgrenzig

That sounds great! If you could I would greatly appreciate it!

Hello all,

I am located in Nassau County, NY. I was wondering if anyone has any information about local REI meetups on Long Island. I would like to start networking, building relationships and attaining knowledge to start investing in real estate. I am also open to discussion on here if you are not from my local area. Looking forward to hearing from you all!

John, 

 Just looked up the book. Looks very informative. Just ordered it off of Amazon! 

Thank you, Joe. I'm trying to implement a strategy to get everything rationalized before jumping in. Reading several books, listening to podcasts and asking others such as yourself for input has been a great help.

Hello all,

I recently attended one of Brendan's webinars, upgraded to pro, read his no money down book and I'm currently in his rental property book. I'm new to REI and would like to better my game at every level. One thing I notice the most is the repetitiveness of crunching the numbers to figure out what a good deal is. I was wondering if anyone with experience had any tools, websites etc that one could practice on that shows deals and breaks them down further. I want to make sure I'm doing the math correctly before implementing it to the outside. I appreciate all your time and efforts in advance!

Respectfully,

James Casella

Hi All,

    My name is James Casella. For all of those who are taking the time to read this I would like to thank you in advance. As a little background of myself I have experience in residential construction, which is a main factor in my interest in real estate. I am currently serving in the military and a main thing we learn is that everything is about being a team. Working off of this ethic I believe the it definitely relates to real estate. No one can just jump into this field and master the industry without the help from others. I am interested in wholesaling and flipping real estate. As a beginner I would appreciate any tips, advice and the help from anyone looking to be a mentor. Thank you all again for your time, it is greatly appreciated.

   Sincerely,

James Casella