All Forum Posts by: Jason Arcuri

Welcome to BP and please fill us in on how your flip is going.  Love hearing about peoples success.  What's the biggest thing you've learned so far?

@Sean McKiernanthis is an amazing community to learn a lot from. You seem like a really intelligent person so I kind of want to give you a little counter intuitive piece of advice. Don't over think it. Learn the ropes and figure out what you really want to see from an investment. Cash on cash return, CAP rate, vacancy rate, etc. But don't go overboard and think I want X% in a great neighborhood, with low vacancy rate, with an awesome growth rate in the area. At least in my experience, people get too far down the rabbit hole looking for this home that meets ALL the criteria they want and they end up missing out on solid investments.

Besides that, as far as rentals go, I LOVE multifamilies.  Every one has their own taste and my preference is for a multifamily.  If one renter moves out or doesn't pay you have 2 or 3 more that are paying and you can still cover your mortgage.  My ultimate long term goal WAY down the road is to have a multifamily in just about every city that I like to visit.  Where there is a studio room on the top floor that I can leave vacant and go visit any time I want.  

That being said, every market is different.  In the town I grew up in, multi families rarely sell because the sellers want a high price like 200k for a house that make $2400 a month.  BUT in that same town condos are selling between 60k and 80k and rent for 1000-1200 a month.  Meanwhile, 20 minutes away in New Haven, CT I can buy a house for around 200k that makes $3000+ a month.  That's generally where I like to find properties because I can get a cash on cash return between 10 and 20%.  I'm big on cash on cash return because they way I look at it, the faster I get that money back, the sooner I can buy another property.

Hope this helps.

I can't wait see l to see responses on this one. Never heard of a move in fee.  How much do you charge for that?  As far as rent increase, general rule I've always been told by my attorney is that you have to give 30 days notice and the increase has to be fair to wrist the market is.  Also, it can't be retaliatory.  Meaning that if they complained to the town about you, you can't jack up the rent to get them back, that usually lasts a few months too.  Which town are you in?

 Ouch, maybe I've just been very lucky.  I also offer them money to get out on their own though.  Usually after the second marshal notice they take the money.

 Hey Rick,

I've used an attorney numerous times and never have I come to that price point.  My attorney charges $700 upfront as deposit but more often than not I get part of it back.  Luckily, I've only gone through the court process once and it wasn't all the rest through but my attorney said he usually gets 1500if things take a while.

 Thanks for reaching out, definitely something I should have clarified more.  Wholesaling is much more for an ambitious person who really doesn't mind calling, mailing, researching, etc.  It's a numbers game where you have to reach out to a lot of people to try and get amazing deals that make sense for you to make money on by selling to an investor that has the money.  I'd personally rather buy from a wholesaler and give them that 5k or 10k just for finding a great deal because I don't have or want to put the time into saving that money when I can manage a flip.  Being a landlord in my opinion is the easiest way of making money.  If you get an owner occupied property, you can get paid to live there and if you really want to make money, take on a roommate.  I averaged about 2 hours a month per each property I owned when I first started out.  If you take the total rent and divide that by the 2 hours, your hourly rate is through  the roof.  Now I pay people to manage them and I average an hour a month for all my properties.  

By no means am I discounting being a wholesaler.  I have the utmost respect for them and the work that they put into it.  Just make sure you are going to be in for the long haul because you are putting a lot of time and effort into it.

I hope this clarifies my point of view a bit.

wow, what amazing goals.  Wholesaling is Good way to get started but takes a ton of work.  Doesn't really sound like that would be an issue for you though.  That's great you're going to graduate debt free, do you have any income at the moment?  Maybe look into doing an owner occupied multi family.  A percentage of the income should be counted towards your income and if you find a good deal you may be able to start making money now.  

@melissa gittens that is true to a certain extent. If it is his own propertIes he can put them in his llc, he just can't manage anyone else's property

I can recommend someone if no one on here works the area.  But I'm sure someone on here works it.

#Michael Noto I'd love to hear your input on this in general as say theoretically speaking.  I've personally and as an agent have run into this multiple times.  Banks tend to always say give us a highest and best.  They also usually counter the highest and best to try and get more (Which gets me so mad, the best was already submitted!)   However, I've never seen the bank re list it lower after taking the highest and best without the contract falling apart and it sounds like it happened to quickly in your case to be the situation.

Sorry for your frustration and wish you the best.