All Forum Posts by: Jessica Soares

Does anyone here have experience with this program? They offer an affiliate wholesaler training program for like $300. Wondering if it's worth it.

Thx.

@Ibrahim Hughes It'll be interesting to see how Newark moves forward if Cory Booker goes to the Senate. I don't follow local politics, but I doubt they have any candidates that can top what Booker has done for Newark both locally and nationally.

@Johann Jells I'm still figuring out whether MFDs make sense to my REI strategy at this time, so I honestly don't know what cap rate I'm looking for generally. I've heard that in rougher areas it needs to be high but that's the extent of my research.

@Chris Rosenberg absolutely right that revitalization is not something you assume even if there is talk and potential for it - my view is to do your research and see where the big developers are putting their money. From what I understand of Brooklyn, it's massive and each neighborhood is a world unto itself. There are probably opportunities to be had in every neighborhood but the risk tolerances and investment strategies will be different.

Thanks everyone.

I am familiar with Newark and agree 100% that the Ironbound is different. I don't have a specific deal in mind but I've been lurking on LoopNet and the MLS and was interested in what others think of the areas given that I have seen some large properties for sale at comparably low prices. I'm leary of Section 8 tenants because I've heard horror stories (flip side is, that at least you are getting paid). I also have attorney friends with experience in Essex County LL/T court and have heard tons of professional tenant stories. I have experience with the Ironbound and have been told only to focus my search there. Sounds like a few of you think the reward is worth the risk, as long as it's an informed risk ;)

@Account Closed signs of a true newbie, mix up title issues with note sales. Both are filed in my "I have no idea what that is" cabinet. Thx for the guidance above.

@Jon Holdman the flip deal I have under contract is a short sale, 4 bedroom, 2 bath home with a purchase price of $90k, needs about $30k worth of work and has a conservative after rehab sales price of $200k. I'm putting 20% down and mortgaging the rest at 3%. Taxes are less than $7k. It's my first deal but I think it's a solid one to start out. It is also in a strong rental market close to NYC trains, so I can always rent it and pocket some cash if I can't find a buyer.

@Adam Johns - Thank you!! Where there's a will, there's a way right?

Sorry for lumping you all in here but I couldn't get the @mentions to work before. See comments above.
@Jon Holdman

@Jon Holdman

@Account Closed

@Geoffrey Murphy

@Thomas Blaine

@Adam Johns

@Ellis San Jose

@Paul Timmins

@Account Closed

@Ellis San Jose

@Geoffrey Murphy

@Paul Timmins thanks! We're attending a few meetings of local REI clubs this month. Complete newbie here, albeit an energetic one :)

Wow – thank you everyone for the great advice!

@Jon Holdman – thank you for the analytics – you obviously know what you are talking about. The flip I have in the works is a $50k profit on a $90k house. It’s a short sale, and the profit is a conservative estimate. If I can’t flip it, I can hold it and make a profit on the rent of about $800 a month.

@Paul Timmins – I see that you are the MFD guy – I'll be following your posts! I have family in the MFD business and I mention rental income b/c that's what I know. When you say Private Money sources what do you mean? HMLs, seller financing? I'm finding that difficult to get (and intimidating) as a beginner with no prior track record. I was thinking of forming an LLC with family members in the business as members for credibility - they would be the money members and my husband and I the operating members. I think this may be a viable option for someone starting out who is seeking to create credibility and leverage their resources. Any thoughts?

@K. Marie Poe – by $30k a month I meant net income which I know is aggressive but why not go big on goals ;) I see that you are a master when it comes to notes investing – how did you get started? It seems like you need a lot of cash to get into the notes game (at least from what I’ve found in my area on auction.com ;) I’ve done some research in that space and it looks like that is a more advance investment technique that perhaps isn’t best suited for beginners. Any thoughts? I would love to learn from you!

@Ellis San Jose – thank you for the encouragement! I will need to dive deep on your questions and come up with a financial strategy – not just an in the clouds goal. Agree that I need recurring revenue ASAP. What do you think about the strategy to use flips to build cash reserves and then tackle the recurring revenue options with those reserves? Do you think it makes sense to pull equity out of the houses I own to keep investing (my concern is that this will cause issues with traditional lenders down the line)? I mention rental income because that’s what I’m most familiar with and honestly, I feel that some of the other options you mention are more advanced strategies and less conducive to beginners (and somewhat intimidating). Do you agree? What do you mean by note income but not just buying notes? I would love to learn from you and will be following your posts – you have a BP cyber stalker on your hands ;)

@Thomas Blaine – awesome, congrats on your success!

@Adam Johns – the first flip I am now doing is being financed through savings and some of what's in a 401k account. I'm a bit intimidated by HML – the interest rates they ask would eat at my profit. Do you use them successfully? What do you meant to keep current mortgages in place? Are you referring to taking a second note or doing a wraparound? The house currently being flipped is a short sale, so I don't think that would work.

@Geoffrey Murphy – thanks!

@Minh L. – not sure I follow your post. Hope you are not suggesting that I should just find myself a rich husband and not follow my REI goals. I’m not sure the successful female investors on this forum would be too thrilled with that perspective. For the record I am married and my husband and I are doing this as a team.

Challenge: How would you achieve a goal to make $30k a month in rental profit in 5 years?

Newbie here. I've set a goal for myself to make $30k a month in rental profit in 5 years (shoot for the moon goal for me). I have some cash in a retirement account that I want to stretch as much as possible to achieve this goal. I know it's not enough to make a down payment on a 5 fam+ unit though and I figure I need as many of those as possible to achieve the goal. So my plan is to:

1. Flip as many houses as I can to raise capital for the down payment on the MFDs. I already have one under contract that should net me a conservative profit of $50k. Another oppty just came to me this week that looks to be similar. But I don't have enough $$ to do both (ugh!) b/c I'm putting my cash into the first flip (need to figure out how to stretch dollars :)

2. Use profits I make from flips to buy a MFD.

3. Take the equity out of the MFD and reinvest that in another oppty (flip or MFD).

Keep doing this as long as I can.

Seasoned investors, how would you make this goal a reality? Any advice on the above plan would be greatly appreciated!