All Forum Posts by: Joe Aiola

@Drew Daveluy You're in good hands with @Adam Cherko. 

Best of luck with your home buying journey!

@Austin Bright I was going to say the same thing as @Danny Webber. Find out how many deals they have done, or just their experience in the industry to help save your time. The amount of people on your buyers list doesn't really matter, it's the amount of serious buyers that does.

Best of luck!

@Wilson Pun Great post! My opinion is that you can still buy properties in NY if you're smart about what you buy and where you're buying. For example, buying in an A-class area will mitigate some of the risk of getting a bad tenant. I also believe that there aren't many people who are out there actively looking to try to screw the landlord over. So, no matter where you invest, it's always wise to have a great tenant screening process as well as being a great landlord. These two things also helps mitigate the risk for the landlord.

Parts of NY also have tremendous appreciation, which every investor loves!

There are definitely serious concerns though, as you mentioned. It's worth talking to investors in other markets and seeing which is the best fit for you.

Best of luck!

Hey @Account Closed hit the nail on the head. Like you said yourself, an ARV higher than you were expecting is a good thing.

The one thing I will add is for the possibility of your appraisal coming in lower than expected - if you have the comps to back it up, you can negotiate the appraisal and ask them to look into it again. They talk about negotiating appraisals every now and again on the BP podcast and it usually works.

Best of luck on your journey!

Hey @Patrick Bijou! I would try to connect with @Kimberly Gopp

I had a great conversation with her about her short-term rental business. She gets a lot of traction from her Craigslist ads.

Best of luck!

Hey @Peter Morgan! If they're good tenants, you probably don't want to lose them. Vacancy is a cash-flow killer. One thing you can try is to raise the rent slowly ($25-50 to start). If they've been there long, chances are they won't move out for a small increase - moving is a pain and not many people want to do it. Just be sure to show them comps of the other rentals and let them know that you're not bumping them up to market value right away. They need to know that you're working with them and that if they did leave, chances are they would pay more.

Hope this helps! Best of luck. 

Hey @Kyle C., 

I know a lot of contractors who work in the stamford area. Send me a direct message to discuss.

Best,

Joe

@Johnny Coleman Did you go see the property? If not, I would suggest going to see it. Walking the property will give you a better idea of location and current condition of the house, which helps provide a more accurate ARV and offer price.

If you did already see it and confirmed the numbers, you should immediately reach out to your buyers to see if they're interested so that you can put the property under contract and wholesale it to them.

Best of luck!

Hey @Jordan Levine! I heard a good tip the other day that you could find decent handymen by going to nearby apartment buildings and talking to the maintenance crew. Seemed like an interesting idea - they would probably be affordable and interested in doing some side work.

Sorry I couldn't give a direct referral but I hope this helps!

@Lexus Gomez Congrats on making the first post - that's a good first step! FHA loans are definitely something you should look into, but there are other options if you don't have a ton of capital (owner financing, lease options, partnerships, etc.). Brandon Turner has a book on how to invest with putting little to no money down that might be a good resource for you. You can find it here on BiggerPockets.

Where are you located in NY? 

Best of luck on your journey!