All Forum Posts by: Joe Aiola

@Aidan Fox congrats on getting in the game so early - love to see that! I completely agree with @Shaun Weekes. Need to be accurate on the numbers no matter which route you go. You've mentioned that you wanted hold property long-term, so maybe stick with the plan and BRRRR. Just make sure you have enough in reserves and don't over-leverage.

Best of luck!

@Troy Deverill Congrats on the first property man! Glad to see you got your feet wet. Don't worry so much whether or not this deal is a home run. The important thing is that you're in the game. Just continue to learn, grow, and get better with each deal.

Best of luck!

@Reginald A. Shelby II nothing is necessary, but I don't know many people who are successful without one. If you don't have some type of plan, how do you know what you're working towards? How do you know the next step to take?

If you're just getting into real estate then you don't need a business plan to get started. Continue to learn and take action. As you learn, you'll get a better sense of the path you want to take. Then you can narrow your focus and start to create a plan.

Best of luck.

@Michael Lettieri Hey Michael - wholesalers mostly find off-market properties, put them under contract, and then resell them to investors at a higher price than what they put the property under contract for. They can be great, but they can also be really bad. You have to be careful and do your due diligence. Wholesalers don't do the renovations and they don't sell properties at market value, so you have to make sure their renovation and ARV numbers are accurate. Don't just take their word.

You can find them through Google and through meet-ups. Another good way is to ask around for referrals if you know any investors in the area.

Hope this helps! Best of luck.

@Andrew Scherz First off, I love the dog choice - I've always wanted an Australian Shepherd!

Are you referring to doing a BRRRR while you're living in the property? That's not a bad strategy at all, but like @Kyle Spearin mentioned, look for something that needs light cosmetic work. The last thing you want is to have your girlfriend stressed about living in a home during a renovation and no longer like the idea of real estate!

When you try to combine an investment and a place to live, your options get limited. She's 100% against a multi-family house hack? That would be the option I would go because like you said, it's only going to be short-term. 

@Gail W. Sorry to hear you're having some trouble! As with any business, not all agents are good at their jobs - so it may be possible that you haven't connected with a rockstar yet. But @Nathan Gesner offered great advice, as usual. Agents want to know your serious because they are cautious with their time. The one thing I would add is to try and bring value to the agent to help build the relationship. Agents love leads, so if you can find a way to bring them some then maybe you'll get more of their attention.

Best of luck!

Not a typo. As Calvin already mentioned, they're extremely low compared to Westchester. I've heard people refer to upper parts of Westchester and Putnam County as "upstate" NY. That's why I recommended for him to get specific and narrow it down by counties or towns. 

@Abdul Rahaman If you live in Queens and are considering to invest around the area, then I would absolutely connect with @Abel Curiel. He's great at what he does.

@Shawn Legree Hey Shawn! Congrats on saving up some cash - that's big first step that will help. I would recommend trying to get a bit more specific - narrow it down to counties or towns if you can. If it's just a rental property, NY is not landlord-friendly. Connecticut also has very low taxes. It really all depends what you're looking to do. I would get specific on the strategy and then the location will become more clear.

Best of luck! 

@Edwin G Cruz Jr I would look into housing hacking with an FHA loan, but I would only jump in once you have a good amount of reserves set aside.

Best of luck!