All Forum Posts by: Joe Aiola

@Kyle Curtin It's always a good idea to know the ARV because then it gives you options. If you don't know the ARV, you can get stuck by putting money into it and not being able to get it out.

If you're holding onto it and you're in a (B- / C+) like you mentioned, then I would focus more on durability. You always want to make your property as nice looking and as durable as possible, but only compared to the ARV. The nicer it is, the easier it will rent out and the more it will rent out for. The more durable the property is, less in maintenance over the long haul. Knowing the ARV will allow you to determine how much you should buy / improve the property.

Best of luck!

@Shawn Bhatti great post! @Joseph Firmin hit the nail on the head. It's market dependent and depends on what you're specifically upgrading. 

I believe if you are clear on what the goal is for the property, then the decision becomes a little easier. For example, if you're in a high end market trying to get high end rental prices, then marble tile becomes the clear choice over ceramic. But if the goal is to just build a durable rental and you're in a B class neighborhood, then the choice to put marble doesn't make as much sense. If it won't command a higher rent and has the same chance of cracking as other tiles, then what's the point?

In general, it's always better to make your property the best you can. Just treat each line item as an investment and make sure it makes sense for you and the goal of the property.

Best of luck.

@Ilan Oz Great question and I completely agree with @Robyn Moss about Westchester benefitting from people leaving NYC. I also believe the city will bounce back (although it will take some time), so I'm not too concerned about Westchester. The only downside to Westchester, in my opinion, are the taxes - but it doesn't seem to bother other people too much since there is very high demand to be here!

Best of luck!

@Victor David Ward Nathan hit the nail on the head. You can also use YouTube as a free resource to learn - there are a lot of good videos out there. Once you get a basic understanding of each style of real estate investing (wholesaling, rental properties, flipping, etc.), you'll want to pick one that makes the most sense for you and dive in even further. 

Don't try to be the jack of all trades - pick one style of investing and become the best you can be at it.

Best of luck!

@Collin Emerson Miller Great strategy and definitely possible. I would just add a step in between 1-2 and offer to add value to them buy working on one of their flips for free. 

Even if you don't have construction knowledge or skills, it's always good to have another set of eyes on the job. For example, you don't need to know anything about construction to make sure the new countertops don't get damaged! It's also very important to constantly keep a clean job site, so you can do that for the investor. When you have a clean job, it shows the workers that the flipper cares about doing the job correctly. A messy job will indicate that the flipper is disorganized. 

You will be adding value to the investor and learning a TON in the field. They will be more likely to let you shadow them once you added some value and show that you are serious & trustworthy.

Best of luck! Hope this helps.

@Chris Kornbrust Nicely done, man! If you feel like you're lacking a person to help you reach those next levels, why don't you make your goal to find that person? That would be my advice. Surround yourself with successful people. I'm sure you heard of the saying, "you are the average of the 5 people you spend the most time with." 

If you want to be a millionaire, hang out with them. See how they live, how they think, etc. It doesn't necessarily have to be millionaires, but at least people who you feel are far more successful than where you currently are. This way they'll be able to push you and get you to that next level.

The best part of having a strong savings is that it opens the door for a lot more opportunities. Keep up the great work!

Best of luck.

@Gretchen Gurion I used Real Estate Express as well. I have nothing to compare it to but had no complaints with it. It's also very affordable. I also listened to the PrepAgent podcast in the car while I was studying, which I found to be helpful. 

The course is completely on your timeline, so it's really up to you on how quickly you want to finish. If I remember correctly, I believe you only have certain amount of months to finish the course but don't quote me on that - just something to look into and be aware of!

Best of luck!

@Tyler Braithwaite Congrats on taking the first step! I would try to absorb as much free content as you can to determine how you want to acquire the rental property. Are you just going to put 20% down and buy one that's rent ready? Are you going to do a BRRRR? These are two different ways to purchase a rental, but would need two completely different paths. One requires saving much more money, the other requires renovation knowledge and a strong network.

Once you know exactly how you want to buy the rental, it will be much easier to lay out your next steps. If you're looking for a book though, I recommend starting with How To Win Friends & Influence People by Dale Carnegie. Not a real estate book specifically, but a great book that will certainly help your real estate investing and your networking.

So that's my opinion - absorb a ton of free content, read that book, save as much money as you can in the meantime, and network your butt off!

Best of luck!

@Miguel Lopez great question and @Joe Jor hit the nail on the head because it depends on your goals. Lower Westchester is an appreciation play - it is tough to find cash flow here. Connecticut has much lower taxes, which helps finding cash flow because the rents don't vary too much. 

NY is also not landlord friendly, but that doesn't necessarily mean it should scare you away. If you are a good landlord, buy in decent areas, and screen tenants well, then you will most likely not have an issue. 

I'm licensed if both states, so please feel free to send me a message if you're interested in discussing more!

@Brett Potter great question and congrats on the new career change! As a few people have already mentioned, you still have options to obtain a loan. My advice is to call a ton of lenders. Many people just call one or two and stop there (especially if they get a referral). Lenders follow certain guidelines, but they're not all the same. 

Also, if you speak with a lender who is not able to do the loan for you, always remember to ask if they can refer you to someone who might be able to help!

Best of luck.