All Forum Posts by: Joe K.

Greetings Everyone,

I am currently 1 of 4 tenants (landlord included - 2 of 4) living in a building I feel could be my first investment property. Reason being, when I talk to the landlord, he tells me that he is "too old" to do anything with the building (motivated seller?). In my opinion, the building looks like it is in decent condition. I pay 950 for 1bd/1ba in Bronx, NY.

My questions are: How should I approach the landlord about my interest in buying this property? What would I need to determine if this deal is good enough without pulling records from the local office?

Thanks @KevinBarrett. I assume I can use this for single family homes as well?

Also, what does MDS and ADS stand for?

Hello All,

I'm having trouble with the math portion of investing. Can someone please help me in figuring out if the below property is worth investing in. In what ways can I quickly analyze a deal I see on paper? I know of the 50% rule but are their any other tips?

Reading,PA 19601

3 Unit Apartment Building
1st Apt - 2b/1ba (rent - $850)

2nd & 3rd Apt - 1b/1ba (2 x $700)

Gross Income - 2250

Taxes - 125/mo (1500/yearly)

Insurance $55/mo ($650/yearly)

Management - $225 (10% collected rent)

Total Expenses - $405/mo

Asking price - 59900 cash only

Repairs - 45 - 70k(Total Rehab)

I am also interested in the closing costs in NYC. Is there a way to find out a given state's average closing costs?

I'll just do and adjust as I go along then. Thanks for the reply John.

Greetings BP Community,

This is my first post on BP and I feel I am ready to overcome my analysis paralysis and start to take action by wholesaling. However, I would like to make sure I have all that is needed to start and close a deal. Below are items/contacts I believe are needed to closing a deal; can anyone please tell me if I need to add/remove/edit anything on my checklist?

1. Buyer's list
2. Motivated sellers list
a. Sellers can become buyers (IMO)
3. Marketing Strategy
a. Direct mailing
1. Envelopes, stamps, paper, return labels and a printer
b. Email Blast
c. Market to family/friends
4. Contractor (For repairs/estimates)
5. Lawyer (To assist with contracts and any legalities)
6. Title Company (Checks status/ownership of property's title and holds/distributes money of transaction{escrow})
7. LLC?

This is my check list so far. I feel as though I am missing something (symptoms of analysis paralysis?) but I am not sure. Also, can this same check list be applied to a lease-option deal?

Thank you BP Community for any help you can provide.