All Forum Posts by: Jonathan Reizovic

@Johnny Situ great accomplishments thus far! Quick question. Was it hard to get multiple conventional mortgages? I know if you show the lease and that you are receiving rent on the property it makes it easier to get an additional mortgage, but thought I read that they only like to give out a few per person. How did you find it?

Thanks

Wow @Megan Greathouse thats great! What part of St Louis? Im an out of towner, but feel like "The Lou" like many other areas has its share of bad parts. Got me intrigued and I see lots of cheap properties but location, location, location. Feel free to PM me, as to not clog up your thread, but again congrats!

@Brit Foshee

I am a New Yorker with family in Florida. Looking to get into either rehabbing or renting, and with housing being so expensive up north I've always been interested in investing in Florida.  After seeing this deal I started looking up properties in Ft Myers...There must be some pretty crumby neighborhoods there, because I'm seeing totally rehabbed properties for $75k. Any recommendations what to stay away from or what to look for?

Appreciate it,

Jonathan

 Hi

I have a property that I am prepared to start renting. I read the step by step sticky about screening and prequalifying and it seemed to be pretty straight forward, that is until I got a bunch of college students responding to my rent ad on Craigslist. I have mostly received emails from grad students, which I'm guessing is much better than undergrads, but I live in New York where it seems you can get stuck with bad tenants for awhile if they don't pay. 

My question is how do I screen these tenants? I assume most will not be grossing 3x the rent if they are still in school. It seems most want  live with 2 roomates (as it's a 3 bedroom rental). So should I require that each grosses at least 1 months rent? Should I have parents cosign?

Thanks in advance.

What did they say to use? Also I'm in Long Island. Was the meeting anywhere near me or upstate?

Have seen a few of your flips here and love the beige color you use. What color is it and who makes it? Its lovely.

Could someone please clarify I understand closing costs are different, but I'm trying to get an estimate for every $100k about how much is the closing cost?
Thank you,
Jonathan

On these forums I see that wholesaling is buying through contract for $100 to $1000 and assigning a contract to another investor. How is this done? How do you buy contract only?

Thanks for the info!!! Realizing a lot more now. If you or someone could just clarify on points further I don't fully understand them and I just have one more question would closing costs go into this loan to or would I have to pay that cash?
Again thanks so much this forum is very helpful,
Jonathan

I have some questions:
1) This means I can get loaned money as long as I purchase house for 70% ARV; is there any down payment?
2) 14% for 6 months with 6 pts; this means I only pay interest of 14% +6pts =20% for 6 months? Is there any prepayment penalty if I finish in 3 months?
3) Cost, payments, fix up all wrapped into loan; is this only if they are up to 70% ARV (ex buy house for 60% ARV they wrap anythin but only up to 70%ARV)???
Thank you for your help,
Jonathan

PS I am in the NY area Long Island and Albany do you know of any HML's here?