All Forum Posts by: Jordan Schneider

Thanks everyone for all the comments.  I think I may see what other forms of advertising I can try first before spending an arm and a leg on Zillow/Trulia

Call the mortgage person that you dealt with originally when purchasing your home and see what they would recommend, or if you know another mortgage professional it would be best to speak to them.  A mortgage professional be able to advise you best.

Welcome to the BP community Larry,

I am in Long Beach, and I am looking to do the same in terms of networking and making money.  I am a realtor and know your area and most of the south shore pretty well. Lots of opportunity!

Brett made a great suggestion for good reads to get started.  

Congrats on the fourplex!

Craigslist is a great start. As a realtor when I am screening potential tenants for landlords, I have them provide a full copy of there credit score from all three companies, a letter from their employer stating how long they haven worked there, 2 most recent pay stubs, cover page of last three months bank statements to make sure they have some money saved. 

You could also get a realtor in your area who knows what rents are going for. In NY the tenant pays the broker fee so if it's the same by you then it's no money out of your pocket. Also when you meet them be sure to ask plenty of questions to gauge their character. 

Good luck

Hi Henry, Are you limiting yourself to only Huntington? There are plenty of other areas that may offer better returns where the taxes will be lower. Everyone also has there own goals which determine whether they want to flip or whether they want to buy multi family properties. If you are looking for faster ROI, you can certainly make money on LI flipping homes. On the other hand if you want to build long term wealth you could always look to purchase multi family homes and rent them out.

Have you tried using the house flipping calculator or the rental property calculator under the tool drop down?

Also, have you considered purchasing out of state? There are many Real Estate Investment companies that offer minimum investments and many show between 10-20% ROI. The one I have worked with is on the higher end of that scale.

In the end you have to do what you think is going to be best for you.

If I can help out in any other way, please feel free to PM me.  I am always looking for new clients and to help them achieve their goals.

Hi Rob,

Welcome to the BP community.  So far you are on the right track by reading and the BP podcasts are some of the best I have heard and they offer so much insight.  Have you decided what you want your first deal to be and in what town?  Are you looking to buy and flip, house hack or rent a single or multi family home?  These are some things you want to figure out before moving forward.  I work primarily with investors/flippers myself  and, if I can help in any way please feel free to PM me.

Get a copy of the current lease those tenants have and consult a local RE Attorney.  They will best be able to answer your questions.  In NY tenants have more rights than the landlord in many cases and I have seen both the tenant agreeing to leave peacefully and the tenant refusing to leave altogether. Gail made a very good point that it may resort to cash for keys but hopefully it will not.  If you are just the consumer go knock on the door and ask the tenants what they would be willing to do if you end up buying the property.

My guess, and I cannot answer with absolute certainty is that's the area of the roof that gets the most sunlight and the heat beating down on that part of the roof may have something to do with it.  I am a Realtor and not a contractor so hopefully someone else can elaborate more.

Any person who is on the lease is responsible for paying the rent.  As long as rent payments come in then you have nothing to worry about.  Did the tenants all move in at the same time? Did they know each other previous to moving in together and do all parties have separate leases and are those leases annual or are they month to month?   You should certainly convey to all of the tenants that live there (if they are month to month) to please give you AS MUCH notice as possible when they plan on leaving and if they signed a yearly lease, you should find out at least one month beforehand if they plan on resigning a new lease or are they going to move out.

The podcasts also offer a wealth of information.  I try to listen to at least one a day, two if I have a long day of driving around.  @Brandon Wolff you could look into purchasing a rental property that is already occupied.