All Forum Posts by: Jose Jacob

Fix&Flip, STR, LTR, MTR, Wholesale you name it everything works, if you can get the property below market value. The numbers have to work especially in Flips. I see you are mentioning in several states. My suggestion is to stick with one model in one state/city and study it thorough before expanding to other states. There are several parts in REI that you need to learn and to be better to make money.

I am also in Long Island.  Looking forward to the next meet 

 I don't think you can avoid the REALTOR cus the seller has singed a listing agreement.  Seller has to pay the Real Estate commission while that agreement is in effect and you signed the contract during that time.  You should contact the REALTOR (if that person is not mad :), you going behind his/her back) and use the knowledge. 

Start in your backyard and get some experience before you go out of state.  Good Luck

A book will give you some ideas but boots on the ground and doing it practically will teach you a lot. One of the hardest strategies in REI is fix&Flip. There are so many components in it and you need to master each and everything to make money. My suggestion is to work with an investor who does flips in your market area and learn, much better than reading a book (not suggesting not to read).

Good Luck

This seems like a big project to make a house from a shell. If you haven't done any fix & flip prior to this, my suggestion is to find a JV. Doing this as your first project wont be a smooth ride. This is like you building a new house. You need an architect to draw and submit to the town for permits. Deal with the town inspectors, deal with contractors. If they find you inexperienced, they will take advantage of you.

USA Assure dropped mine also.  My broker found me an other one for me.  Lot of insurance companies are not writing policies for certain type of asset.  I don't know what's going on. 

I believe you need to crunch some number to make a better decision. I will refinance and rent it out if rent can cover all expenses.  Again you did a great job on renovating it.  Do you think the tenant will keep it like that if you do an LTR.  If you are near the hospital, try to do MTR.  The question to ask yourself is that "Am I going to do more fix and flips using the proceeds ?"  Or "Am I building up my net worth ?"  Your decision will depends on the answers to those two questions

You will have tax benefits if you are buying the properties under a corporation. S corp or LLC will help you to offset some of the expenses. Or you can buy a rental property with the profit or buy more to flips. I concentrate on more flips with less margins rather than few flips with huge margin. You pay more in taxes when you have huge profit within short time period. Everyone's tax brackets are different. Your CPA can guide you

You can skip trace them and try to contact the owner of those properties. Most of these home owners wont open the mails. DM has very low ROI. Knocking doors or phone calls will have more success rate.

Good luck