All Forum Posts by: Juan Reyes

Hey Jourdan, Best of luck to you, I am from Queens New York myself and have thought about moving to the West Coast many times, especially in the winter. Hope it works out for you and feel free to reach out if there is anything I can guide you on. 

buying cheaper properties allows you to diversify your investments in a sense. It is definitely something to consider, however, these type of properties usually have problems of their own. I saw someone mention war zone properties. I visited some recently and I definitely understand what they mean about war zone areas. Keep in mind as with any business, there are ways to mitigate these risks. For example hiring a management company can make it easier to deal with. 

Tim have you done gotten any comparables from local realtors? I would suggest speaking with a realtor in the area to figure out how much this property is worth. When it was purchased for $40,000 was there anything else to the deal?

I wouldn't get too discouraged about the public records do not get paralyzed over how much they are making on you, it can still be a good deal ego aside. However, I would suggest getting a good honest plumber and electrician to give you an estimate on the concern areas.  Most deals will have something to worry about, its about learning to account for it. 

I would suggest figuring out exactly where she wants to live, identifying the nearest transportation and working backwards from there. For example I live in Queens and the prices are not anywhere near 200k for a house but you can get a condo/coop for that ammount. However, even though I am about a 15 minute drive from the city I am a little over an hour commute to the city by train. 

Hey Cheryl, I work for a lender that specializes in these loans. If for some reason you can't qualify, Your only option isn't 203k if you can't qualify there are other conventional options that have resemblances. You have to find yourself a good lender that is experienced at underwriting these type of loans. Feel free to pm me to chat

Welcome fellow New Yorker and Fellow Baruch Zicklin School of Business alumni ! Very impressive resume I look forward to reading your input here in the BP community.

Originally posted by @Will Carter:

What are some usual payment terms for self storage rentals?  I'm revamping a family owned self storage facility that's been operating straight out of 1984...

My current thinking on terms:

You're in default after day 1.

Late fee after day 5

I'm locking you out after day 15

I'm sending you notice of foreclosure/auction date after day 30.

Too harsh?  Too lenient?  

Property is in Virginia so I think I'm good with the 30 day foreclosure after default if my memory serves.

I searched I promise...

Thanks.

 Hey Will, why don't you go to a local competitor and inquire about renting out a locker, so that you can get a copy of their contracts and you know what is standard in the area

@William George hey I am from New York, I have experience with certain aspects of real estate but I am not an expert at investing in it directly. In fact, that is why I am here as well, I want to begin doing it myself as I have seen many of my clients doing it themselves. If you have any questions ill do my best to point you in the right direction, feel free to pm or email me. You should also join some REI groups.

Originally posted by @Ibrahim Hughes:

I have something in Irvington if you're OK with investing in a C-D area. Inbox me if interested. 

 Yes I am feel free to email me

Hey I'm no attorney but in my opinion you need to price how much it would cost you to do what he is doing. Once you have this number think about it in relation to how much your land cost and specifically figure out how much his contribution is worth. Regardless, it sounds like a good problem to have, my only suggestion is that in anything you do make sure your contracts are air tight. The human variable risk you're adding into your deal should be reflected in how much ownership you get, and make sure the contracts mitigate this risk by establishing very specific parameters that he must fall within (I.e time of completion, DOB compliance etc) Again all only my opinion I'm no expert and may be very wrong.