All Forum Posts by: Kedian Jimenez

@Cazemba Richards Make sure you put a heavy focus on buyers as well. yes even before you have deals. Network and let them know you are actively looking for deals and you will be sending it to them whether through meetups, investment groups, social media, etc.

There are plenty of distressed properties every where. Yes it is a hotter market(more competitive) in NY but with the right effort and reputation building you will start getting the deals flowing to you as well. There are more deals than there is investors/people to capitalize on it. If you come out with the the abundance mindset you'll quickly realize there's enough to go around. I would learn how to market properly if I were you and find ways of getting the Off Market sellers which effectively represent 70-80% of the best deals. thats why other investors will pay you for the deal, because they couldnt get to it.

awesome!! keep going at it! the journey is exciting. look forward to seeing you prosper. PM and catch up any time

Hye there guys,

I'm going through a pain period where apparently one of the sub-tenants isnt paying.

 i am subleasing my old apartment to two people (Bedroom and living room and started out as a roomate situation) . The one with the bedroom has effectively stop paying for a month (weekly cycle and stopped while I was away for some while) and just recently started paying daily (but im sure he'll miss more pay moving forward). I didnt want to go to court as this started out as an AirBnB situation and then into direct and I havent notified landlord. But is the situation different with a roomate/sublease and how long will the process to evict (if it gets there) take to take them out. I want to leave the one tenant in the living room (or give them the room) since they are a friend and have no problem staying current with rent. If you guys have any advice or steps to take I'd really appreciate it.

normlly I do wholeselling in NJ but NY is also another one. Many buyers will right away give you an *** fee if you can locate a good deal for them in this hot market. AOC (Assignment Of Contract) are perfectly legal but make sure to have your attorney structure it properly as well as for a double close. call attorneys and spea to them about certain scenarios and they'll help you out.

Hey guys I have a few refferals that I have as well so PM me. Im looking for a few more to spread the work load and alwaus looking for good ones in NYC and NJ you guys can share the contact? @Keith Lutz

@Brandon Battle said it ! credit card!!! get one. and if you don't have one. get one! you can easily finance one with it.

But also hold on. Do your due diligence first. Find out what the ARV is and see if you can find out what the repairs look like. give details and also ask questions to local real estate investors or agents they should know their market. only THEN will you know if it's a good deal or not. it all depends on the numbers.

I'm sure you can find deals with substantial equity. Just have to look right. use craigslist, social media, meetups, and the MLS. simple criterias you can use is 1. Vacant, 2. Condition, 3. Motivated seller and why. Use those to look for the homes to make aggressive offers on. You shouldnt have a problem finding them if you work it every day.

it depends on your license. REA License is usually based on state. But whats your reason for getting a license rather than just becoming an investor? is it for Education? Representation of yourself? it depends on what you want. 

Idk how the broker would assign you but I assume it would be in the same area or close by. probably more relevant to the broker. call and ask a few, their numbers are public.

As far as research I would quickly try to get a mentor/coach either payed or someone that you met at an investment club or somewhere where real estate people meet. With all due respect to my fellow RE agents, especially the good ones, Just because some one is a RE agent and licensed does not mean they know how to deal with investments or are any good at their job. i would argue that roughly 80-90% of our RE agents dont really know what they're doin. but thats just life in almost any field unless there's stricter criteria. If you really want to go far in this industry then I recommend soaking up all the information you can on your local market and general practices. Shadow someone already successful in your area. Then start expanding from there. eat up all the info in these forums that are relevant to you. Drop what isn't useful and keep what is. 

@Abhi Golhar - first off, Thank you for the feed back. I love that you came back with a video response which is WAY more engaging. Im definitely going to follow up on those mentioned sites, zapier and podio. I got some questions already. *in the process of checking* :-D

1. "Lease to Own option": essentially means you are leasing the how with the RIGHT to buy the property after a certain period  You are not required to buy it but you may buy it at the specified price at the time of maturity. (Lease purchase would mean you are agreeing to buy it at the end term)

2. Subletting just means you go through the normal procedure of renting a home and then you just move in another tenant to cover the rent and a little bit of a markup. I'd recommend getting under market rental units. "Lease to own" means you'll lease for a time to eventually own it. as subletting means you will just rent for a time with no option to buy. "Lease to Own" usually involves a premium up front and even a higher markup in the lease as opposed to a rental because you have the added advantage of having the right to buy (like 20% in some cases but check your local market and professionals to be sure).

Subletting: I.E you rent a home for 1000/mo for 1-2+ year terms. you can get a sub-tenant for $1100+ depending on market which is a 10%+ ROI per month

Lease to buy option: I.E you lease to buy option a home for 1000/mo with the option to buy it for 100K at the end of three years with a premium up front of 2K. You can get a buyer to lease the same for $1200+ and charge a premium of 2.5K-3K+ and they can purchase the home landing close but after your purchase at 110K. that means you made a net profit 200+/mo (20% ROI), 500-1K premium (25%-50% ROI), 10K resell (10% ROI).

If they dont buy then you can come out of yours as well or you can just start up a new one. and hey you might have the added bonus of appreciation at that point.

Real investors make the money at the beginning. So go for a good deal first. you'll do fine. 

if you need further help putting subletting together let me know. Ill help.

3. Hard money terms is up to the hard money lender. They'll let you know. The point of hard money is not the rates or the price. It's the convenience. Fast, no checks, and usually based on the value of the property. I would use hard money to get the many deals you want. Make sure its enough to cover holding costs. wait until its seasoned in 6 months and then refinance with a traditional loan. If the deal is good enough then you should have very little risk doing it. it's just another tool.

4. I can help you in wholeselling if you want its one of the low risk capital building techniques. its just you finding deals with enough of a profit for you and another investor to get it off you at a win win.