All Forum Posts by: Masashi Borges-Silva

Event details

This is a bi-weekly event to network with people who are interested and doing real estate investing. In addition, you can network with other real estate investors at this event and learn about real estate investing.

Who is this event for?

This is for YOU! Because you are reading this, you are interested in real estate. This is an event where you can chat with other investors, and my job is to inspire you. Even if you are an absolute beginner and don't know what to talk about, this is a perfect event to surround yourself with like-minded people. You will be inspired and amazed by how others want to help you. Do you feel like, “I want to help other people, but I am not sure what area I can help?" Then, the host would like to invite you to join the meeting, and the host can help you.

What you get from this event

If you are asking questions such as: How do I even start? Where is a good place to look? Where can I learn more about real estate investing? How do I analyze real estate deals? The host can help you navigate through the industry of real estate investing!

Background of the host

The host is still looking for the first investment property. Since the summer of 2022, he has submitted one offer in New York state property and decided that the supply needs to meet his goal. His plan for the next three years is to obtain ten units in 3 years (i.e., three units per year or at least ten offers submitted weekly!). Since NY supply cannot meet this demand, his focus is shifting to long-distance investing (Columbus, OH or Cleveland, OH). He can tell you the market trend in these areas is much better than in NY.

In Jan. 2023, the host visited Columbus, OH, for a week to see things with his own eyes. The host attended a local meetup, where he met other local investors with five to twenty+ doors in their portfolios. The local investors were kind, welcomed the host with open arms, and shared their contact info, such as real estate agents, property managers, contractors, lenders, and other local investors. The host's network expanded tremendously at this meetup event in OH, and he feels more confident investing in the area with the teams built through networking.

Real estate is people's business, and you alone cannot do everything. So I have to rely on others (attorneys, agents, lenders, contractors, etc.) to be successful, which is my way of giving back—sharing what I know and have learned.

Education x Action = Result

If any of this is interesting, the first step is to attend the event. This is a very inclusive space, and the goal is to grow together no matter where you are in terms of experience. What matters in life is to have a vision/goal, take action, and adjust the vision/goal. There is no wrong answer in this journey, and the path taken will be unique for each of you, and the host is here to help you achieve your goals!

This was the "biggest" turnout for the meet-up!  haha

Thank you for coming and joining this event, and I am so grateful for you to attend the meeting today.  We had a great mixture of beginners, intermediates, and experts in the group, and it was great to meet you all in person!

The discussion topics were:

What are the goals for each? How do you find the market?  What is cash flow vs. appreciation?  Real estate is a long-term business (a marathon, not a sprint), Negotiation book, "Don't split the difference," Long-distance vs. local investing strategy, and more.  I think the group was able to share good information and was very helpful to each other.

I am so grateful to meet such friendly people like you today!

I hope to see you again soon!

Below are photos from today's meeting.

@Kurt Phillips, thank you so much for hosting your monthly meet-up!  It was such a pleasure to meet you, and the speaker, Josh, is incredibly helpful!

I met so many wonderful individuals at the meeting, and I cannot thank you enough!  They were all welcoming and Elizabeth was so kind to everyone who were new to real estate investing.

I am now looking at the calendar and flight tickets to visit Ohio and join the meet up in Feb! 

@Masashi Borges-Silva

Just realized the meeting details were missing.

It is on this Sunday, the 22nd at 11:30 am. The location is at Northend food hall (4300 broadway in New York, NY) or the details are in the link below:

https://www.meetup.com/real-estate-investors-in-washington-heights/events/290671633/

 @Levi Dobson, I drove around the downtown area and its surroundings, and it seems things are growing.  I saw a huge children's hospital, and a lot of development is happening.  Based on conversations with locals here, there are jobs related to the Honda factory in Dublin, OH. I am also hearing about Intel investing $20B to build two chip manufacturing plants in Ohio.

I see many small multi-units under $200k, and market rents are generally between $900 to $1500 for 1 to 3 bedrooms in C-grade neighborhoods that are next to B/C+ neighborhoods.

But, don't trust my words. :)  If you decide to visit the city, maybe we can get together for a coffee meet!

I am here in Columbus, OH until this Friday.  To investors, real estate agents, contractors, and property managers, I would love to meet up with you over coffee or lunch if you are in the area this week.

I am going to a meet-up on Wed, the 18th of Jan, and below is the information I received from @Kurt Phillips, who is hosting the event.

"We meet at the Pizza Cottage in Lancaster, Ohio, located at 2223 W. Fair Ave. At 6:00, everyone arrives to network and get drinks and food before the speaker takes the front around 6:30."

Event details

This is a bi-weekly event to network with people who are interested and/or doing real estate investing. In this event, you can network with other real estate investors and learn about real estate investing.

What you get from this event

If you are asking questions such as: How do I even start? Where is a good place to look? Where can I learn more about real estate investing? How do I analyze real estate deals? The host can help you navigate through the industry of real estate investing!  

Background of the host

The host is still looking for the first investment property. Since the summer of 2022, he has submitted 1 offer in New York state property and decided that the supply needs to meet his goal. His plan for the next three years is to obtain 10 units in 3 years (i.e., 3 units per year or at least 10 offers submitted weekly!). Since NY supply cannot meet this demand, his focus is shifting to long-distance investing (Columbus, OH or Cleveland, OH). He can tell you the market trend in these areas is much better than in NY.

Real estate is people's business, and you alone cannot do everything. I have to rely on others (attorneys, agents, lenders, contractors, etc.) to be successful, which is my way of giving back—sharing what I know and what I have learned.

Education x Action = Result

If any of this is interesting, the first step is to show up at the event. This is very inclusive space and the goal is to grow together no matter where you are in terms of experience. What matters in life is to have a vision/goal, take actions, and adjust the vision/goal. There is no wrong answer in this journey and path taken will be unique for each of you, and the host is here to help you achieve your goals!

@Remington Lyman,

I am planning to go to Ohio in the week of the 16th of Jan, 2023.  I learned there is a meet-up on Wed, the 18th of Jan, and below is the information I received from @Kurt Phillips, who is hosting the event.

"We meet at the Pizza Cottage in Lancaster, Ohio, located at 2223 W. Fair Ave.  At 6:00, everyone arrives to network and get drinks and food before the speaker takes the front around 6:30."

I am also trying to meet with @Patrick Drury during the week or the event.

@Nathan Gesner

Thank you for the input.  I contacted members as suggested, and I was able to connect with locals, as seen above.

 Hi @Terrione Francis!

I don't have any personal recommendations, but I can point to a starting point. Have you had any good luck using one of the tools in BP to find contractors?

At the top of the BP website, there are tabs. For example, search for "Contractors" under "Recommended Vendors."

Then, the website will ask you the questions to find a match that has been pre-screened by HomeAdvisor and BiggerPockets:

Also, I had the same question myself and found a book that covers the topic. The book on how to estimating rehab costs by J. Scott was interesting read. Not only the book covers some of common rehab costs, but also the book covers about when to pay the contractor’s work or material needed to start the job. If you have a chance to read, this might be a good resource.

Good luck finding several quotes, and let me know how it goes!

Hi @Ross B Adams, welcome to bigger pockets forums! :)

I am not a lawyer, nor am I not qualified to give you advice, but your post got my attention and please take it with a grain of salt.

From the question, it seems like you are trying to help him by selling the property, and that's wonderful of you. :) However, the decision is ultimately "up to your situation and what you want to do." in MHO.  This is only an assumption, but it seems the buyer has experience working as a contractor with the seller, and the seller wants to help the buyer to purchase the property.  However, I consider this a business no matter how close you are to this person.  Let me explain what I mean below:

If I attempt to answer your questions in order, the followings are my opinions (with "lots" of assumptions):

When he gets a loan in x month (whether in a month or 30 years), I assume a conventional lender provides the loan.  If this is the case, then "yes," he will probably have to give a down payment.  But the cost for him to get a loan does not stop there.  As you might already know, there will be a closing cost, title transfer fee, mortgage insurance, attorney fee, and lender fee, to name a few examples.  If a real estate agent is involved, then a fee will be paid to both seller's and buyer's agents (typically between 2-3% of the purchase price).

The next question was about a lease option.  Would it be a better choice?  I am unsure since this depends on the subject (the seller or buyer).  For example, for the buyer, the lease option might not be so great in housing market value in decreasing trend, but it will serve better for the seller.  For example, if the house is supposedly $300k now, the lease option is to purchase the home at a pre-determined price in x years.  In addition, the seller and buyer must agree on the house's worth in x years.  No one can accurately predict the value of the property in x years.  Perhaps, more accurately predictable in the next 1-2 years than in the next 9-10 years.  We don't know if the property will be worth $250k or $350k in 1-2 years or $100k or $500k in 9-10 years.

Lastly, for the seller's finance.  I am unsure if the buyer cannot afford to pay a down payment; the rule is pretty much determined by whatever works for you and the buyer.  "too complicated to transfer the deed to him..." seems to indicate "to transfer title to him..."  To clarify some of the definitions, I found the following on this page:

The first is for the seller to "take back" a mortgage on the house.  The buyer, sign both a promissory note (promising to repay the loan) and either a mortgage or a deed of trust (allowing the seller to foreclose if the buyer fails to pay).  In return, the seller signs a deed transferring title to the buyer.  Because the buyer hold the title, the buyer can sell the house or refinance.  But the buyer must keep making the agreed-upon payments to the seller.

I have a question about the buyer's statement.  What situation will change in 12-18 months to enable him to qualify for a loan...?  Is it that he is saving the money towards the down payment?  Is it that he will finish his current job and expect a chunk of money to come to his bank account? Or does he not qualify now due to bad credit or trying to pay off his debt?  What is the reason that he is not qualified now, and where is his confidence coming from that he can get a loan in 1 to 1.5 years?

Is he buying it as a first home? It seems he is not buying the property as an investment since he is paying his mortgage. If this is the case, can he apply for a loan provided by Federal Housing Administration (FHA loan example) and pay a 3.5% down payment toward the property?  Once he has a loan and decides to refinance later, he does not need to pay a down payment (assuming the loan amount is less than the market value and the interest rate is lower).  Can he house hack by purchasing a quad-plex using an FHA loan and live for free for a year?

If either the seller or the buyer is interested, reading a book might give you more options to explore.  I think  by Brandon Turner will be a great starting point.

Again, these "seller finance" terms depend on your situation and what you want from this "contract" between you and the buyer.  I hope the above makes some sense and find it somewhat helpful.  If anything is confusing, please let me know, as I am in the process of improving my writing skills.

Thanks for taking the time to read this far, and good luck to both of you (the seller and the buyer)! :)