All Forum Posts by: Michael Carbonare

@Frank Dutton  There are a variety of approaches you can take.  Much of that depends upon the specifics of the deal and your financing abilities.  Over the years I have done many flips/assignments using my favorite strategy, a Cooperative Assignment.  It's a type of lease option.  Risk free and no need for cash out of pocket.

@Rasean Lowe  I'm not a wholesaler, so my experience may not apply here.  But for me, mostly doing lease options, without question the bulk of my time and effort is focused on finding the deal.  Once a deal is had, securing a tenant/buyer is usually a much quicker process.

It was easy.  I was the world's worst employee. . .I was fired.

I got my start while I was living on LI.  Did a few deals and then moved to Albuquerque, where I got serious about this business.  For me, the strategy that got me going was lease options.  In particular I was doing lease option assignments.  These assignments are perfect for virtual deals because if done correctly they are risk free and don't require cash out of pocket.  On the other hand, if you're looking to do more traditional buy and hold type deals and you're new at this, then yeah, I would agree that working deals in your vicinity is a safer approach, albeit limiting.

Hi, James.  Former Long Island guy here, now living down where all Long Islanders seem to migrate to. . .Florida.
Anyway, that market has always been a tough nut to crack.  Expensive, high property taxes, cumbersome govt oversight, and a strong bias against landlords.  That, combined with you saying you have poor credit and minimal cash on hand, makes your planned approach an uphill slog.  Would you consider different, less risky strategies?  Would you consider doing deals virtually?

Mario, Paralysis of Analysis is a virus worse than Covid.  It infects just about every new investor.  It's human nature.  We all want to know everything before we do anything.  Of course, we can never know everything and so time marches on and we remain standing in the same place, week after week, month after month, even year after year.  Personally, I frittered away three years before I finally stopped the BS about studying and thinking about real estate and actually took charge and began investing in real estate.  That was 28 years ago.  Best advice I can offer is to settle on ONE strategy, and block out all the noise and distractions by turning off the machines.  If you can slow things down and simplify the process, you'll speed up the process and your learning curve.  Sounds illogical, I know, but it will help.  Best wishes for success!

@Sara Booth  What Jason said.  Doing long distance, or virtual deals as we call them, can be a profitable endeavor and a path to expand your real estate wheeling and dealing.  But for someone with limited experience it probably isn't a good jumping off point.  Even a small problem becomes a big one when a rental property is 2000 miles away.

@Curtis Lipsey @Sarah Lindberg  If you know what you're doing and approach virtual real estate deals using a safe strategy, you can work deals as easily as if you were working them in your own neighborhoods.  For over a decade I've used cooperative assignments, which is a type of lease option strategy which can mitigate risk and allows you to flip properties without the need for being on site or having a team of people on site.  Smart way to break into doing deals at a distance.

This isn't any "best place".  The type of loan you can get will be determined by the specifics of the deal you are looking to finance and your personal financial factors such as credit history, employment history, income, etc.

I'm sure your father is going to want to review everything to make sure the deal is a good one for you.  Show him the numbers, the deal, what you're planning as your exit strategy, etc.