All Forum Posts by: Michael Carbonare

@Rafael Mercedes  Back in '07-'08, foreclosures were on every street and they were a hot strategy, along with short sales.  Now, however, foreclosures are far and few between and not nearly as fat a market as they were back during the crash.

As Ken has already said, tenants pay rent. They do not pay property taxes, homeowners insurance, or the owner's HOA bill. If the rent covers any or all of those, fine. But ultimately they remain the responsibility of the homeowner.

Good morning, Catie.  I've been investing in real estate for about 30 years. I've worked with and helped many new investors along the way. I don't have all the answers but I'll be happy to offer opinions and advice. Feel free to contact me directly.

Good morning, Oscar.  I've been investing in real estate for about 30 years.  I've worked with and helped many new investors along the way.  I don't have all the answers but I'll be happy to offer opinions and advice.  Feel free to contact me directly.  

@Michael Bunker  The short answer is the cooperative assignment is one of several types of lease option strategies you can use to score some deals.  It's a short term assignment whereby you can make your money from the assignment fee and for knowing how to do these deals and having the necessary agreements to do so.  For someone looking to get started in real estate this is a low risk approach with minimal cash requirements.  I'm a fan.

@Kaylyn Schroka  I recently posted about my rocky start in real estate here and here.  I'm not a wholesaler so I can't address that interest of yours.  My opinion as an outsider looking in is that wholesaling is a heck of a lot more difficult than the sales pitches tell us it is.  I started assigning/flipping lease options using a strategy known as a cooperative assignment.  Enabled me to get going in this business with minimal risk and minimal cash.  I was able to raise much needed cash and then branch into other strategies as deals were found.  

@Eli Yashar Well, that second deal was certainly a failure. I lost $25K, wiping out most of the profit I made from my first deal. Even worse, after that loss I decided real estate wasn't for me and took a break. Life events followed: marriage, a kid, and a major move across country from New York to New Mexico. Found myself in a precarious situation: new husband, new dad, in a new city where I didn't know anyone or anything about my new home. The local real estate market was a mystery.  
But the real estate bug was always there and I figured it was time to get back to business. Stumbled upon an article in a real estate magazine about a strategy I had never heard of. Something the author called lease options. I was immediately jacked. It pushed all my buttons: low risk, minimal cash requirements, long term lease options, short term flips and assignments. So I drew up some contracts based on what I read in that two page article. I was in the game again! Quickly did my first lease option deal. It was a sandwich lease. Well, I did it wrong and quickly lost $2500. Undeterred and determined, I did another deal, similar to the first and, unfortunately, with the same results. I lost another $2500!
Realizing I needed someone smarter than me I turned to the author of that article. He became my mentor and took me under his wing. It was life changing for me. Showed me what I was doing wrong, showed me moves and strategies I never imagined and that was my start in this biz.
Haven’t had a job in 30 years, remaining what I call “gainfully unemployed” all my adult life. Having a home office. . .can’t beat the coffee or the commute.  

@Resheika Holloway  I've been investing in real estate for about 30 years.  I'm in Florida, but I buy, sell, flip and assign properties all across the US.  Started doing virtual deals about ten years ago; a must in today's marketplace.  Don't hesitate to contact me with any questions.  I don't have all the answers but what I don't know I'm pretty sure I'll know someone who does.

@Niko John  I've been investing in real estate for about 30 years.  But it wasn't always a straight and smooth road.  I recently posted about my first two deals here and here.  Many lessons learned along the way, the more valuable ones coming from the deals that didn't work out as planned.  But my rocky start gave way to a long career of what I often refer to as being "gainfully unemployed" LOL  Nothing beats working for yourself from your home office.  Can't beat the coffee or the commute.  Feel free to contact me with any questions.  Happy to talk real estate.  Best wishes for success!

Good morning Anthony,
I've been buying, selling, and flipping real estate for 30 years.  Ex-NYer, now living in Florida.  About a decade ago I started doing deals virtually, all across the US.  Still actively investing today.  Feel free to contact me with any questions.  Happy to help if I can.  Best wishes for success!