All Forum Posts by: Michael Carbonare

@Jordan Johnson  If you're looking at starting via a more traditional path such as buy and hold, then not having a traditional, verifiable source of income, a W2, will give most lenders a reason to pass.  I faced the same situation when I was starting.  Looking back, though, it turned out to be a good thing because it forced me think about other, non-traditional strategies.  Tried wholesaling. . .not a good fit.  I could never convince a homeowner to sell me their property for .40 on the dollar.  I eventually started using short term lease option assignments.  No banks needed, and I was able to raise capital and show a track record when I was ready to buy and hold and use banks.

What Taylor said.  Waiting for the perfect time to get into the market is often an easy strategy for a new investor remaining in his/her comfort zone.  Not at all uncommon with new investors.  I probably wasted three years telling myself I needed to study a bit more, learn a few more secrets, attend one more seminar.  In reality, it was all a ruse to allow me to avoid my fear of entering the fray.
I get the "waiting for the market to die down" thought process.  But when that happens is a anyone's guess.  If you purchased a property a year ago it is likely worth 15% more today, possibly more depending upon the market.

As a former NYer I say this with full confidence:  get the hell out of NY.  The state, (ugh, Cuomo), and city, (2X ugh, DiBlasio), are mismanaged disasters sinking further and further into lawlessness, chaos, and tax hell.  It's also a very tenant friendly state and any landlord is viewed with suspicion when there is any tenant/landlord dispute.

So someone pays this guru $1000 for the privilege of touring his land?  Do you get the opportunity to at least pan for gold?  Oh, wait, now he's in Florida.  No gold here.  Just sand and limestone.

You don't need to compensate your kids.  You raised them.  That's enough.  

@Ararat Vardanyan  In all my years with lease options I can count on one hand when an attorney was involved.  Unless there is something unique or potentially problematic about a particular lease option deal I don't think an attorney is required.  Just my experience.
Seller financing is a different issue with quite a few moving parts and specifics.  An attorney in this matter is a good idea.

@Ararat Vardanyan  No need for an attorney for a typical lease option deal.  In fact, I would go so far to say they are a hindrance not a help for these types of deals.  Their training and their tendency is to complicate matters which, or course, keeps that billing meter churning.

@Antoinette De la Espriella  I'm in Broward and it's just as much a seller's market, in some areas even more so. than Miami.

@Christine Rodriguez  The answer to your question depends upon all the other numbers that affect this potential deal.
They've already quoted you a price of $310K.  But where is that in relation to comparable properties in the neighborhood?  Does it need repairs/updates?  What do you know about the existing tenant and lease agreement?  Etc.  More details and the approach becomes clearer.

I'm in Broward for about 21 years.  There are more wholesalers in Broward and Dade than there are gators and roaches.  I'm not trying to discourage you but rather prepare you for what you'll be up against.  An investor friend of mine is a very successful wholesaler here.  He drops 10,000 pieces of mail every month find his deals.  With the overheated real estate market we have here, favorable deals are not easy to come by as sellers know they are in control at the moment.  It'll be a grind, but be persistent and you can be successful.