All Forum Posts by: Michael Carbonare

Shoutout to Hempstead, my home town.  Hofstra University, Jerusalem Ave, Peninsula Blvd. . .warm summer nights.  But I digress. . .
Is it hard to wholesale properties in New York?  I have to say it's hard to wholesale properties everywhere.  You're fighting and clawing against other investors to find desperate homeowners willing to sell their house for .40 on the dollar.  Ain't easy at all.  I understand the appeal, especially with all the wholesale gurus pushing their get-rich-quick BS.  But the reality, at least in my experience, is quite a bit different.

As Ben wrote above, seller financing would alleviate the need for all the associated BS from dealing with banks. But that usually means the seller wants a substantial chunk of cash upfront so it might not fly.
I'm a lease option guy and have been working these deals for 27 years.  Depending upon the homeowner a lease option might be a workable solution for both of you.

I've been working out of state deals for several years. It takes a bit more research and caution, but real estate is a coast-to-coast business these days, what with information readily available at your fingertips.  That said, I wouldn't recommend a new investor jump into an out of state deal that requires rehabbing.  That can keep you awake at night if things don't go according to plan.  Most of my virtual deals are lease option assignments/flips.  Risk free and minimal cash out of pocket required.

@Alicia Harrington You didn't say where you're located, but many investors and first time home buyers are facing runaway real estate markets.  Waiting is usually an exercise in futility.  As you're saving for a down payment the real estate market is appreciating at a much faster rate, leaving further behind than you are today.  I'm in south Florida and real estate values are way too high in my opinion and thwart any chance of being profitable for the buyer.  What to do?  Invest virtually, in other markets that are more buyer friendly:  declining sales>increasing inventory>price reductions>extended days on the market.

A bird dog is someone who goes out and finds a deal for an investor.  Assuming it really is a deal and the investor closes on it, he tosses you a bone in the form of a finder's fee.
If you go through the trouble and effort of finding a good deal, keep it yourself and make a heck of a lot more than a finder's fee.

@Luke Spooner  We're sort of neighbors.  I'm a bit north of you in Broward.  Been here about 21 years.  I lived through the boom years of 2000-2007, and watched this market drop 50% in '07.  I see some similarities today, although not to that extent.  But clearly the south FL market is over valued and a correction needs to be forthcoming.  Housing costs are out of reach for many and mortgage rates will rise again.  With that in mind, the answer to your question, Is now a good time to buy real estate in Miami?", in my opinion is a resounding "No".  It's a strong seller's market and bargains are far and few between.  Should one pop up it is quickly bid up by anxious investors so that it is no longer a bargain.
I understand it can be daunting for a new investor to invest in real estate virtually, but that approach has proven to be profitable for myself and many others.  If you know what you're doing you can minimize risk and sleep well at night.

You already made the cash offer for $95K?  Was it accepted?  If so, it's unlikely they are going to be happy about your change of plans.  Also, making repairs on a house you don't own is a risky approach.  There was a recent question about this here:  https://www.biggerpockets.com/...

@Christopher Mcintosh  A common mistake among new investors is wanting to know everything before doing anything.  Of course, that isn't possible.  There will always be another book, another podcast, another YouTube channel.  Paralysis of Analysis.  My best advice based on my personal experience is to settle on one strategy as your starting point.  You can't be all things to all sellers from the get-go.  Select a strategy that fits your financial capabilities at the moment, as well as your investor's mindset, gain some experience and know how and grow from there.

SoCal is a very tough market for a new investor.  Prices are through the roof and competition can be fierce.  If you're open to investing remotely in other, more buyer friendly locations, you'll have a better chance at success.  I'm in south Florida, also an expensive and competitive area.  So I go to markets across the US that are better suited to what we look for.