All Forum Posts by: Michael Newman

@Joseph Pugliese As an agent in Staten Island, I must ask.. all of the apartments here are in terrible areas right?

Another huge question I have is, is it okay if I don’t do any repairs if they’re not needed. I’d rather not take out more money than needed with a HML

Is it possible to have a hard money loan and seller financing at the same time? Does this cause conflict? I have no credit, will this be possible?

@Jeff Copeland Again, thank you for helping me. A real estate course is a must & i reached out to two brokers in 2 growing cities in NY. I used your responses to further my “studying” and I came across Matt Faircloth’s Private Money show and book. I ordered it and I read the bonus attachments. He says that having a track record is a prerequisite. I don’t have anything to show for and again I have a few questions. These are the real questions. 1) Will someone give me their money if I don’t have a track record, rather could I inspire them to see that a deal would work? 2) Would I be able to have a private money loan and do seller financing at the same time? This is the real question because I don’t have credit

@Gwyeth Smith Oh really, so it’s just about finding the right broker that matches you. So you guys “went through some s***” and are now buddies, haha that’s a nice way to form a partnership. Congratulations on that. How Is your relatIonship now, is he still giving you listings and such? Ty

@Jeff Copeland 1) Once I graduate college. 2) How does one do that? 3) I’ve had plans to take the class. I have to wait until the summer for it. Will having a license give me respect from agents/brokers? Any advantages besides the knowledge? (I wouldn’t be a full time agent) / Accountant

@Jeff Copeland Ohhh okay, okay. Thank you again. So I will have to find an agent who can meet my criteria. I need to make it known I want 16+ unit deals with an 8%+ cap rate for 0 down and seller financing. It does seem ridiculous of me but there’s always a solution. Do you think the agent would accept payment once I have the property? I was thinking to give them 10% of the income in the first year, first year only. What do you think about that?

@Daniel Banic Haha thank you, I’m not joking lol. That’s interesting, I want to start businesses as well. The best thing for the both of us is to use real estate as a foundation in order to get the funds needed for the businesses. What exactly is a hedge in terms of real estate? I’m confused and intrigued

@Jeff Copeland Thank you very much for your help so far, it’s invaluable.. like that quote. That’s exactly what I will say to a prospective broker. The question is, do I look for an agent or a broker, who will be the one to shell out more deals? More importantly, who would be willing to find owners who seller finance. My situation is tricky because I don’t have any capital, I’m still going to school. My “creative finance” idea is to ask if the owner is okay with me acquiring the property with no money down & forward 100% of the income to him until the down payment is paid off. After that, I’d like to pay 6% interest. Is this a possible scenario, from your experience? Also, would brokers objectify this, if so would an agreement of a small cut of the first year’s income incentivize them to help?

@Jeff Copeland Thank you Jeff, I appreciate your response. You gave me a better understanding of how it works. Now I have to ask, how do I find this top-notch broker. I live in Staten Island which has barely any apartments and the ones that are here are in the ghetto. Would a Staten Island broker be able to help me with apartments throughout all of NY or are they limited to Staten Island only? Should I google the most reputable broker in NY? Where do I look?