All Forum Posts by: Michael Newman

Hello everybody, I was just curious as to what happens when you buy a property out of state. Does the current property’s manager keep doing what he was doing before the purchase and do I ever have to go to the property myself after buying it?

@Davian Brown so there’s this one in the Bronx and there’s one member of the team. Is that sketchy or normal? I don’t want to walk in blind.

@Davian Brown that’s what I was looking at. Have you taken a loan from them?

@Ben Radner hey I live in Staten Island too haha. Deals here suck

Hello everybody, I would like to hear from people with experience what to expect from gaining all capital needed for a deal from a hard money lending company.

@Chris Tracy Thank you Chris, I’m trying. The occupancy is claimed to always be at 98-100%. The seller tells me the three T’s are in good shape & it’s not that expensive with great returns. The price of the apartment is $1,033,000 with ROI of 25%.

Hello everybody, I am going to college to become an account and I work a delivery job so as of now I have no capital. I do have $8,000 for reserves but after the first month I should have enough for any repairs. I want to get started in the real estate game as soon as possible and apartments are the way to go as far as getting rich goes. I have found a great deal on loopnet and would love to work with anyone (people) who has/have capItal. A 65/35 deal seems Ideal and once the fIrst year passes I’ll have capital to invest with for future deals.

@Jaysen Medhurst thank you, I’m not doing it. I don’t know the first thing about senior communities haha

I just found a 75 room senior housing community for $700,000 with a 25% market cap. No average rent is listed but in this town the average rent is $550. I did up all the numbers and it could pay out $222,750 at full occupancy which the realtor says is always the case. It also says that it is a Redevelopment Project. What’s the deal here, if I was to buy this, what would I have to do considering it’s a redevelopment project?

@Basit Siddiqi Thank you, I’m going to put my everything into it once I have a stable, decent paying job as an accountant. I would want nothing more than to get started now and me being a college kid, I don’t have any sort of capital. Honestly all I have is the money for reserves but I’d like to present a good deal to someone and get the tenants in if they’re willing to pay the down payment then everything, costs and revenues, 50/50. What do you think. I see you’re an accountant yourself and in New York, would like to gain your insight