All Forum Posts by: Michael Rivera

Hey Chris, Im just throwing my opinion out there but If I had 75-100k to work with in New York or Tri-State area I would put some money in the Bronx Market reason being is that the Multifamily homes are going for more than a million less and more units=more cashflow.
OR would invest in the New Jersey multifamily Market im seeing 6-8 units going for about 250k and build from there. Brooklyn is becoming way to expensive and every one wants a piece. One of the best business quotes I heard,
"Go Where The Competition Aren't"

250k 6 units
20% down payment=60k
(rent)750x6=4,500
30yr Fixed mortgage=1,250
profit 3,250
you would probably pocket a few hundred less but these are just rough number so you can see my point.

No you dont have to absolutely use a realtor its more of a hold these realtors have on home owners they make them feel that way in New York..Home owners in New York dont take really take you serious if your not a licensed and in a suite..Realtors tend to spread the word that wholesaling is illegal..its truly a different game than most states..

Ned Carey Matt Devincenzo Thanks Guys your in put is much appreciated...And Thanks Matt Ive been told that a few times Ill start working on FSBOs now but being that im in New York you some what have to sell your home through a realtor so that makes it hard for wholesalers like myself to getting private seller leads

Ned Carey Thanks alot for your time and input..i meant get documents from the attorney and listing agent..So once i come up with all of the Fees to get the ball rolling I know all the steps to get a deal done?..Should I be pursuing a motivated seller at this point?

So I want to wholesale a few homes in order to supply a down payment on a rental property or even a rehab but there always some new law or regulation on the topic that make me go back tot the drawing board. Is this all a 18 year old investor needs i know some people will be reluctant to do business with some one so inexperienced.

-Find motivated seller (Bank/FSBO)
-Send numbers to Hard money lender (Pay Document Fees)
-Forward POF letter for offers from hard money lender to listing agent
-Form LLC if accepted (Pay express LLC fees)
-Find Attorney for title work & closings (pay consulting fee)
-Make offer in LLC name with Articles of organization & other documents to strengthen the LLCs reliability along with POF and Escrow money 1k-3k
-Get necessary documents from attorney/listing agent for purchase&sale signed to gain interest in property
-Market Property to End Buyers Via internet & Cold Calling
-Buyer Comes to Closing with 2 checks one for purchase one for my fee
-Sell him the rights to the LLC and everything involved with it & Fire myself
-Play Closing costs
- Cash my check
-Should Take about a month from start to finish

Contingencies
Subject to Inspection approval
Home must remain in the order in which the contract was signed

Documents needed
Purchase & Sale
Option to Purchase
Assignment Contract
Operating Agreement
Memorandum of Management Rights Transfer

Jon Holdman your statement couldn't be any more accurate.

Thanks guys your information will not go unjust!

I applaud you Ty Burns! you've took action congratulate yourself..you did more than a lot of people on that TALK about investing but never do it..Sadly none of my deals fell through but you give me motivation!

Bill Gulley Thanks is there anyway I can take advantage of this ASAP?..what do you feel is a realistic time frame on getting this accomplished..also would i need any loans?

Jon Holdman Brian Gibbons Michael Carbonare Thanks guys your information is very helpful i applaud you for giving me a bit of you time & knowledge. ill try to learn as much as possible in this strategy..Also are these methods considered Carry back financing or Seller Financing?..Another thing is how would mortgage, taxes & insurance be handled?