All Forum Posts by: Michael Abate

Hello fellow investors, I'm hoping that you can help clarify if I'm getting something wrong with a deal that came my way. I was planning on buying a property in NJ and after all the numbers, there is still a negative cash flow. But the property is still getting offers that are higher than mine. Some advice would be really helpful here and time is short here since they may accept the other offers before mine. The details are as follows:

• Current Price: $370,000
• My offer: $320,000
• Condition: House is in rent ready condition but I have added $5000 for touch ups here and there
• 2 Family House with each unit renting for about $1300
• Insurance/yr: $700
• Taxes: $11,500/yr
• Loan: FHA with 3.5% downpayment (30yrs)

Here is a link to the analysis that I did as well in case that helps, this is analyzed with both units rented out to know whether the investment is sound, even though one will be my primary residence:
https://www.biggerpockets.com/calculators/shared/2...

Please let me know if I am missing something or if these other investors are offering too much. Thanks again and I look forward to hearing from you. 

Regards,

Michael

Morning everyone, 

Hope everyone is having a good week so far. I wanted to check in see if there were any suggestions on where to hang RE licenses in NYC. I have considered a few, but my main goal is to focus on the investment side rather than be a salesperson, so an investor friendly agency. Keller Williams came up as a great option but the costs involved just didn't seem worth it for me at the moment.

It would be great to hear back from you guys on what worked and what didn't work for using your RE license as an investor. I still plan on working with RE agents to find my properties but mainly want to have access to the same tools they do (for example, the MLS).

Looking forward to hearing from you and enjoy the rest of your week. Talk soon.

Mikey

Hi BP Community, 

I am fairly new to the RE industry but am looking to get my hands dirty in anyway I can. While I can find and work on projects on my own, I would like to join forces with an experienced investor and shadow a few projects as well. I am fascinated by RE and want to take every opportunity to learn more from all those around me. 

From my end, I will be able to provide some capital for the projects, but I am also a Senior Designer and have run my own consultancy for the past 6 years. My specialty lies in building up the best representation for your company to  your prospective clients or users. This includes but is not limited to full corporate branding, website, social media, business presentation, product and packaging designs and much more. Every company needs to have a solid corporate image and that's what I do best.  

I'm sure we can find a situation where we can all benefit and meet new people at the same time. Let me know if this is something you may be interested in. 

Have a great week in the meantime and I look forward to hearing from the community. 

All the best,

Michael

That's great @Kate H. It would be great to hear more about how you're going to do that. Sounds really exciting.  

Thank you very much Vincent and Antony. I would love to hear more about the type of work you're doing right now and arrange a time to grab a coffee. 

 Hi Larry, I am currently focusing on NYC, the 5 boroughs. 

Thanks a lot Micah, I'm really looking forward to a great year. Good luck in the commercial arena and I'm looking forward to finding a way to work together in the future. All the best. 

Good morning everyone,

I've been spending a lot of time on bigger pockets and I thought it would be a good time to introduce myself and get to know some of you as well. First off though, I would like to thank everyone here for helping me understand the industry better and providing so many tools to use on a day to day basis. You guys are a real inspiration when it comes to creating the life we want to lead.

When it comes to real estate, I am fairly new and going on just under a year now. I have been running my own design consultancy in New York for about 6 years, my specialty being both digital design (corporate branding, business cards, logos, websites, social media, and other marketing material) to physical design and prototyping (lighting, toys, and other day to day products).

While design is what flows through my blood, I want real estate to be flowing right there next to it and my plan is to get enough rental properties under my belt in order to build and design my products at my leisure.

In the past year, I started my real estate company with two of my business partners. Each of us live in different states and therefore cover our perspective territories; NY, NJ, and MA. My focus is mainly on the New York side with some interest in NJ as well. It would be great to connect to some of you in the area and find a way to work together. I'm sure we can find ways that we can all come out on top and create some great friendships in the process.

Until then, I hope you all have a great week!

Regards,

Michael