All Forum Posts by: Mordy Chaimovitz

Hey newbie! I started this journey 6 months ago. And I am happy to share that I just closed my 1st deal!!! Post here to share your good news! 

I was advised to put each property into separate llc so if you ever have a lawsuit on one property your other properties are not subject to it, as they are not part of the same company. 

I told you all I would try to confirm the info I posted  earlier. Here is what my friend that works for BIG bank told me 

they are seeing %63 nationwide dip in home sales compared to May of last year. 

I understand your skepticism. I am just sharing what i heard.  You can choose to accept it or deny it. I did not research the data, i am just repeating what he told me. I cannot verify more then that. Sorry.

Here is a story that happened to me that now has me looking at a deal I am very interested in

I was aimlessly browsing on loopnet when i saw a property that looked amazing, except that it was already under contract. 

i reached out to the  broker and said. "Hey i loved this listing, do you have anything similar?" 

She contacted me and I found her to be very knowledgeable about investing and her market. An excellent broker from Cincinnati (pm me and i can connect you) and she started sending me some listings that I crunched some  numbers on and followed up with her

A week later, I was talking to a rep from Rent to Retire, as I was curious about their company. During that conversation I felt that both the rep from r2r and this broker from Cincinnati would both  benefit from being introduced, so I connected them  via email

the next morning I got a call from the broker that the the contract on the property i had liked so much had just fallen apart and if I wanted to jump in on it I should go for it!

I was very excited and planned a trip to drive down from Chicago to Cincinnati  to see the property 

when I was about 65 miles out of Cincinnati we realized  that their were elements of the property that lowered the value of it significantly and the deal fell apart after 3.5 hours of driving

I told her associate who she set up for me to avoid dual agency that I still want to come in to meet with them in person. And I asked him (also a wonderful wonderful person broker and now friend) if he could try to dig up something else for me to look at once im there. 

guess what. He did. and now I am Looking at this other property very very seriously. 

my take away lesson is this

1 Don't call people. Connect with people. 

2 Bring value to others. Be it brokers, friends, or anyone. 

3. Try to take lemons and make lemonade. 

4 even if i dont wind up getting this new deal, i still connected to some great people and made new friends.  

And that my friend, is a good deal.

I have been studying the sector of residential multifamily but stumbled across a mixed use building that looks like it has some real potential. 

I know nothing about retail leasing and I would appreciate any knowledge you can share as well as resources where i can get a crash course and then some. 

thanks again to all.

If your GC did all that work for 60 grand. Give him a hug and a kiss, take him out to dinner and never lose his number. 

You said that price is 350k and you are expecting to put in 200k. And it can sell for 600k. That means if you are thinking of flipping it you are aiming to make 50k. Did you calculate closing costs as well as broker fees for selling it ? You would be left with $100 at the end of the day if you manage to stay out of the red

additionally  is the property in an area that is an emerging market where you can expect its value to appreciate over time ? Or will it basically just bring in a couple hundered dollars a month after expenses. 

also you will have a hard time finding financing for such a project 

bottom line, when calculating the value of an investment you must compare it to other investments. Would this be more profitable the buying a turn-key 4 plex in good areas? 

doeant look like it to me. 

Just my opinion. 

Good luck

Hard money lender

Good for you! As mentioned earlier 

1. Create a budget that includes: 

-money you set aside for good times

- money you set aside for savings. 

ynab app (stands for You Need A Budget) helps you with this practically

author and radio show host Dave Ramsey will give you the mindset. look him up online. 

2  START  BUILDING GOOD CREDIT by getting a credit card and charging it once a month and paying off the full balance every month.

You will need good credit If you want to invest in RE

3 read the book Rich Dad Poor Dad 

4 learn from people you know

5 NETWORK  . And guess what! You already started networking by posting on BP. Continue to make bold steps to reach out and connect to people. Relationships you make in business can help you advance your knowledge and opportunities,  as well as turn into some great real life relationships that will enhance your life and the life of your new friends as well 

6 Embrace your struggles and challenges.  They are a symbol of your progress.

 I value  your skepticism. I will try to get more details in order to verify.

I will post additional  info to this thread when I can get it.