All Forum Posts by: Mark Scarola

A rehab in Cleveland, a property in Atlanta, and now looking to expand into Philly... wow @Tilde Cameron, that's pretty impressive for someone just starting as of January. I hope you're not overextending yourself too quickly.

I used to live in the Philadelphia area, although never invested there. There are some suburbs that back then I thought might have potential like Ambler and Lansdale. Both have a Main Street where you can walk along and visit local shops surrounded by a variety of residential properties. They're both close to the city without being on top of it or feeling overly urbanized and along the train route for commuters.

It's been awhile though since I was there- so things may have changed. Good luck!

That's OK @Jason Fraser, these things happen. At least people are making connections and benefiting from the discussion.

As far as your point about the craigslist ads and raw land, that's a good point that I hadn't thought of. You don't have to be an expert, in this case on land, to make it worth a little bit of your time.

Sounds like a good problem to have Tanisha. Have you done the math to make sure that the rent is sufficient to pay for a mortgage along with misc expenses if you were to buy the property yourself (using a 3rd party lender)? If the seller is able to provide proof of the tenant's payment history you should have an easier time trying to find a lender.

Another option would be to flip it. If you can buy the property at say $40K using private money transactional funding and then quickly sell it for $55K or so to another investor you might make a quick profit that you can then use for your next deal.

I've only been here on BP for a few days and I'm already noticing how many people are looking for mentors and how many people there are who are new to RE investing thinking that it would be great to partner or work with someone more experienced. They're seeking an education, practical, real world, hands on experience.

Yet many feel that they have little to nothing to offer in exchange, and either they don't have the money to pay for a coach or they've been burnt one too many times from late night TV "gurus" and have become cynical to paying cash upfront.

If you're an experienced investor, what could a new investor with little experience or cash offer you? What would you be willing to accept in return for letting someone tag along with you for a day or even possibly partnering up on a deal knowing that they lack experience and knowledge....?

Nothing says you can't look outside Western MA, but if that's the area you're most familiar with it should offer you an advantage as opposed to trying to start up fresh in an area you've never been to.

That said, if you're intent on going outside of your area then I would suggest aiming for a place you have at least some familiarity with. Have you ever lived somewhere else? Do you have family elsewhere?

If that doesn't do anything for you, then try researching different markets. What areas are saturated? Which are underdeveloped? Which are generally steady? Are you more of a rural, urban, or suburban person?

Hi Brandon,

If you're interested in buying a property and renting it out to students, it shouldn't really be all that different from doing the same outside of a college town. In other words, you still have to make sure that the home can be made safe, that you can find a tenant, and that the numbers work.

One concern though that might be unique to student housing is the fact that many students will not be looking for year long rentals. So what would you do in the summer? Rent to someone else for just the summer? Only allow tenants who plan to stay year round? Let the place sit empty?

As far as what you can offer... don't sell yourself short. If you can do an accurate estimate - that has value. If you want hands-on experience, offer to go along with an investor to do a free estimate for them in exchange for the chance to tag along for a day or sit with them for an hour asking questions about how they got started. Many investors may not have "the need", but others (even if they're fairly new themselves) certainly will appreciate the offer.

Thank you everyone for welcoming me and Mehran for the video. I hadn't heard that 50% rule of thumb before, but sounds like a good one to keep in mind.

Hi Will and thanks for the welcome.

I'm tempted to make a joke about breaking kneecaps and my being from New Jersey... but why further promote stereotypes?! :)

Hi there. I'm also from Central Jersey (Monmouth Cty). I regularly attend various meetups in the area, but as others have mentioned they tend to be focused on and in North Jersey, NY, or Phila.

I'd be more than happy to help set something up if it hasn't already been done. I have a little experience coordinating meetups and if we can get a "Truly Central NJ" group - that would be great. Who knows... maybe we could end up partnering on a deal....

Hi. My name is Mark and I live in NJ (between New York and Philadelphia). It's a great location for opportunity having two major cities so close. It can also be a bit difficult at times feeling like a little fish in a big pond.

I have some experience investing in delinquent debt, and am now looking to acquire a few buy and hold properties, as well as do a few fix and flips. This will be new for me. I'm here to learn and grow, give back in whatever way I can, and hopefully make some connections along the way.