All Forum Posts by: Tom McGiveron

well if you're trying to acquire conventional financing, the subprime market is all but dried up completely.

if you've got good credit and some money banked, you'll be fine.

if you've got bad credit and no money - forget about conventional financing. you'll have to go with HML, other investors, WHOLESALING.

wholesale to build up a bankroll, then by that time, you might be able to handle a HML for a nice flip.

no matter what you do, buy wisely.
:D

here's a tip - start building contacts to get things done when you need them.

don't expect everyone to jump either. you'll have build relationships in the business.

welcome and good luck.

I have a client who has very particular tastes for the home they want.

Unique (very unique) MODERN home
Minimalistic (or potential for)
Range - 800k to 1.3 million price range
West of Bluepoint, NY - on Long Island.

Please private message me if you have listing that matches the above requirements. NO COLONIALS, RANCHES, POST MODERN, CONTEMPORARY.

Thanks. You can also email me direct at [email protected]

don't rely solely on what a realtor tells you about "how much to offer."

that's your job.

i'm a realtor and i never ever tell anyone what to bid. if they have a buyers agreement with me (i'm representing them) - i'll do my market analysis and tell them what a good MARKET price is.

FROM THERE it's up to them - whatever their business is (if they're an investor) is their business. i don't get in the middle of that.

as for hud homes - the general rule is - first 10 days on market - only OWNER OCCUPANTS can bid. you can bid as a non owner occ but the fines ARE HUGE.

end of the year/quarter - when houses have been sitting a while - and banks want them off their books - this offers better flexibility.

qualifier - i've never actually bought a HUD home. i tried about 3 times and was unsuccessful.

oh and you need the financing BEFORE you go into any of this - either pre APPROVAL or the cash in the bank...IN YOUR BANK. not in someone elses bank who says they'll give it to you.

this is important. :D

what posts have you read that say realtors don't have anything to do with investing?

if you ask me, i'd say go get your license. you can work at it, make money and really get to know what's out here in your local area. you'll get resources at YOUR fingertips.

you can earn while you learn. you just have to WORK your butt off.

my suggestion - and this is MY SUGGESTION/OPINION - get your license and while you're getting it, hunt down a TOP PRODUCER in your area and join their team. there are pros and cons to doing this, but if you just handle what they throw at you, and WORK - you'll be surprised at what you can accomplish. i know this. just thinking about doing it or thinking about being a "real estate investor" will get you nowhere in a slow methodical manner.

do do do. don't fart around on the couch and expect great things to happen. (i'm not insinuating that you are). just pointing this out.

oh and you want cap rate FOR APARTMENT COMPLEXES

what's the cap rate in the area? call a bank, get that.

that will give you a basis for what it's worth - based on numbers he provided.

what are the possible improvements to the units/complex that you can make (if any)?

are the grounds kept? are their coin operated machines available/other possible INCOME that is not being fully sought?

condition of the units? buildings?

signs for the place - good condition - visible - other marketing improvements (that are cost effective)?

in terms of costs -
advertising - 754 ANNUALLY???
what's the vacancy rate?
landscaping/grounds keeping, snow removal? that's not "other" - that seems way too low for this.

what about the meters (submetered)? how are utilities divied up?

what's market rent for the area?

i'm an agent in ny. private message me.

i'm all for people reaching their goals.

and yes, 17k is a good amount of money...and i'd hate to see someone attempt to buy property in or near NYC, with only 17k in the bank and watch it all go right out the window.

to me, you've got to move where the market is improving and where it is affordable.

surely NYC and long island is not the ideal place to START.

now if your 17k was 170k - then we're talking.

i live here. i know what the deal is.

if you're comfortable with leveraging your investment, then i say go for it...no matter where you live. certainly buying a property to live in and then moving from place to place is a solid way to build your real estate portfolio, but it takes time and discipline...if you're in a relationship with someone - that person has to be on board with what you're doing.

i just recently met a couple, looking at homes in the 900k to 1.3million range. they move every 2 1/2 years. they're married, have grown children and make real estate investing a part of their lives...by buying low and selling high. they live in it, fix it up and move. no cap gains and they increase what they can buy each time. these two have an understanding. find a life partner (wife/husband) that will be okay with this and you're half way there. then you've got to hold it together, don't spend too much, stick to a game plan and BAM - i think this is a GREAT way to go about investing in real estate...

i didn't mean to sound too harsh, but sometimes you've got to drive home a point - GAURD your hard-earned money. invest wisely.

call me for your realtor needs... :D

with 17k cash - move out of NYC.

out mid west. follow the markets - maybe down south east. or texas.

you're wasting your time in NYC or NY, long islandish -

unless you're a "webuyuglyhouses" guy - or you've got CASH or a CLOSE CONTACT who does - you're really behind the eight ball.

i mean you can join a rei club and "network" - but even there, that takes time, you've got to learn the MARKET, bs with people.

if you move, 17k will go a longer way and you'll find "creative financing" is more welcomed.

17k in NYC is like a dollar crumpled up on the floor in a crack house. :D

try competing with investors who pay CASH, real CASH and put in your "no money down" lease option blah blah blah - and you'll be laughed at right out the door...

don't waste too much time on company name. you'll find it doesn't matter.