All Forum Posts by: Phil Petite

Hey Carlo,

Do you have any properties in Westchester County NY? I do most of my investing there.

Phil

Hey Chris,

Schedule 40 is standard strength and thickness, to my knowledge. As far as what piping needs to be used, it may be best to get a licensed plumber to inspect and give you his opinion (this might cost you some money). Hopefully that helps!

~Phil

Hey Brandon,

These guys are all correct, go to meet ups and local REI clubs. Have you had any success meeting people yet?

I go to a great meetup called the Tri State Mixer. You can google it and just RSVP for the next event, it's free.

Best of luck,
Phil

This thread is awesome, so much good information!

I had a question, and hopefully Bryan or someone else can respond - If you fully disclose all information to the buyer, seller and mortgage company AND use a loan service to collect payments, would you still be legally responsible if something bad were to happen (i.e. a default by the buyer)?

From my understanding, once there is disclosure, especially made to all parties involved, the investor would be OK. I'm not sure though.

I agree, as well. If you've registered in Delware, that is the end of it; NY has nothing to do with your LLC (unless your home address is in NY, but I still don't think that would even matter).

This is pretty much the best way to buy sight unseen out of state properties, JScott has summed it up well.

Essentially, you want to have checks and balances built into your team and you want to build your team through a process several interviews. Get 5,6,8 references on each contractor, inspector, agent, lawyer, etc that you want to work with. Have a set of questions you ask each of them and then ask their references all the relevant questions about working with them (do they follow schedules? how do they handle a certain situation?).

Get multiple opinions on construction bids and get 80-100 pictures if you're going to do a rehab. I wouldn't recommend using more than one inspector since that will obviously run up your costs, but make sure your inspector is extremely thorough and can keep an eye on your contractor (check and balance).

Victor,

I just checked out the Investor Nation website and only saw one deal - the one for $74,900 with a projected $362 monthly cash flow. That's not a very good cash-on-cash return at all. You're right, it does seem like a very vague/general website. It can't hurt to call them though and ask for the numbers on their other deals.

Has anyone found any success finding and executing wholesale deals in the Tri-State area? I'm looking to do these deals, but am having some trouble locating SFH's and owners who need to sell.

Any tips or suggestions would be greatly appreciated!

- Phil

I'd be more interested in learning about the process.

I'm not sure if you're still looking for answers, but I can offer some perspective to you, hopefully.

I don't feel that there's any reason not to include equity, that just shows how strong of a deal you have. Numbers can speak for themselves! Tenant-in-place, cashflowing properties are always in demand; let your deals do the talking for you, but marketing is always huge. Some people want passive income, so if you can flip a property to investors, then go for it. I have not found it easy to market turn-key deals to buyers, but I'm attempting different strategies. If you have a strong cash-flowing deal or two, I think you'll be alright. The key is building up your buyers list and selling your properties.

Hopefully this helps!