All Forum Posts by: Carmelo Oliveri

Ive been a REI over 20yrs and primarily focused on low income housing, 70% plus of our 300 unit portfolio are section 8 tenants. During this pandemic our collections have been well over 95% even with our cash paying tenants. As many are aware tenants on housing vouchers dont alway get 100% of their rent paid because they work part time or FT jobs and HAP contract amounts are based on their income. Many of our section 8 tenants did lose their jobs and luckily for us they just reached out to thier caseworkers and adjusted they amounts tenants paid(decreased) and housing paid (increased). Hearing from other LL's and watching the news, our low income strategy has been recession proof, pandemic proof and overall great sustainable model.

Carmelo Oliveri

#RNTMNY

www.REI4Dummies.com 

Go and buy some rental distressed rental properties for cents on the dollar, rehab them then refinance them and pull his money back out and still cash flow. Then hire a property mgr & sit on the beach. [solicitation removed]

I personally own buildings and this is the best way of doing with minimal investment and this is how i do it. 1) line up some hard money lenders or private investors. 2) Buy a fixer upper 3-4family property typically 60-65% ARV minus 10-20k to cover some of the repair costs. 3) Once renovated and appreciated in value, either refinance the property and pay back investors or hard money or sell to partner not on the llc docs and add yourself to the deed.

Example: Purchase price $150,000 Repairs $25-30K
Closing/Carrying Costs $17,000
All In For $197k but appraisal is about $260k. If you refinance bank will lend you 75% of appraised value which is $195k. You just bought a multifamily with 100% financing and netting over $1200/mo. Now take that net profit and pay to principal balance every single month. Do this over and over and in about 10 yrs you will own 15-30 apt buildings free and clear. Best of luck