All Forum Posts by: Ricardo S.

@AL Turner 

What you do is starts mailing out yellow letters  to absentee owners who have at least 80% equity.

Wholesale pre foreclosures  

@Art Frasik 

 If you done mind me asking, what city in your area  has 10k properties?

@Jonathan Emery 

1. I've actually gone through this with my first mailing attempt. What you do is pick the best of those properties that he/she owns and use that. Make a note of it then if he calls mention that you noticed he owned other properties and see if he would like to sell you those at a  discounted bundle. 

2 What did they say when you gave them an offer? Have you tried calling them back?

3. Its good to change it up. Let each letter build on top of the other. Personally though I use a direct mail website and it gives me 10x results.

4 I generate mailing lists under different criteria  so I can compare the amount of calls that lead to  deal ratio. If you have a list over 500 stick to it. You dont want to annoy them. Make sure if someone requests to be taken off the list you do so. But that all depends on your budget.

@Jamaal McDonald 

 They should have relatives that can show you the property.

@Charmaine M.  is the process the same in getting a loan for a multi family in for example Jersey City  when you are an out of state resident? I know NYC is a PATH train away but are there different requirements? Meaning can I go to a Wells Fargo in NYC to obtain a loan for a property in Jersey City.

@Martin Woll  Thanks for the insight. I will try to save around 10K by  August next year, is that a good amount to start with? I am Full time at my job and full time is school btw. The only reason im still going to hold on to my job is because FHA requires you to have your job for 2yrs minimum. I graduate in June with a Engineering Bachelors. I am aware the mortgage insurance is insane but I would only hold on to it for about 2yrs then refinance.

From what I know. If you are going to do real estate via a loan. Your debt to income ratio is a big factor so its best to pay off all major expenses starting with the one with the highest interest. 

Personally I dont believe in 401ks. if you put that 13% in a joint savings, after a year or so you can use that to start your real estate campaign which will eventually become your 401k.  Thats my personal belief. So its like this at least for me;

Buy and holds are for the long term. They appreciate in value and give you monthly income.

kitchen should be tiled incase of water leaks. Living area is wood. Thats how my moms house is set up @Danielle J. 

Hello again. Here's my situation. Im broke. I have great credit thanks to the myfico forums and a total credit limit of $14,000 I have no debt and just pay my cell phone bill and the Verizon triple play package bill for my household which totals about $200 a month. I get financial aid for school so i'm good.

The reason i'm broke is because I helped my mother acquire a SFR so she could own her own home and stop wasting money renting I gave her about $12000 total. I currently live with her, she pays the mortgage. I'm 21 making $35,000 a yr now while still in college full time.

I read an article saying the FED might raise interest rates. I want to get into real estate before that happens or else i'm screwed.

I currently live in Brooklyn and was thinking about purchasing a multifamily in Queens NY with FHA 30yr financing for rental purposes. I wanted to keep my budget to no more than $120000. I know .. I know. The houses might not be in good condition but I was thinking I could get a FHA 203k loan built into the total loan amount and also try to get down payment assistance added to it too for a maximum loan amount of $160,000.

The plan is to find a duplex with at least 3br/1bth on one floor and 1br/1bth on the other. I would live in the smaller unit and rent the other out for about $1600 a month to cover the mortgage then after a yr (due to fha guidelines ) move out and rent the other unit for $1000 for a monthly total of $2600 minus the mortgage. Then after another year goes by I will then refinance with a conventional loan, take equity out and start flipping properties out of state with the cash? Will this work? I am I missing anything?

This is not super detailed I just want to see if i'm in the right direction. I know some of you guys are well off. I want to be the same when i'm at that age.

@Matt Payne @Tina Caroll 

Thanks for the help Matt. Ill just use this as a opportunity to save up for a multi family in Queens where I can rent one unit and live in the other.

Tina, I'm not sure. There was an ad in the AM Newspaper (they give it out for free in NYC) then I applied and got it. Thats what they are charging me for a 2yr lease for a 2bedroom.

Best Regards and thanks for all the information.

ill be there @Darren Sager