All Forum Posts by: Richard Holzhauer

Originally posted by @Cody Backus:

Hey Rich, 

Welcome to BP. I think what you'll find on BP is a suggestion to begin networking in your local along with getting educated. You can do this through BP, through meetups.com (search real estate investment) and on REIA.com where you will find different chapters in your area to begin making connections. You have to first become educated and then begin to network. One reason for this is because there will not only be other Wholesalers at these meetings but also buyers (flippers and holders) who are looking for deals. These will be your buyers once you start finding sellers. You will likely also find lenders (hard money and traditional) who can help you get access to funds or connect you to them and contractors who can help you with rehab costs. This can be the foundation of a team around you that you'll need. A printer for print distribution and list building, an attorney to help you set up an entity to run these transactions through and to protect yourself and manage the deal (p.s. that is what I do) and help you make sure you don't pay more than you should in taxes, a CPA, contractor, etc.

You are in the right place though to get educated and get connecting. It doesn't happen overnight. The key is to start with the right foundation, legal, financial and insurance and get educated (also, find a mentor) and get building a team.   

To your success, 

Cody Backus

Utah & Arizona Attorney

 This was very helpful. Will Deffinitley look into those websites.  As far the meet ups, i have already been to one staten island meet up (where i got one investor on my buyers list). Based in the things I've learned so far, i know WHAT to calculate, but not exactly HOW to calculate everything. Any Tips on how to calculate Repair costs, holding fees, ect.

Also as far as finding a mentor, can you elaborate on that. I know many people get mentors, but what exactly does it mean. i Know sometimes its someone in their family who was already involved in real estate. But does it also mean paying a stranger? Does it help?

This was very helpful thankyou

Hey Everybody,

My Name is Rich. Im 20 years old from staten island, and have been learning/listening/reading about real estate for a few months now. I was really inspired by the Bigger Pockets Episode 176: how to close 100 deals in your first 18 months. i really want to get into wholesaling by direct male, i started reading a few of the BP articles on it. I know theres alot to learn. Does anybody have any thoughts/comments/ past experience on wholesaling by mail/ connecting the seller to a buyer/ estimating rehab prices ect.

I really want to learn as much as i can before i even begin to start creating a list/mailing

thanks

rich

we will definitely be there

Originally posted by @Daniel Montes:

Get educated first an talk to a few architects it is not easy as it sounds,good luck an post on the project.

 thank you so much. exactly what you say is true. we will do our research and keep you updated. do you have any trustworthy architects and builders ? thank you

Originally posted by @Solon S.:

@Richard Holzhauer One of my close friends is an architect who designs plans for these types of projects. I'm working with him on a few projects and he breaks it down to a science. He works to maximize the plans as far as space while limiting costs. In Brooklyn, it'll cost about $200 per square foot for the spec build (give or take 10% as a margin of error) which is usually the going rate. If you're looking to build at 1,600 square feet per floor, the project will get you to approximately 960K+ (factor in permits that need to be pulled and designs which will take another 50-100K in NYC depending on who you use).  In the end of the day, it's going to be a million dollar project, where you will need at least $300K raised in order to get the construction loan. Definitely worth it if you have 6 brand new units in Bensonhurst, renting between $2,500-3,000, and generating 15-18K a month. You'll also own a property that will be worth $2.5-3M off the bat. Feel free to message me for more details.

 Thankyou for your input, we spoke to an investor at our local meet up in Staten Island and what he said was very similar to you. Its good hear multiple people the same thing. Would you and your architect be willing to meet us and see the property. if so how can we contact you further. we would love to learn more.

Originally posted by @Darren Dennis:

A friend of mine purchased a property in Greenpoint about 3 years ago.  He started by getting architectural plans drawn and then getting bids from contractors to get an estimate of how much capital he'd need.  Building is almost finished with 6 units.  

 thanks alot, we appreciate your feedback, do you have any Contractors in mind that are trustworthy that we can contact.

Originally posted by @Eric Schleif:

Hi Richard,

Couple of questions...

1. Do you own the land free and clear?

2. Do you have an estimate for the costs to build the 6 units?

3. Were you planning on contributing any additional information other than the value of the land?

I'm assuming you don't have any prior development experience. 

Thanks.

 yes we own the property free and clear. no we don't have an estimate to build the 6 units. theres no mortgage on it, no tax liens on it, and the taxes are always up to date. thanks!

Hello everyone, 

Me and my partner have a 20ft by 120ft lot in Bensonhurst Brooklyn. The zone is z9. It was bought in 2012, for $275,000. The zoning says 6 units can be built on it. It is currently being rented out for parking spots. Any thoughts about building the units on the property. If so, how to start?

Thankyou

Also looking for a meet up in brooklyn and staten island thanks!

Hey guys, my name is rich. I am new to real estate but working hard on learning,reading and listening about real estate. I just attended a seminar on staten island that spoke about flipping houses as well as investing in tax liens. I signed up for a 3 day course that teaches you how to run the numbers, find the deals and find buyers. However, investing in tax liens really intersted me. Any comments on either topic? Im open to hear about basically anything. Thanks!