All Forum Posts by: Robert Feinstein

Ryan - how many units do you currently need managed? What type of units are they? Single families / multi’s section 8 ? Condition of units, parking lots? If you are willing to share some info we are talking about starting a new managment company. I have close to 30 years in the field of architecture and construction. I am based in Asbury Park NJ let me know if you wanna talk some more about it. My wife is a realtor and has worked for one of Hoboken’s largest the company managed over 1000 units in Hoboken, JC and Elizabeth. 

Ryan - how many units do you currently need managed? What type of units are they? Single families / multi’s section 8 ? Condition of units, parking lots? If you are willing to share some info we are talking about starting a new managment company. I have close to 30 years in the field of architecture and construction. I am based in Asbury Park NJ let me know if you wanna talk some more about it. My wife is a realtor and has worked for one of Hoboken’s largest the company managed over 1000 units in Hoboken, JC and Elizabeth. 

Thanks Frankie - I will look into NFCU and posting up in the NJ Forums as suggested. 

Hey BP - Before I say anything I want to say thanks to everyone who has been so welcoming and to the team behind BP I am an avid listener for about 3 months and on my way to Philly from NJ I listen to at least one podcast in each direction. I am in Philly working on a single family buy and hold. 

My question is I do not have a large income ;) and most of it is 1099’d ;) so it is hard for me to obtain conventional loans via a bank. I am in the Philly deal with my brother in law but I am not sure how deep his pockets are and how many deals we can do together. I have a small 401K <100K that i do not want to mess with. I do however have the experience (25+ years) in design, architecture and construction AND i have over 500K in equity in my home (which is a 2 family)

I would like to pull some money out of the home / borrow against the equity but again the banks will be concerned with the debt ratio’s. 

I would consider renting my unit out and buying another multi family (providing positive cash flow against that home) 

Any thoughts on how to tap into the equity? Partnering? I would also love not to use hard money unless someone had a strong opinion on this?

Thanks in advance for any help / advice. 

Thanks Rob

sorry just jumping in late here, not sure if you answered this - Could you rent it and make it work? I started in a very bad area in NJ in 2000 and now it is the hottest (one of) town in NJ. Asbury Park. HOLD IT and if you believe in the area double down! Buy more and help turn the area, by biggest regret is not buying 10, 20, 40 units in AP. BE PATIENT ! It could take 5,10, 20 years not everything is a BRRR.

If it was easy everyone would do it. Its not. Systems in place and hope for the best, but its a grind to get off the ground. Not real easy way about it. I spent fathers day weekend and the Fourth of July tiling a bathroom and will continue to work at it till this project is complete. I wanted to get back into real estate so I have to do some of the work as part of the deal. Looking for to a B property buy and hold with ROI of about 8%. I can live with that for this first one in 10 years to get me back in the game. James's post was amazing and super helpful. Thanks!

@Jared W Smith thanks for the response. I do have 15% equity being offered to me as a member of the LLC but wanted to see if I was on the right path asking for my contribution (A&D&CM) to be paid off upon completion of the project. They (the money side) have to wait for their cash contribution so I thought it was far I have to wait for mine)

But I think they think I was adding this service and it got washed away. I would just get my 15% after expenses (not including my sweat equity contribution) it almost equals the potential profits. 

So I am not crazy, i get my fees back and I get my kicker after all expenses. I am not crazy, am I? 

Hey BP nation, I have a question and could use some advice. I am an architect, designer and project manager with over 25 years in the business. I have owned rental property, flipped a few house in NJ. I am now currently working on a row-house renovation to rent in Philly. (separate from my question, just a little background on my experience) 

I have architecture clients that have invited me in on a piece of a deal flip deal. They are bringing the cash and I am bringing the experience. My Question is  - Can I / Should I get paid for my services as part of contribution/expenses when we settle on the property? They get their principal returned to them, should i in return get my sweat equity back? $30-35K in time and my 25+ years of experience?? I wait till the end like they do. Any advice?? thanks in advance.

Hey there first time responder here. Foundations are tricky and can be either a relatively easy fix (if you know what you're doing) or family complicated. Here are some reasons why it may have cracked......depending on your area the most important aspect of the foundation is actually the soil it sits on. If that is soft, sandy or constantly wet then the foundation could have settled. This can happen in a very small area our where a pier may have been or a pint load from above. If you have access to the basement and outside this is just a lot of labor but could be considered easy to fix. A lot depends on the year built as well. I could answer more questions if I knew more about the situation. But generally speaking if you are just getting into a project I may steer clear of something you weren't quiet sure of.