All Forum Posts by: Robert Gailie

Hello all. I have been researching realestate for over a year now and I have still not found my first deal. I have 120,000 cash to spend on realestate. I own my home which has 80,000 in equity and I have 20000 in cash reserve on top of the 120000. I have done a ton of reading. I am interested in rehab as I am a contractor and can do some of the work myself. I am 26 work full time and run a part time business on nights and weekends. I also want to do buy and holds. I like the Idea of the brrrr. My question is how can you refinance more than 4 properties? From what I have read is you can't have more than 4 mortgages. Is this true? I have looked at a lot of houses just can't pull the trigger. I would love to find a mentor local to me and I think that would ease my mind. Any help would be appreciated. Thank you.

stay persistant. Call every day 3-4 times a day if you have to. Become annoying until he gives in. Don't take any crap. I am a contractor and that is wrong and not ok. I hate dishonest contractors. They make the good ones look bad.

I found it on the mls. The value is around 165000 according to zillow. I checked comps but have to research again. I believe it is being sold because the owner isn't making money. He dumped a lot of money into it and the rents are way under market rents. So I believe there is a possibility of lack of education on the landlords part. Or I am missing something and I'm hoping to get some help from here. I am going back Wednesday to look at it again.

I found it on the mls. The value is around 165000 according to zillow. I checked comps but have to research again. I believe it is being sold because the owner isn't making money. He dumped a lot of money into it and the rents are way under market rents. So I believe there is a possibility of lack of education on the landlords part. Or I am missing something and I'm hoping to get some help from here. I am going back Wednesday to look at it again.

Hello all I found a property I am looking into. I looked at it and it's very nice everything is recently updated. It is a 3 family and according to the realtors information it is a 2 2 bedrooms and 1 1bedroom. The first floor is a huge 3 bedroom not a 2 bedroom. The 2nd floor I didn't get to go inside and the 3rd is a 1 bedroom. The asking price is 179000. Taxes are 8000 including municipal garbage. 32 dollars a month for landlord electric. 20% down so mortgage will be around 700 a month and I figured 2500 for insurance. Water and sewer is 250 per quarter which seems low but the town clerk gave me the information. The current rents are 850 850 and 750. In this area a 3 bedroom brings 1300 a 2 bedroom should be 1000 and 800. Heat gas and electric is paid by tenantsThe numbers seem awesome and this would be a buy and hold I just don't know if it's to good to be true or if I am missing something. so I want to hear what you pros think. Thank you.

I am a licensed and insured electrical contractor here in NY. I spent 3 years moonlighting without licenses or insurance. My intentions were never to screw anyone. I was out looking to make money and to grow a customer base which I did. I could not be more greatful  to the customers that took the risk and gave me the opportunity. If your person does good quality work and is profesional why not give them the opportunity. If they show up drunk or high or show any signs of either of that send them down the road. I have been doing electrical for 10 years and my boss has hired some ruff characters that had no place in the field. So even hiring good companies you never know who or what your gonna get.

Thank you all for the great information. That cat litter post is quite insane. Very interesting 

I have looked at a few houses to flip and they are decent deals. That is at least until you go there and open up the house and the entire home reeks of urine. Have any of you purchased homes like this? What was the outcome? Or costs to remove the smells? What extents did you have to go to in order to remove the smells? Lastly was it worth the hassles? Thank you in advance!

Yes I'm not sure if 100,000 would be enough to invest in storage facilities but I would like to learn and make it a part of my investing plan. Thank you for your input.

Thank you so much. I appreciate the response!