All Forum Posts by: Ronny Tiburcio

@Cirilo Villar That is super normal. Just remember that you are one phone call away from potentailly getting a deal. You are just one call away from understanding what needs to be done during the call so you can hire it out. Just keep pushing through so when you do scale, you know exactly whats expected 

@Cin Khai Are you looking to flip or rent out?

Hey Chris, I think you are on the right track and I know you do not want to drive for dollars or anything like that but most people that find good deals are those who do things people don't want to do. 

Also I looked at the numbers and your ROI is low for the first year because you did not create any sweat equity to pull out. If you are looking to cash flow 250 a month is not bad but if you are looking to have as little money in the deal, BRRRR might be your best route Hope this helps.

Hey guys below is the agenda for Saturdays Meet up.

Outline for 9/14/19
-Introduction
a. Who are you?
b. Why Real estate?
c. Favorite book or what book are you reading now?
d. What do you do now vs what you want to do in the future?

-Real estate tree
(A tree will be drawn out on a board to showcase different routes one can take to get into real estate)
-Becoming an agent
a. Why become an agent?
b. Positives/Negatives of becoming agent
c. Put in multiple offers
-Wholesaling
a. What is a wholesaler?
b. Why wholesale?
-Deal Deep Dive
-2 Open forum questions
1. I am about 1 year away from buying my first house hack. What can I do to prepare?
2. How do I know if I am ready to jump into my first or next property?
Conclusion

Things to account for when purchasing rental in terms of expenses

1. Mortgage

2. Interest

3. Property Taxes

4. Insurance

5. Water (Landlord usually covers water in NJ)

6. Vacancy 

7. Cap Ex

8. Repairs

9. Property Management 

If after accounting for those 9 things, you can still see some kind of cashflow then you might be on to something. If you want to filter some properties so you dont analyze each one, just use the 1% rule which basically says that if a property is purchased for 520K, you should be able to get 5,200 in rent. So being that rent right now for the property you mentioned is only 2900, this would be considered a bad deal as of now. @Milos Cejkov

Loving it. Rent is very competitive right now. Very close to Staten Island rent prices without the price of a staten island home. @Jeremy M Danan

If a crash happens...... then it happens. That just means its buying season. I think its important to understand that as investors, we are opportunity seekers so dweilling(Not saying that you are dwelling) or thinking about a crash is just stopping you from thinking about your next opportunity.

@Andrew Rodriguez I am house hacking in Rahway which is one of the towns with a train stop which makes it easier to find renter. Rents are also really high here so it helps landlord cashflow a nice amount. 

@Donald Edwards Just saw thi thread. How has BP treated you theses last three months?

I will look into deal machine. Thanks @Stefan Tsvetkov