All Forum Posts by: Shawn Ackerman

Welcome @Bianca Meza all the best on your real estate journey!!

@Joe S. You got it exactly!! The seller wanted the mortgage payments to go to his home address and that caused the confusion as the buyer didn't get any notification of the mortgage payment change.  I think post like these are reminders of the nuances involved in this tine of creative deal making.  

Hi @Karen Silerio We look at 2 persons per bedroom as our rule of thumb

@Don Konipol Great topic man! 

We have done our fair share of Sub2 deals and have had a great experience(As the buyer). There was one time when we assigned a sub2 deal and the assignee and seller did not communicate on the escrow analysis and mortgage payment amount change. The assignee was sending in the old payment when the new payment went up slightly. This lead to 3 months of late payment which ended up on sellers credit report.

Weve gotten most of our sellers paid off within 12 months which is what we discussed with them at acquisition. 

"SAFELY"????  I can't see it being very safe for the seller.  I think the more skin the buyer has in the game the better off the seller would be. but a $100K note with $6500 to reinstate and $15K in repairs? I think a seller would be in a better position in this scenario than selling a property Sub 2 that is current, minimal down payment from buyer and little repairs needed. 

Hello @Tara Josberger Congrats on getting started with your real estate journey! If you are considering long term holding always remember to include your reserves for cap ex, maintenance & vacancy.  Be conservative and understand how to walk away from an "OK deal"

All the best!

Hello @Bethany S Labrinos congrats on getting started on your real estate journey.  As a Ny'er We chose to invest completely OOS as Ny landlord tenant laws are not the best if you are considering holding long term.  The prices in the markets we looked at i.e. troy, Schenectady and Albany all had great prices and rents were inline but kept coming back to "what if the tenant doesn't pay".  I think you have many great opportunities in that part of NY but I would say develop some metrics and measure markets according to your metrics.  Here were some of our metrics for long term holding.

All the best!!!

1. Price to rent ration of 2%

2. Favorable landlord tenant laws

3. Availability of Multi-Family

4. Ability to build a team

5. Ability to find properties off market

6. Ability to write our own contracts

@Will Mejia Congrats on getting the property paid off and also on the income you have coming in. Seems like you are looking for a passive income play. Have you considered becoming a private lender? I would look for a low interest line of credit to put on the property and lend at a higher interest rate. Downside is possible foreclosure but upside is having interest/control over more real estate at pennies on the dollar(55-65% of ARV). Just a thought. Or you can look at transactional funding, but you'd likely spend more on marketing as the need for double closings are less than fix and flip deals.

Again, all the best to you on your journey!

Hello @Shania J Seibles Welcome to BP and congrats on making your first post! All the best on your REI journey

Hello @Tony Thomas Welcome back.  I took a 5 year hiatus from BP but despite all of the deals, ups and downs I found my way back.  Never once did I cancel my membership though LOL!!! 

Big shout out to you and all of the members that make their way back to BP!

@Tiana Lazard Congrats!!!!