All Forum Posts by: Steven Goldman

I would suggest finding your local real estate meet up group and call some of the attendees or, attend a meeting. That is an easy way to source a local contractor based on recommendations from people with first hand knowledge. Good luck!

Keep in mind many of the Airbnb short term rental lenders use Airdna statistics to determine projected rent. So, while they may not be spot on accurate Airdna is relied on by lenders who lend in that space. Good luck it is a great business. 

Some funding company can cash out refinance this property without a seasoning period. The key is to know which one. That's the trick!

You are covered. The loan will not close without the repairs being completed. So you do not want a credit or a reduction. If you have a mortgage clause, and the appraisal is lower the purchase price, you can try to renegotiate, or walk. Good luck. Real estate is the bomb!

JACOB ARE YOU PLANNING ON FINANCING. Most funding companies will pay the wholesaler his fee on the  sheet so long as it is not exorbitant.  The closing is redied by the title comapny you may have o coordinate some things and agent would. Such as transfer of utilities and other associated issues. Good luck!

If you are buying with cash than the multi-family is the way to go. If you are borrowing then you will be able to get higher leverage on the SHF doors. Of course you must also consider the appraisal costs and management challenges of multiple SHF ownership. I prefer to buy multi-family, mixed use or commercial. Good luck!

First, I would create a new LLC with the shares corresponding to the partnership interest. As or the division of the LLC ownership. If you are going to put up the lions share of the money and also be a guarantor than the split is unfair in my opinion. If the contractor is charging a fee for his services such as a typical 20 percent surcharge on the job than the split should be 50/50. He is already getting the benefit of the work and the split should be based on the liabilities not the labor. As his labor is already being paid! The hardest part of the job is finding a property which will make the project worthwhile. Are you doing that? Than you have the biggest chip in the game. Good luck!

As I developed expertise in real estate I learned that a property is only as valuable as the neighborhood surrounding it. whether its a McMansion in the suburbs or an urban 2 story its always about the three Ls of real estate location, location and location. In 1992 I built an amazing 4 bedroom on a 2 acre lot in a subdivision which was 10 years old. The housing prices in the subdivision at the time were around 280-320K. So, basically the value of this unbelievable all white brick and stucco house with two fireplaces and a mancave with a Vermont casting ceramic stove was limited by the comparable properties around it.  

So, I definitely overimproved the property considering the property values around it. If you are going to live in the house for years you can wait for the appreciation and pay down the mortgage. If you are rehabbing and flipping it is not a good strategy to enhance the property beyond the clear value of similar nearby properties. A fix and hold is less risky. You must be sure you are close enough to the gentrification to cash in on the property when you anticipate selling it.  One  answer does not fit all. 

An aerial of the the property I built can be viewed at: 6388 Winding Road, Coopersburg, Pa 18018  https://www.zillow.com/homedet...

The property is worth 600k today it was worth 309k when I sold it in 1999

Ohio is a really good choice. The real estate is still relatively reasonably priced.  Columbus is more expensive than some of the other areas. Akron, Dayton, Canton all have opportunities. You can get bank funding for turn key at around 4 percent or fix and flip bridge money 8.99 or greater for one year. You should hook up with a agent who works the investment space and before you sign an agreement of sale you should already have your financing strategy in place.  I have a subdivision in Bellefontaine Ohio and other commercial projects in Lima and Marietta. Feel free to reach out to me and good luck!

Your forum post poses a lot of different questions. Lets keep it simple stupid. Their is no right time to invest in real estate. The key is to buy the first and all other properties at a reasonable price. It all follows from there. Spend time learning what lending products are available and the types of mortgages and range of rates. One size does not fit all.  While conventional mortgages are the lowest in rate they are not always the fastest or the easiest to qualify. Tailor your financing to the deal. 

We provide financing options such as fix and flip or hold, Bank or funding company, purchase and refinancing. Sometimes you must be inventive in order to make a deal work. Good luck!