All Forum Posts by: Craig Schneider

Thanks for the advice.  Delaware's lack of population is a concern, and your point about lower taxes is logical.  Being from Long Island I keep seeing people of all different ages relocate out of state due to the state income tax as well as the property taxes, especially with the new 10K cap.  It also seems like everyone is running to Texas so I am looking for places a little off the radar. The other attractive item in Delaware was the ease of getting to for me.  

I am a real estate investor from Long Island ready to look out of state.  A few people have suggested Delaware considering the tax-friendly nature.  I am interested in larger apartment complexes and was wondering if anyone had experience in Delaware.  Please let me know.

Thank you

Alexander,

After researching about a dozen options, I ended up using Finance of America for only two deals.  Most companies including FOA do not understand how to do business in NYS, they also need at least 45 days to close.  To get the best deal you are better off buying the property for cash and then do the financing. 

If you need to close quick the best is to find a money guy and partner with them.  I partner with people who find deals all the time, we bring the money and experience.  Let me know if you have any questions, good luck.

Hi Boris

I am on the Island as well.  The best way is to go directly to sellers, anything a new investor sees is not a good deal.  Once you are known you will have deals sent to you before they go to others. 

I do not know much about out of state except what I hear from others.  One thing I heard a few times is there are so many new developments in areas such as the Carolina's that the rental market can get soft fast.  Building a new apartment complex on the Island can take half a decade which means people shy away from it.  

Message me if you would like to talk sooner.  

Hey Nate,

I have done a fair number of deals in Nassau.  

1. I would have everything in writing.

2. The cost to build depends on the level of finish and if you are doing a basement or a slab.  Are you near the water?  You may be required to lift the house if you are on the south shore.  Figure $125PSF

3. Villages can be more difficult.  They typically have one or two inspectors which means your plan and your inspections can easily drag out.  I was held up a month for a plumbing inspection so plan to increase your hold times as it will take longer.

Are you buying the property from a builder or owner?  

When you are ready to sell the land, look for a builder with their own crew to be the buyer from you.  A regular builder who subs out the work pays higher costs which means they will have to make it up on the purchase. 

Bethpage credit union is good.  I find most credit unions better for HELCO's then banks

Hi Teddy,

I do about 60% of my work in Nassau. We own our flips in an LLC. Good luck and private message me if you want to talk shop sometime.

Thanks for the answers.  I am not explaining myself appropriately.  Of course I use QuickBooks.   However, QuickBooks does not allow me, to my knowledge, the ability to allocate investor finds to a few properties then once sold, automatically allocate there initial invest as well as there profit back to there total investment. 

It is not one big pool of capital, each investor is treated differently and some maybe in three projects and some maybe in one.  Some investors have a split of profits at "x" percent and some at "y" percent. 

Please let me know if QuickBooks is able to handle this.

Thanks!

I flip about 8 properties at a time and I have 6 investors.  Each investors capital is spread out over a few properties.  Once I sell one there initial investment as well as there profit goes back to capital I can allocate to a new property.   I am about to bring in more investors to do more properties.

I need to make sure I do not over invest in properties, and I would like to have an easier way to keep track of peoples returns and total capital  after each project.

Currently I use excel but it is getting a bit out of hand.  Does anyone know of any programs that may assist me?

Thank you

My company purchases homes, renovates and sells them. I am looking to setup my web site. I have seen many examples on BP, however need to find my own template. Can someone recommend a few templates that will work?

Thank you