All Forum Posts by: Thomas Santella

Congratulations on getting your first deal UC! The first deal is always the hardest to accomplish. I am a realtor licensed in NY and NJ, sourcing off market fix n flips, development and investment deals to investors and developers. I have done business in Queens, Brooklyn, Hudson and Bergen County, with Hudson County as my main area of business. If you are interested in Jersey City, we should connect. 

I would like to her about the type of deals you are looking for to continue your investment journey!

Laws are different for less than 4 units and 4 and up on multifamily properties, and landlords have more control over their property for under 4 units. The tenant can request modifications to their unit, and its the landlord's decision wether or not to approve them. If a landlord approved a tenant to add door screens, he wouldn't be responsible to pay for them since they are nonessential to the tenant, and the tenant would most likely pay for it themselves. 

Landlords would have to allow accommodations for handicapped tenants if its under 4 units, but don't have to pay for them so I doubt door screens would be mandatory. 

Quote from @Paul Pompeo:

I have 20 plus years experience in sales. I am tired of starting all over ever year without building any equity. Looking to break into the local market with Multifamily homes. In addition need to do it part time. I really only have nights and Sundays to work it. Also in this day an age I am thinking this can be done remotely buying and holding property in other states. Any feedback would be greatly appreciated. 

Being from Long Island as well, the multifamily opportunity is scarce, and investment deals aren't the best as elsewhere in the country. Starting in the local market is ideal, but I don't think it is the best idea for you or I. Looking elsewhere where you at least have familiarity with the market would be next, and if not pick a market to learn about, analyze deals, and hopefully get your first deal!

Establishing the core 4 is what everyone says, and it is important to have boots on the ground near your properties to check in on things when needed. 

Unless you can get very favorable rate terms, It might make sense to wait. Sitting on 200k NOI is an amazing position to be in, and not one you need to exit if the current lending environment and market doesn't favor it.

New and Modern is based out of New Jersey and is a 100% commission brokerage for just $100/mo. They just expanded into NY at the start of the year and is where I have my license. If you want training, they are more than happy to help and give you resources to succeed. If not, you can do your thing and earn more for each deal you close.

They are also in Pennsylvania and Florida

You can certainly outsource cold calling to another company or independent worker, and I am sure many agents do this successfully and it works.

I like the strategy of bringing on a less experienced agent, or someone who just got their license and trained them yourself to cold call. You can either pay salary or give them a percent comission of the sales that result from their work. 

It is.. I am a realtor in NY and NJ, and although I don't wholesale most of my deals, I source off market properties to developers and fix/flippers. Sometimes I do it for an assignment fee, sometimes I do it in exchange for a listing, but there is tons of development and construction going on throughout New Jersey that allows for a great wholesale opportunity. Also decent sized deals for larger fees!

great responses

Quote from @Gustavo Munoz Castro:

Quote from @Thomas Santella:

Quote from @Les Jean-Pierre:

Hello, I am seeing some distressed properties being scheduled for auction at low(for NYC) prices. I can't go up against the deep pockets at the auction. I have a carrot website and an instagram profile. I need to get to these lower cost properties well before the auction. Direct mail? Any other suggestions? I am a landlord too and have a commercial space so can have a meetup there. But, want to get some other ideas.

Thanks!

 @Les Jean-Pierre I would recommend using direct mail and even cold calling properties right when they enter pre-foreclosure. This way, you are one of the first to contact them and offer a solution. What has also been successful is creating a list for likely foreclosure homeowners like high LTV or no equity lists and marketing to them

 I think NYC has a ban on cold calling? Not sure if its still in effect though

 I did it throughout brooklyn besides people on the DNC list. The ban is against telemarketers

Hey @Nicholas LaBella III! Welcome

Shoot me a DM if you would like to connect or have a conversation. I am a realtor in NY and soon to be NJ, and have similar goals as you to eventually build a sizable multifamily portfolio. I currently work with lots of NY and NJ developers sourcing them off market deals