All Forum Posts by: Thomas Santella

Quote from @Chris Seveney:

@Sandrene Smart

Honestly not trying to be mean but if you do not have $ for the EMD you should not be buying real estate as it's a very cash intensive industry and you need $ for real estate

I disagree, especially if it is an investment. Most investors I know including myself don't use their own money for deals unless they absolutely have to. If it is your primary residence, you (and your partner if you have one ) are the only one servicing the debt. In that case, you better be liquid, making income and even have a few months of reserves

1 - by themselves. Most likely without properly screening potential buyers to see if they are even capable of buying your home

2- you can list on your own on streeteasy, loopnet, and most property websites you go to search for homes on. The only documents you will need will be when you go to sell the property, and don't change because it is FSBO or not

3- FSBO cannot place their house on the MLS unless you pay a fee to do so. That is why you would work with an agent. The MLS that are most used in Long Island gives your home exposure to tens of thousands of buyer agents as well as syndicates the listing across almost every property search and real estate website for everyone looking to buy in your area to see.

Furthermore, you can negotiate with most agents to not pay the full 6%, and most of the time I never charge that myself. If you have no rush to sell, then the additional time your house will sit is not a problem for you. I would brush up on terms and negotiating since you will be doing it yourself especially if you want the price your home is worth. It might be more favorable to wait until rates drop, and then more buyers will be in the market to meet your price. Good luck

Your plan is to wholesale the deal and make a 200k profit, by just offering 200k less than asking price. I don't think that is a good strategy, nor will it work in most situations. Unless the seller is dying to sell, or you can sense his/her willingness to depart from the property then I wouldn't say this is a go. More so, the flipper is not going to want an 8% return. No one taking on an 800k project and a 1.3m purchase price will only seek 8% back. Simply put, you want 200k for lowballing the seller and finding a buyer but you think a flipper spending 2.1M total and taking on over a 6 month project only wants double? I don't think so 

Congratulation on owning 20 units, like @Ecaterina Katerina Morosan said, it is something to be proud of. Other people in your building can have more or less rental units themselves, but at the end of the day what does it matter. Who cares what they think of your situation regardless of if its positive or negative (and it most definitely is a positive). If you want to live in a coop because it makes sense for you, then live in a coop. Outside of real estate, life is not meant to be lived worrying about other peoples opinions!

@Octavio Warnock-Graham buy it, rehab it and rent it baby!!! Just kidding.. but as you already did, consulting an attorney to understand your liability was the right move. Navigating through the se of options, I would recommend asking people you know who have experience in whatever it is you are trying to do for their referrals, cross checking what they say with any online reviews, and coming to your own conclusion after speaking to them yourself. Good luck with the situation!

@Marko Bukva Do you have an idea of cost of reno and addition? It might help to meet with an architect to give you a base idea and preliminary plans for your GC to then take a look at. This way, you can get a more accurate # to know what type of lending suits you better. With the amount of work you are doing, I would assume you are going to at least break even or even cashflow pretty well, which is extroadinary in NYC! I am an agent in Brooklyn and just started investing in MF down in FL also, but haven't had the guts to take on a flip in NYC just yet! Good luck with everything and let us know how it goes!

the way section 8 works is different in every county across the US and I have been diving into the matter myself for an 8 unit I am considering putting into section 8 in St petersburg Florida.. but from my understanding you would ask whatever rent you are hoping to recieve and the tenant will tell you what their TTP or total tenant payment is and the county is responsible for covering the remainder of the lease as long as it is beneath their FMR fair market rent. If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

@Jake Baker I have begun looking into different meet ups as well to meet people for lending and will keep an eye out for events. Thank you for the insight

Hello BP Community,

I am going under contract on a 6 unit in St Petersburg and beginning to scale to 25 units by the end of this year, and 100 by the end of 2025. I am not from the area, but looking to move there in time and am hoping to meet more lenders in the area to build a relationship with for the future. I am happy to connect with anyone! 

Hey Kunal, interested in meeting with lenders in the area. Let me know when you do this !