All Forum Posts by: Tom Price

Would like to connect with anyone wholesaling or with potential deals in Monmouth /Ocean County NJ.

A year later...but what did you end up doing? or what did you end up learning? this is something I have been looking into.

Would like to hear experiences of anyone who has successfully or unsuccessfully flipped units in 55+ communities.

Very basic question that I’m sure is answered here a million times.

On a flip, as far as writing off business expenses go for tax purposes, are you able to write off the purchase price, interest, closing costs, rehab material costs?

I put aside about 15k (and counting) that I am solely dedicating toward getting into real estate. I have been looking into turnkey properties outside of my home state and as of now my interest is to start out in a buy and hold strategy and eventually do some BRRRR (I have some people close to me with great experience in construction/ being a landlord).

I’d love to hear some insight from anyone who has looked to start out in a similar way, or if you started out in a completely different manner. I’m trying to ensure I somewhat follow the John Wooden advice of “be quick but don’t hurry”. Maybe it makes much more sense to wait a bit, increase my cash reserves and look for higher quality properties? Maybe I could go an entirely different route, any info would be welcomed

Would like to hear about experiences with buying and renting a mobile home. Good experiences? terrible? issues to be aware of?

Here is a rookie question. As I am looking at various pro forma's that give the numbers behind a property, what are some things I should be considering that may be being left out or that are misleading? I am really trying to dig into the numbers and understand things before I lay out actual cash so I would appreciate any info or experiences where people looked at the numbers and after renting properties now realize things they should have looked out for beforehand.

Thanks! That’s why I am asking here, want to learn a lot first 

Disclaimer....I’m new to real estate 

I came across a property that I am very interested in and the option to do seller financing on it is a possibility. It’s currently rented through next year at around $2,000. 

Assuming that the seller financing arrangement makes financial sense and I pay the owner $1,000 per month (this is for example purposes only) how do I handle the rent payments coming in from the current tenant? I assume it would be set up where they continue to taking the rental payments as well as my owner financing payments until I obtain a mortgage to pay them off fully?

Any info on this would be helpful! 

I am very new to BP but so far it is definitely a useful site. I am hoping to get started aka jump in asap to investing in real estate. 

A bit about me..... I have an undergrad degree in Econ and an MBA in Finance. I have spent my entire career in the energy industry and that is definitely an area of expertise that I am willing to use an asset in potential partnerships.

Tom