All Forum Posts by: Vincent Park

Hi all,

As a newbie in Manhattan, I've been trying to look out of state to invest for some time. However, it occurred to me that the biggest expense that I incur currently is the monthly rent of my studio ($2200). My thought is that it wouldn't make sense for me to purchase out of state properties and earn small cash flows (~$200) per month, when I can start out owning and living in my own apartment in Manhattan and start building serious equity.

I would like to ask the group on any advice on this, and if this would be a good idea. Since this would be owner-occupied, I will look into FHA or 203k loan options. Also, I would like to know if there are any brokers experienced in this area.

Thanks for your responses all.

I've spoken to all 3 companies, and here were some takeaways (come information may be incorrect, in which case please feel free to correct me):

- Norada works more in the capacity of a turnkey broker. Hence, most operations are not performed in house, but instead, they work with local turnkey operations. JWB and Memphis Invest ("MI") seem to perform all work in house.

- I did also learn that the lenders who work with MI typically require 25-35% down payment, but I will have to check by actually speaking with them.

- The projected ROIs differ by company and location, but all typically range between 10 - 16%

- All 3 companies seem legit in terms of reviews and client management.

As I am looking for a very passive investment for my first property, I will most likely go between JWB or MI, as they both provide everything in house. I will try to decide based on neighborhood, required down payment, and level of property management.

@Jonathan Fowler

Do you currently live in Seoul? I'm from Korea, and I will be visiting late July - early August!

I wanted to open up a forum discussion on which Turnkey company would be best for beginning investors. Clearly, all 3 companies seem to be reputable in the industry, and offer quite good returns on investment. I wanted to ask seasoned investors on their thoughts on which would be the best option for the criteria I am looking for:

- Minimal down payment (<$20K if possible, 20-25% down payment options)

- Minimal involvement in property management, and frequent updates on financials

- Areas with good appreciation potential

- Minimal tenant turnover / vacancy

- Good Cashflow (>$300/month) and ROI (12-15%+)

Let me know what your thoughts are, and perhaps some additional criteria that I should consider.

Hi all,

I am a beginning real estate investor living and working in Manhattan. Due to my residence being one of the most expensive markets in the US, I've been looking to enter my investing career through working with Turnkey companies, investing out of state. I've came across a few noteworthy companies here at BP, but I wanted to ask the community on their thoughts of the ones they would recommend. I am looking for companies that would make me manage as less as possible (although I would be double checking the analysis). Also, any advice on what to watch out for, and some markets that you would recommend, would be greatly appreciated.

Hi all,

I'm a beginning real estate investor in NYC, and as the price point of properties in my neighborhood seem off the chart, I've tried looking out of state to invest in my first deal with a potential partner. Long story short, I've found a business partner that I would like to work together with to purchase a property. The property is a SFR, under $100K, and a decent rental property. I would be supplying the cash (down payment) and credit (for the mortgage), and my business partner would do all the remaining work (including property management). We agreed on splitting cash flow (rent minus expenses and PITI) and equity (at the time of sale) 50/50. As a beginner trying to learn the basics, I feel that this would be a great way to start. My business partner also seems to be pretty experienced in working with partners, and has walked me through the paperwork that would be involved (such as an MOA).

I wanted to reach out to experienced investors in BP for advice on how I can set myself up to enter into this JV. I'm sure that I would need a CPA and an attorney to help me out, but I would appreciate step-by-step advice on where to begin, and what to ask for (e.g., review MOA and other contracts, etc.). Some background information would include:

- My business partner is fine with either forming an entity to borrow money to fund the investment or borrowing under my name. The latter would give us a lower interest rate.

- I would be the title holder, so in the case my partner goes out of business, I would be the owner of the property.

- I currently own a C-Corp.

- I would like to position myself so that I could be able to work on similar deals with my business partner in the future.

Any advice, including tips on finding a qualified CPA/Attorney to work with and working with someone out-of-state, would be much appreciated.

Hi everyone,

I am a beginning real estate investor with a question regarding private lending. 

I currently live and work 9-5 in Manhattan, where the cost of purchasing any home nearby is quite prohibitive. As I have a well paying job and a good credit score, I believe it will not be too difficult for me to qualify for a conventional loan. However, in order to come up with down payments, I will most likely need to tap into private lending resources.

As I come from oversees, a lot of my friends and family live outside of the US. I have a few people who have expressed interest in lending me money to fund my investments. While this would be quite beneficial, I wanted to make sure that I consider all legal/tax implications before proceeding.

I would like to ask advice from anyone on the forum who has either dealt with foreign private money, or is familiar of the legal/tax side of such transactions. Any advice would be extremely welcome.

Thanks,

Vincent

Hi all, I'm a new investor in the New York City area, primarily looking to invest in the Queens/Brooklyn/Bronx area. I must admit, I've taken a lot of courses offered by gurus over the past few months, but don't have a lot to show for it besides a heavy knowledge base. I'm glad I landed on this website before it may have been too late. Looking forward to being able to put my first deal together. Looking mainly at foreclosures, 1-4 family properties. Thanks, and good luck to everyone! Vincent