All Forum Posts by: Vincent Pollitto

What's the best title company to use in Baltimore when you know the property has city leins + tax leins?

Follow up to this question, who's the best point of contact in the city to help negotiate the leins down ?

Weve done a few deals in the city where the properties have had issues with leins. We were able to close them it just took longer than anticipated. We're just trying to make the process go smoother by working with the right people.

Any guidance would be appreciated.

Thanks

Has anyone ever worked with Quontic Bank for a mortgage?

I've been self-employed for the past year and my income has been good, but I don't have a history of income for previous years.

I spoke with a lender today and they're value as mortgage lenders is that they don't need income verification to write a loan. Only good credit score and down payment. I can afford a sizable down payment on a home and have a great credit score.

The reviews online are mostly negative with a few positive mixed in. Has anyone worked with this bank for a mortgage?

Just locked up a deal on a commercial warehouse, and we're looking to wholesale the property. We acquired the property at a great price, we now want to make sure we have a fair and calculated asking price for when we disposition the property.

The warehouse is 11800 sqft, and is split into warehouse space and office space. There are 6 offices, a kitchen, and two bathrooms. Taxes are 16k a year.

I see warehouse space located in the same area available on loopnet for no less than $5 SF/ year. Office space for no less than $10 SF/ year.

If the entire warehouse rents conservatively at $6.50 SF/ yr the gross rents would be $76,700. Maintenance + insurance would be a combined 12k per year.

Cap rate = 10%

NOI = 77k - 16k(taxes)- 12k(Maint.+Insurance) = 49,000

Property Value = $490,000

Is 490,000 a fair asking price for something of this nature?

Hello BP community

We came across a highly motivated seller. It’s a probate deal with 7 siblings involved. The mother was on the title along with one of the brothers. The mother passed away a few years ago and the one brother now holds title to the property. The brother who holds title to the property has been mentally handicapped since birth.

We have been in contact with one of the siblings who claims his handicap brother did not appoint a power of attorney, and therefore no one can sign on his behalf.

Is there anyway to search online to see if a power of attorney was legally appointed ?

If no power of attorney was appointed can a guardianship be an option? If so can the guardian be the sole decision maker on the sale of the property or does every sibling need to be involved?

This is a vacant property in need of full rehab. Baltimore city. Any advice would on how to go about this is much appreciated.

I'm starting a marketing campaign for off market wholesale/ flip deals in my market. Looking to connect with others who are having positive results with marketing in New Jersey. Who’s doing deals in Monmouth, Middlesex, Ocean County New Jersey? Which marketing channels are best? Let’s connect

I respect the opinions of all the veteran guys on this thread. Yes, the pros of going to college definitely outweigh the cons for anyone not taking on significant debt. The reality is that any employer will not consider hiring someone without a college degree.  However, being 21 years old I can relate to @Michael Warinner. College is not like it was years ago. Sitting in a college lecture hall in 2019 you'll find majority of students on their laptops wandering aimless on Facebook, Instagram, or texting on their phones. You just need to surround yourself with hungry students for optimal sucess. For you Mike, work your *** off. Work 12 hours a day if you have to in order to get ahead of your competitors. Built a network to connect yourself with real estate experts. Who you know and what you know will take you further than any degree. Best.

Check out neighborhood scout:

https://www.neighborhoodscout.com

The free version gives you data on income growth, job growth, crime rates, and school district. Really useful tool. Also, as it was mentioned previously, talk to local real estate professionals that know the area really well. The value of real estate can vary from one block to another, so find an awesome agent that can guide you in the right direction. Best

Hey Jared I'm visiting Utah asap I heard its absolutely beautiful out there. I'll come and we'll shop real estate. 

These numbers will vary based on the age of your home and location but usually standards that may be used are the following:

Repairs - 8%

Cap Ex - 8%

Vacancy - 5%

Management - 10%

Miscellaneous - 2%

If you have an older home (any home built before 1978) it would be wise to take out a little bit more for repairs. I would come in around 8-9%. You also should factor in Capital Expenditures (Cap Ex) for the replacement of major systems. For example if you need to replace all the plumbing in your home that would be quite costly to pay for out of pocket. Pull out 8-9% of your gross rent to account for Cap Ex. Additionally, at some point in time your home will sit vacant. Talk to a local agent or investors in your area to find out what the vacancy rates in your area are. Could range from 5% in major cities to 10% in some suburbs. Deduct your monthly mortgage payments, taxes, insurance, repairs, cap ex, management, vacancy, misc. from gross rent to obtain your monthly cash flow. Best.

Wherever real estate exists there are successful investors and those losing money on their investments. If you network with other real estate professionals in Phoenix, you'll hear stories of success and failure. There are absolutely  good deals to be made out there in Phoenix. 

If you ultimetely do decided to invest out of state be sure to know your desired market. Uderstand the change in demographics over the past few years and past months. i.e. population growth, population diversity, job growth, job diversity. Understand the market trend as well. Buy low and sell high and understand that everyone is trying to get into an up and coming market so you'll face more competition. Best. Vince Pollitto.  

Definitely coming in a bit high at 1300/month for a home costing 86k. Reach out to a local realtor in Jacksonville to see exactly what you could get for rent on the place. For an older place ( I would say anything built before 1968) take out a little more for repairs. I’d be around 8-9%. Best.