All Forum Posts by: William Merone

Allison that's awesome you're going to do your first flip!  A quick word of advise, which I'm sure you know this already but just be sure to keep track of all of your costs associated with the project.  I know it's easy to let some slip through the cracks (I've done it myself). Just try to be conscientious of recording all your hard and soft expenses. Best of luck, I hope you profit enough to achieve your goal of paying for your kids college.  If not then just do another one to reach your goal!

Hey BP,

Just wondering if someone has any experience in purchasing houses that are on a reverse mortgage.  I have done a couple of short sales but basically handed the lead over to another team to take care of the process.  I am curios to see if it is something I may be able to handle myself or if it is better off finding a team to get this type of deal done.  Any advise or expertise would be greatly appreciated.

Thank you!

If you have found a deal you should break it down into a simple spreadsheet or even the bigger pockets deal analyzer I think they have those I haven't used one yet though as I just use my own formatted template. Then another sheet that goes into detail breaking down all the renovations you plan on doing to the property. Then finally the comps, if you could reference a couple of good comps proving how you got your ARV that would be great. If you bring that and present it to another investor who may have access to capital that you do not I am sure that they would be willing to work with you!

Best of luck!

@Deborah Hill  My company mainly does flips on the island but we have done a few in the city if you're interested in sending it my way and how much you're looking for it I would let you know right away if we're interested or not.  We have a title company that we use all the time, you wouldn't have to worry about that.  Whether we are interested and potentially be the ones you wholesale it to or not I hope the deal goes smoothly for you!

Best of luck

I know guys who sand down & re-stain/polly for around $2.5 a square foot to do it.  May be more though per square foot just because the job is so small but shouldn't be too crazy.  I can give you my guys contact if you'd like, shoot me a message.

Best of luck!

@Leonel Vanegas 
It would be nice to invest in areas with cheaper taxes so your holding costs and any vacancies don't chew up too much of your profit, also entry points are typically lower. But it can be done on Long Island, we do it, we currently have 3 duplexes and one 5 unit. You just have to have better systems in place and a good team you can rely on if you were going to invest out of state. Networking is definitely key, you will be surprised how many opportunities open up through networking.

Best of Luck!

Hey @Justus Schaefer good for you - for putting yourself out there.  To try and market yourself better put some of your strengths, what you can do and how you can help someone.  It will give you a better shot at someone bringing you on, so you can help them out & they can help you out.  

Best of luck!

Hey @Kevin Myhre will there be a meetup for September? I know that things are opening up a bit but not sure if a meetup is allowed.  Let me know please, I'd be interested in attending one.

Thanks

Hey @Joseph Agudelo Welcome!

I know you're in Brooklyn but if you're ever out on the island and want to meet up for some coffee or something shoot me a message! I'll do the same if I'm ever out by you

Best of luck with getting started!

@Scott Wolf There's two in particular that I have, they're in Plainview.  But we get inquiries elsewhere in mid Nassau that we just want to partner up with an agent to give them some good warm leads and get a little piece of their commission like we do with Karp.