All Forum Posts by: Bruce Faulk

Hi BP,

Would love your feedback on my situation so that I can get started investing in Real Estate:

I want a rent to own or For Sale by owner deal because I want to stop paying rent myself and am constantly behind the NY market when trying to raise a down payment. I was born & bred in Chelsea which I am totally priced out of now and moved to Inwood 3 years ago. I have a good corporate job and make a nice income but I have a wife & kid so I am only able to bank about 15k a year. At that rate to come up with the down payment on, say a moderate 2 bedroom in Inwood/Riverdale - 350k minimum in today's market, I will need another 4 years - at best. I would like to take that money, use it as a preliminary payment and set up a rent to own situation over those next 4-5 years to own my own home. Have you encountered similar situations and do you think my reasoning is sound? Or am I better off continuing to rent myself and plow the $ into Turnkey properties where I can begin investing next year on 100k properties?

Thanks!

Thanks for answering and the encouragement @Conway Churaman - will absolutely let you know how it goes!

Hi BP,

Would love your feedback on my situation so that I can get started investing in Real Estate:

I want a rent to own or For Sale by owner deal because I want to stop paying rent myself and am constantly behind the NY market when trying to raise a down payment. I was born & bred in Chelsea which I am totally priced out of now and moved to Inwood 3 years ago. I have a good corporate job and make a nice income but I have a wife & kid so I am only able to bank about 15k a year. At that rate to come up with the down payment on, say a moderate 2 bedroom in Inwood/Riverdale - 350k minimum in today's market, I will need another 4 years - at best. I would like to take that money, use it as a preliminary payment and set up a rent to own situation over those next 4-5 years to own my own home. Have you encountered similar situations and do you think my reasoning is sound?  Or am I better off continuing to rent myself and plow the $ into Turnkey properties where I can begin investing next year on 100k properties?

Thanks!

Hi Brandon,

My day job for the last decade has been as a recruiter- contingent, then for a tech start up and now for a huge global company. As you have probably experienced, hiring the right people is, maybe after working deal numbers, the most important thing a business can do. 

Sounds like you could start with alumni associations from your college then others in your immediate area. Not so much for the applications you will get but, more importantly, the recommendations you will get from professors, etc. this is a great first vetting process. 

Happy to talk if you want; please feel free to message me. 

Again, fantastic stuff @Brandon Turner- thanks.  Looking for my first....

Thanks for the useful info on real estate and the BP site @Alex M.!

Thanks @aliboone for the advice on a partner.  I have a good friend who has some cash and may want to partner- I would still have to put my share of $ down and do all the leg work/research but it would get me to ownership faster.  Thanks for sharing your experience!

@angelrosado Thanks!  I read some of your posts about NYC real estate and willbe reaching out to talk more!  What groups do you go to?

I mean @MarkShaffar!  Can you suggest any companies?  Thanks!

@MarkShaffer Thanks for the advice!  Can you recommend any companies I should speak to about this?