All Forum Posts by: Francisco Ycaza

Hello Paul,

Thank you for the quick reply and I will try to find one here NYC.

Francisco

Hello Forum ,

I am actively seeking PL to fund my deals in NYC , however , I have come across that if you have not done a deal you will not see the Funds. I am going to be truthful here , I feel that the only way is to be given a shot . I mean , if you have done your " Due Diligence " with the Property and the numbers make sense , why would a PL over look that and not see the " THE BIG PICTURE ".....the Profit ! For me, Finding Motivate sellers is the easy part , having the money to close the deal is the obstacle . With HML you need 20-30 DP and let alone it is very expensive . I am just trying to secure funding the PL way and my goal is to find 1 PL in 2014 to do business together and with profitability as well . Any feedback is welcome .

Thanks ,

Francisco Y.

NYC

Hello Colleagues,

There is a Vacant land in the Bronx , NYC and I have been trying to find this Owner in different ways . The City of NY has a Filed a Tax Lien Sale Certificate 3 times this year . Owner owes over $5000 Real Estate property taxes and this does not include penalty and other fees . I have visited the address where the tax Bill goes to locate owner but he does not live there . I have use people finder website but I only get a phone number that is out of service and same address . I went to the Court house to see if property was Probated and no information came back . I don't know what else to do with tracking down the owner and I really believe this owner might be decease and does not live in this country any longer. I am just curious why has this land not been Foreclose by the City yet ? If anyone has any feedback on this situation to locate owner I would appreciate it .

Thanks,

Francisco

Hello Colleagues ,

I owned a property in Pittsburgh 2 year ago and I am looking to Purchase this REO that is in a better neighborhood then before.

- Listed at $39k - Price has been drop 3 times since September.

- ARV $80K

- Rehab $ 15-18k

- Purchase Price $33?

Potential Profit 29k , however , I understand there is Holding and Selling cost

still left to pay. Is my PP numbers wrong or do I need to wait for another price reduction and buy below 30k ? Just need some feedback . I am also looking for a Hard money lender and I am putting 20% DP or 100%Private Lender with 12% return on their Investment .

Regards,

Francisco

Hello Bradford ,

You don't know how much this means to me that other Investors on BP are truly kind and thoughtful to show me guidance and direction . 2 years ago I owned a rental so I know I can do this and more . My inner fire in me , drives me to continue to make contact with potential sellers . I know it takes some personal capital to run a business now a days and that is my next step. I appreciate your feedback Bradford . Hopefully , I can connect with you on BP.

Francisco

Hello Colleagues,

Thanks for the fast reply and it makes better sense now for me. I thought that Residential was the same as Commercial and my numbers did not really make sense but I guess that was due to my lack of inexperience with Commercial deals. I contacted a Cash Buyer about this but he said it was too small , so now I must try to sell this on an "Assignment Fee". I thank you all once again and I hope to get this done correctly or just move on to the next deal .

Regards,

Francisco

Good evening Colleagues,

I join BP just about 2 weeks ago and this is my first post . I sent out a Yellow letter to a owner of a small Commercial building in the Bronx , New York back on November 20 and 4 days letter I received a call from him. He was truly ecstatic that I contact him and wants to SELL!! He mention to me that he lives far from the property and just could not continue to travel to maintain it . We spoke last night and I made an offer of 60k and he told me that he was going to let me know in few days if we had a deal . I feel strongly about this potential deal because of our conversation that we had , which lasted for 20 minutes .

The Deal :

1 . The 2% Rule : states that the monthly rent should be 2% of the Purchase Price : 60k x 2%= 1,200 rental income . Property has a tenant paying 1,500 currently monthly and Tenant is paying Electric / Gas and Water bills.

2 . The 50% Rule : That 50% of your total income will be for your expenses. Taxes are $ 5,100 annually = $426.66 a month.

Monthly Cash flow 1,500- 426 = $1074

3. Financing - 100%Private lender or Hard Money

4. Exit Strategy - Buy and Hold

So this is where I am a confused to be honest and this why I am posting . Who do I get the funds to lock up this deal , when I have never use a PL or HM before ? Do I contact a Commercial Lender ? My credit is bad and my funds are extremely low to be straight forward . I just need some guidance with Financing this deal in case it happens because the numbers make sense . I appreciate any feedback from any of the members from BP .

Thank You,

Francisco Y.

Hello Members,

I Have a Buyer who wants to buy a condo all cash and R.E. agent wants buyer to make an offer of $129k on this . Condo asking price is $139k and needs A little deferred maintenance . There are 2 mortgages totaling $156k and my opinion is that the FMV for this area is under 90k for a 2 bedroom condo. The buyer is a childhood friend and I understand Fair market value determines the price and not the "ASKING PRICE ". Buyer wants to offer 75k all Cash and I would like to know if any member has any sound advice on handling this scenario with agent. I know the lender wants every offer submitted to them .

Thank You,

Francisco Y.

PS. I am a new member to Bigger Pockets and I am so Happy to be here!