ready to buy stndrd way(miami)- suggestions? - Posted by Len(nyc)

Posted by Len( ny/nj) on February 01, 2002 at 09:45:44:

Ive been interested in learning more about notes, no better time then the present. Im assuming you deal with notes as well, how succesfully have you been with it. Thanks again for responding

ready to buy stndrd way(miami)- suggestions? - Posted by Len(nyc)

Posted by Len(nyc) on January 31, 2002 at 09:52:06:

I recently moved to New Jersey and am looking forward to joining the local real estate club and to start exploring my new area/ state. In the meaentime I have been getting slightly discouraged of my whole REI endeavors. Ive kinda slacked off and am looking to get back into it, even though Im feeling more confused now of how to get started then before.
I was considering buying a studio apt, in the miami beach area. The place is going for 55,000k and usually the down payment is 5% ( in florida- please correct me if Im wrong). I was thinking about buying the place, and then having someone rent it out, the building provides its own maintenance ( in fact my brother has been living in the place for the last year, so Im familiar with the area and pretty confident that I can get it rented) Based on my somewhat broken down numbers the mtg for the place should average around 320-400 a month PITI- currently the rent in that area is 700. So after evrything is done , Im hoping that Ill be getting 100-200 cashflow. I want to do this for the fact that Ill have a tenant paying down my mtg, therefore building up my credit, and possible tax advatages at the end of the year ( I think- please provide any other info about this)I was also thinking of maybe purchasing this property under a coporation of some sorts, maybe that will help me with claiming losses and so forth.
I feel that if I do this that maybe itll make my future efforts easier, and possibly be that kick start to get me moving.
Any suggestions or advice would be appreciated, I look forward to it.

Nice houses well below FMV in NJ… - Posted by Ben (NJ)

Posted by Ben (NJ) on January 31, 2002 at 16:20:26:

can’t say too much without being deleted. e-mail me if interested.

Re: ready to buy stndrd way(miami)- suggestions? - Posted by Steve-DC

Posted by Steve-DC on January 31, 2002 at 12:05:12:

Hi Len,

Congratulations on the move. I’ve been following your posts for the last few years now. Having lived in NYC for about 4 years, I know how frustrating it can be to pursuit investing in the city.

I encourage you to keep trying. I went as far as to move out of the city (Washington, DC) to start investing. Geographical cures aren’t always the answer, but NYC is certainly unique.

What was suggested to me, and what I’d like to pass on too you, is to try and find what DOES work in your area and then do it. Many of the successful investors I met in the city started out with SFH’s or condos and moved away from them. One idea that was passed on to me was to start investing in notes - much less pounding the pavement and more “phone and fax” work, obviously easier if one is relying on public transportation. As well, one investor I knew was taking the concepts of creative real estate and applying them to small businesses. It was easier for me to find a motivated seller of a deli, laundrymat, liquor store, or newstand than a motivated seller of a home. People buy these types of businesses and the concepts of finance, acquisition, and negotiation are very similar.

If your in NJ, but still “in the city” (Hoboken, Jersey City, etc.), try something new. If not, don’t give up, start over. Used what you’ve learned (mistakes or inaction) and put it to use in a positive way.

Good luck,