Are you ready to purchase your first investment property?

Quiz Questions

• 1.
  On a scale of 1-10 how confident are you when troubleshooting a situation?

  • A.
    1-3: I'm going to need someone else to do that.
  • B.
    4-6: If I know what I'm talking about, I can troubleshoot and take control. 
  • C.
    7-8: I can usually plan and problem solve on the go but sometimes I need to consult a professional.
  • D.
    9-10: I can handle anything that gets thrown my way with ease. 
• 2.
  An investment property's appearance doesn't affect the VALUE of the property as long as the rents are market value. 

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  • A.
    True
  • B.
    False
• 3.
  Renovations

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  • A.
    I will have to hire someone to do any and all renovations. 
  • B.
    I've done some minor renovations before and am comfortable updating a space for the next tenants. 
  • C.
    If it's more than painting - I need to hire someone. However, I'm willing to learn how to complete the tasks! 
  • D.
    I'm practically a professional! This would not be my first renovation.
• 4.
  It is your first investment. You have the choice of properties. Do you go with the single family, multifamily or mixed use?

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  • A.
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    Single Family
  • B.
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    Multi-Family
  • C.
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    Mixed Use
• 5.
  When analyzing properties, You should only look at the NET Earnings.

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  • A.
    True
  • B.
    False
• 6.
  What is the most common way investors analyze properties?

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  • A.
    Cap Rate
  • B.
    Rent Multiplier
  • C.
    Cash on Cash Return
  • D.
    Combination of all 3
  • E.
    I have no idea what any of these are.
• 7.
  The typical cap rate for a small residential property in Westchester, NY is:

  • A.
    1-2%
  • B.
    3-4%
  • C.
    5-6%
  • D.
    7-8%
• 8.
  Have you ever spoken with a lender regarding real estate investments?

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  • A.
    No
  • B.
    Yes
• 9.
  You MUST put 20% down to buy an investment property.

  • A.
    True
  • B.
    False
• 10.
  What is the biggest thing you want to get out of investing in a property

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  • A.
    Knowledge to expand and buy more
  • B.
    Diversify my retirement/investment accounts
  • C.
    Home ownership at a fraction of the cost. Live in one unit and rent the other.
  • D.
    Make money fast!
  • E.
    It's a long term single investment - slow and steady. 

Quiz Outcomes

• 1.
  You're right on the money! If you haven't already, it is time to invest. 

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  I'm surprised you aren't already investing in real estate. It looks like you are ready to buy your first property and quickly grow your real estate empire.Lets get started!
• 2.
  Knowledge is Power. Power is Money.

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  You're interested, have some of the basics, and show heart. Its time to get the knowledge on how to invest in real estate and make money doing so. You are ready to start looking at and analyzing properties. Meet with a lender to see what your budget should be so that you aren't looking at properties outside of your budget. The key is to maximize the Cash on Cash return. In other words, you want the most amount of income for the least amount of money down. The terms are easy but putting them into practice and analyzing property can be tricky. Luckily for you, I teach this to all of my newer clients. I have written many articles and posts about these topics but the breakdown of it all is below. Read & enjoy and reach out if you have any questions or want to meet and discuss properties.
• 3.
  Let me teach you how to invest.

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  You have the heart to invest and grow an empire but you need some more experience. You may not be ready to actually invest and buy a property but it doesn't hurt to educate yourself. Looking at and analyzing properties can only make it easier in the future. You will find what markets you like, what kind of properties you want to look for (multifaily, mixed use, commercial, single family etc). The terms are easy but putting them into practice and analyzing property can be tricky, Luckily for you, I teach this to all of my newer clients. I have written many articles and posts about these topics but the breakdown of it all is below. Read & enjoy and reach out if you have any questions or want to meet and discuss properties.