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All Forum Posts by: Andrew Berardi

Andrew Berardi has started 4 posts and replied 11 times.

Post: Financial Advisors Reco

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Can anyone recommend a financial advisor that has experience in both real estate investing and personal finance? Also experience working with someone who has an LLC, and has knowledge on the benefits of owning one, etc…

Would appreciate any leads!

Thanks,

Andrew

Post: Analyzing deals - which method is better

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Four square method?

Bigger Pockets Calculator?

Any other methods for analyzing deals when searching through Zillow, etc…

Post: House Hacking In New York City?

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Hey Josh,

Any luck house-hacking in NYC?

I'm looking into buying a multifamily and doing the same thing.

Hi Malcolm,

I'm also just starting out, and looking to invest in a multifamily home – specifically to house hack.

Trying to find a lender and/or CPA to help guide me in the best way to finance that property. Was thinking about an FHA loan.

Also located in NY, and happy to connect and talk strategies. 


Post: Ready to buy my first multi-family home!

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Hi Chaunna, 

I'm in in a similar boat as you…except I've never tried RE.

My goal is to buy a multi-family home an house hack in NY.

I was thinking of taking out an FHA loan because the down payment is only 3.5%.

But I also want to find a CPA who may be able to give me other creative financing ideas to help reach my goal.

I heard of the NACA program on one of the BP podcasts…you may want to look into that too.

Post: Creative Financing Question

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Hi,


When trying to figure out the best way for one to come up with creative ways to finance their first investment is it better to talk with:
• Lender

• CPA who has experience with investors

What would be the better choice and why?

Does this all depend on how much capital one has? Or do other things come into play like credit score, existing assets owned and income from W2?

Thanks,

Andrew

Post: House Hack Idea - Need Advice

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2
Quote from @Mohammed Rahman:

Hey @Andrew Berardi - why do you need a cash loan for plan A? Isn't it possible to get an FHA loan and use that for your first investment?

Alternatively, you could also speak to the owner about doing some sort of seller financing - if you already have a good relationship built up as a great tenant, they may be open to it. 

 Hi @Mohammed Rahman I was thinking a cash loan would have been an alternative if an FHA wasn't achievable. I will also look into seller financing.

Thanks for your response!

Post: House Hack Idea - Need Advice

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2
Quote from @Kevin Paulk:

@Andrew Berardi

Reply to Plan A 

You're assuming he would sell or entertain your offer. I would first try and find out more info about the landlord & the property before seeing the lender for plan A. His answers could potentially help you shape a plan for how to go about purchasing or not purchasing the property. The idea would be to gauge his motivation and see what problems he is facing with the property if any. 

A few questions I would ask.

Is he still looking to sell? why or why not!

If he is looking to sell how soon ?

If he is looking to sell what number did he have in mind?

If he was looking to sell what would he do with the money?

Why did he decide not to go through and list the property a few years back?


 Thanks Kevin…there are all valid points.

I figured it would be good to see if I was able to qualify for the FHA or any sort of loan, before I planted the seed that I was interested in buying.

Post: House Hack Idea - Need Advice

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

@Account Closed would I be able to take out another FHA loan a year or two after I quit claim the title?

Post: House Hack Idea - Need Advice

Andrew BerardiPosted
  • New to Real Estate
  • New York
  • Posts 11
  • Votes 2

Hey Gaetano…I've done some research on FHA loans and they seem like a good idea.

Thanks for clarifying!