All Forum Posts by: Anthony Caraballo

I am new to real estate investing but have been doing research for a couple years now and I just acquired a 3-1,  1,200 sqft Cliffside Condo in North Jersey overlooking the Manhattan skyline but it needs a complete remodel. I have done small remodeling projects myself prior to this but this is my first complete gut and renovation of an entire condo so I am looking for advice about how to move forward.

I have talked to a few people they say I might need to hire an Architect to draw up plans if I plan to knock down any walls as well as proper permits for the renovation from the local government before anyone can start the work. What is the order I should go about this? 

Should I hire an architect and discuss plans for the apartment first and get approval before reaching out to contractors? 

How will the I or the architect know which common walls can be taken down and which are load bearing or perhaps cement while we discuss the plans?

In your opinion is it worth the extra step or should I leave the walls up and go straight to the general contractor? 

Any and all opinions and advice is welcome!

@Will Barnard It is interesting you say that because that is actually the method of Real Estate Investing that interests me the most. I like that fact that I will be able to hold the properties for a long time and be receiving monthly cash flow while having my tenants pay down the principal at the same time. It gives me the benefits of flipping and raising the value of a house while still holding on to the property and growing my assets overtime. Also I feel that being able to pull money out of the deal will be very helpful. 

@Sean Poulos @Greg Dickerson Thank you, I will continue to educate myself and get things in place for when I graduate. Thank you for your advice. 

I am going to graduate college at 21 next year and plan on jumping right in on flipping houses as my main source of income.

In addition, I plan to work a part time job in order to keep saving money and help offset my monthly living expenses until I'm flipping enough to live comfortably on that income alone. 

Is this a wise decision? Or should I get a more stable job and work more hours and in return only work on flip houses in my off time. 

Any advice is appreciated. 

 That is such a great idea! I can definitely reach out to my family and maybe even help my dad in the same way. Thank you.

 Thank you for the advice, I like the idea of finding a flip to do in my last year here and have a family member who is a real estate agent in the are so I can work with them to get help me find a deal. As for the job I do work a part time job on campus but since my major requires such rigorous hours I can only commit about 5.5 hours per week but am able to save about 50% of my paycheck. My credit score is good but not great due to the amount of outstanding loans i have but I have a credit card open and use it extremely carefully to help build my credit history. 

Thank you for the advice!

I am a Junior in college and my ultimate goal is to be financially independent. Ideally, I would like to have Rental Property Cash Flow cover my living expenses.

I am 20 years old and a Junior in college, I have read multiple bigger pockets books and watched numerous webinars trying to soak up as much information as I can. I am very attracted to the BRRRR method, I have always had a knack for renovation and have undertaken a few of my own projects, such as a complete remodeling of my bathroom, over the last year. For the most part I understand the BRRRR process and the importance of finding a good deal.

I guess my main question right now is who is going to lend money to a 20 Year Old with $80k in student debt and no steady income?

I am unaware of where I will end up (geographically) once I graduate so I don't want to undertake a property till then. But is that the wrong way to think about this? Should I be looking to invest in Miami while I am here for the next year and a half and get one under my belt before moving? 

I would greatly appreciate any tips on starting out as a young investor.