All Forum Posts by: Austin Pesce

@Jeremy Wirths That makes a lot of sense! I guess I can compile the different possible exit strategies before I go through with the deal. I think flipping would be the best for this deal, then BRRRR if not flipping or some sort of way to pull out the cash and pay everyone back that put money in with me. That's the hardest part, I'm limited to responsibility on other people's money because I don't have that much capital just yet, if that makes sense? But I appreciate your response and will start to look at my potential exits!!

@Joe Aiola That makes sense! I guess I can try to put all of the potential outcomes (from best to worst) together and look at them. Now I feel like it could really be a great deal, but again it would be my first and a HUGE first one with that!! I can also ask the agent that deals with the area to see how quick some deals in the area come and go on the market...I appreciate your help a lot!

@Whitney Hutten I agree, however there lies my problem. I see that it would be a huge project, and also know it would be my first...However, I just can't help but see the huge potential upside and I don't want it to be clouding what it really is. I looked at the comps in the area (~$450,000 based on the original 5 bed 2 bath 1900 sqft 2 unit) and for the asking price ($185,000), I feel like I'm seeing smoke and mirrors? Even with $200,000 into this house I feel like it would still be good profit,  but again this would be my first. 

Now I'm NOT trying to argue with you, because I know you know more than me! But, I like seeing the bigger picture and really appreciate the devils advocate approach. I just don't want to miss out on an opportunity (or so I think).

I would also like to throw in I work as an Assistant Project Manager for a big General Contractor company in that town, still new to this job but I figured I would mention to see if it had any sense in the matter Lol!

Hey everyone, my name is Austin and I've posted on here a couple times but I am in fact still a 22 year old newbie. Now, I found this really enticing deal in Mount Vernon, NY that seems to be a really fun first time project and getting my hands dirty...real dirty. It's a house in need of almost a whole repair of the house, not to be specific though because I am walking it on Wednesday (first walk and view). This deal is amazing to me and I really don't want to pass it up, but...

I am struggling to put together how I am going to find financing for the rehab on this deal. I am anticipating at least $100,000 of rehab to go into this property and trust me, I do not have that much saved up yet. I really want to be able to get the work done by myself (with help of friends/family) and subcontracting out the dangerous/out-of-my-league work I cannot do. However, I am trying to find out how I may finance this rehab in general. 

Sure, I can convince my parents to take out a HELOC and partner with them, or maybe I can find a lender to loan me money at a high interest for maybe a year of time. But the problem with this is I will have to pay them back quickly. Now, I really don't want to sound dense or maybe selfish? But I can't stop thinking about a potential downturn in the market taking away any profit I may gain from the flip, or not being able to sell in the first place. As for the BRRRR, this technique proves successful BUT I do believe it will demolish my cash-flow, which I m also trying to build. I can explain the deal in more detail to anyone who may want to take the time to help, otherwise I guess a general answer to see would help.

I guess my question is, should I be afraid of a market crash potentially hindering my ability to sell the house after tons of time and money being put into the house?

And should I be skeptical of this BRRRR because it kills my potential cash-flow (my real estate goal to have substantial cash-flow to not be held down by a job, by 26 more specifically so I can travel on a budget of course.) ??

If anyone could help, that would be amazing and I would appreciate it!!

Austin Pesce

@Rich Ramjatan 

Hey Rich,

You mentioned you are a General Contractor for the NYC/Sullivan County area. I am curious does that include the Counties in between these as well? I am most familiar with Orange County and Westchester County, and was wondering where you usually do your work?

Austin Pesce

@Przemek Kos

That's awesome man! What do you think about connecting via phone/text/in-person to talk more about it? II don't mind either, as I'm still in no rush.. but I've been interested in starting a lot and think us keeping in touch now and in the future would be a benefit!

To add on, I am also interested in anyone who works in an area within 1.5 hours from Monroe, NY...I don't mind driving or investing in an area with that distance!

Hey everyone. I'm posting on here to reach out to all Real Estate Investors/Flippers/Contractors/Landlords/Agents that mess around with the Orange County/Westchester County area in New York. I have lived in Monroe, NY all of my life and I work in Mount Vernon, NY. So because of this I have been looking to begin with Real Estate Investing in either of these areas, more specifically Rental Properties (buy and hold, turnkey, value add, or BRRRR).

Now, I know how important connections are in life, and real estate is no exception at all and I want to get after it. I am most interesting in building a network of people that are in this business and are familiar with the area that I may be able to team up with (finding a mentor/fellow investor is always something I would go for as well!). I currently just graduated college in May 2020 and started working as of June this year so I've been avid about beginning real estate, but am in no rush at all. I believe that there is nothing better than having a good team working with you, and a great connection around you when you make big moves in life. And I know this is the site to find those! 

Let me know if you're interested and add contact info if you want to talk more, I will gladly speak more about where I am at!

@Mason Hickman That makes a lot of sense, I can see how that works.. How much investing experience would you have in the Cape? It peaks my interest so I think it would be cool to look into, like the property I mentioned.  Where else could you be reached?

@Moises R Cosme Awesome man thank you! That is good advice and something I will get right on. Thank you for the quick response too.