All Forum Posts by: Francesco Barbati

"I'm worried that if I tell you he would get greedy..."

"I'm worried that if I tell him he would get greedy..."

Hypocritical much?

It would be acceptable if you did it with the owner's knowledge but you're talking about doing it behind his back. Based on what you've written, I would categorize this as theft

Is EVERY property in Boca Raton either a Town-house or Condo? Seems to me that You SHOULD be able to take advantage of the fact that these properties CAN be hard to find a profitable exit strategy out of? How? By buying from those who are ALREADY having that exit problem! 

(eg. Foreclosures? ie. Sellers who are already highly motivated to accept a steep discount!)...

 Personally I would buy the family home 1st. Cover home base then look to invest is my motto.

Something seems a little off about this. You borrowed $120K for a primary. Are you going to tell your family member/lender that you are going to use the money for some sort of "investment" purchase instead? If you are going to do something in real estate that increases the risk factor to the family member I think it is a little misleading not to tell them..just my two cents. Especially if you are new to real estate yourself. What you are saying is I have limited income history (which is a concern), I couldn't qualify to buy my own house conventionally, I had to borrow money from family, I don't have experience in real estate, yet I want to be risky on my family member's dime. If buying the primary was that important to me to ask for $120K from family, I would honor that unless I tell them my plan and they sign off on the risk. 

@Francesco Barbati Since you asked what I would do... I would attempt the house hack. Now, you are going to be at a lower price point than a duplex in Palm Beach County, however, one thing you can find is a single family home with an "in-law suite" or a "guest house" as they are listed in the MLS. This would allow you to live in the guest house, while renting out the main house. These types of properties are all over PBC, especially in West Palm Beach and Lake Worth.

  Now, there are a few things to mention. First, you'd want to make sure that the separate living space is permitted. That is a head ache you don't want down the road, and an unpermitted building would make the resale value much less. Next, this is one property, not a duplex. This means that the utilities are most likely NOT split, so you will need to take that into account when determining rents. This may be more difficult to find, but this is just another option for you. It is the opportunity to house hack, without paying the premium for a multifamily, or the taxes on a multifamily home.

Hope this helps!

Not sure exactly what you talked about and maybe you already did my suggestions, but I wouldn't talk figures or numbers so much with her, but rather the dream, lifestyle that making a smart move would make. With almost all great achievements in life, they take some immediate/momentary sacrifice to get to the end of the tunnel. Relate or analogize it to something she can relate to. Such as going to school or carrying a baby for 9 months, there is sometimes some pain, tiredness, fear upfront, but when you take that risk, you reap the rewards.

Hey Francesco -- they're both good markets with good opportunities. The challenge we've been having is getting enough inventory. :)

Feel free to talk to one of our Investment Counselors about the opportunities in each market.

Continued success!

Aah, I didn't realize you meant $11k savings. So, ZERO percent interest! Good. It can't hurt to ask Lenders how much you could borrow on top of your $120k financed funds and $11k of ACTUAL cash, right? Maybe start by asking the Bank who already holds that $11k? Good work. Cheers...

@francescobarbati  I just started talks with JWB today.  I can keep you in the loop on how it goes if you like.  send me PM.