All Forum Posts by: Calogero Fucarino

I'd love to connect with a fellow member that is Deaf, like me, or has experience/familiar with ASL (American Sign Language) and the Deaf Community. I'm looking to grow the small circle of investors with hearing loss by showing them that we can break the communication barrier and thrive in real estate!

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The reason why I asked is because the realtor I was talking with kept saying that my plan isn't going to work, and quite honestly made me start second guessing myself.

Originally posted by @Crystal Smith:

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John,

Thank you for your input, I'm actually trying to avoid FHA loans but will still keep that open as an option. It seems like I'm working backwards as it would be easier if I started out by house hacking a duplex then moved into a SFH. Also, are you trying to say that getting an investment loan is the better route to go now since rates are so low? This will be my second property I own.

Originally posted by @John Warren:

@Calogero Fucarino your first call should be to your lender. Make sure you can actually use an FHA loan to do your next deal since you already have a single family you own. You may be able to do the 5% down home possible, but that has been mostly useless here in Chicago since last year. I would focus on that primarily as the house hacking route becomes more and more difficult to justify from the lenders point of view the more properties you own. Also, you are moving from a single family into a duplex. This could raise red flags with the underwriter.

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After years of reading, learning, discussing, and planning.. I’m ready to pull the trigger on my first income property!

Well... I have some more planning to do. Quick background on me: I’m from the greater Grand Rapids, Michigan area. I’ve flipped my first home for a $55k profit and sunk it all into my current family home (this was all before I started learning about RE investing). So to get my money back, I’m in the process of refinancing and will have about $60-$70k to play with, pending the appraisal.

My current strategy to maximize every dollar I have is to hunt for a fixer upper or, more realistically, a duplex to house hack so I can get a primary loan on it. While moving out, I plan on renting out my current family home (estimated cash flow $500-600 per month). By following this strategy I will end up with two income properties from the $55k profit I made three years ago.

Does this strategy sound realistic? Or am I biting off more than I could chew by starting out with two income properties? Also if you have any advice or tips on the legality of pulling this off, it’d be greatly appreciated!

Cheers,

Cal

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All Forum Posts by: Calogero Fucarino

Calogero Fucarino has started 2 posts and replied 4 times.

Post: Any Deaf/CODA Investors or Realtors in here?

Post: Strategy for buying my first income property

Post: Strategy for buying my first income property

Post: Strategy for buying my first income property