All Forum Posts by: Nicholas Carelli

Hello,

Does anyone know of a specific bank or financial institution that offers quick and flexible refinancing options? I am just starting an investment company with some partners in which we plan to use the BRRRR Model but we do not want to wait up to 6 months for the bank to process/approve the refinance. Are there banks or financial institutions that offer 70% ARV cash out refinancing where you can get the money within a month?

Thank you!

Hello,

Me and a group of investors just started our own property management company for buying and selling real estate. In order to grow our capital, for our first 1-2 years we plan to initially start out flipping houses in the Philadelphia, New Jersey, and Delaware areas, which we hope to begin after January 2017. We will be in need of a reliable and consistent contractor who primarily works in the Philadelphia area. I was hoping someone on the forum would have some recommendations, anything would be helpful.

Thank you so much!

Hello Everyone,

I am 25 years old and I will be leaping into the real estate market within the next year with the purchase of my first property. I was curious to know if it's a good idea to obtain my real estate license to aid in me buying/selling/ and renting properties personally. Should I spend the time and the money to obtain this license or is it not really necessary for renting properties on the side? And if I should get it, through what route would you recommend obtaining the necessary education?

Any advice would be great, thank you so much for your time.

Nick Carelli

Hey Derrick,

Thanks so much for responding, that was really helpful. My only problem with a 4plex is that I'd personally like to live downtown since I'm still young. Although I work constantly I'd still like to be down there for some reminisce of a social life and all of the 4plex I have found are either in bad areas but I don't know I would feel comfortable living it, or they are in the suburbs which is where I live now.

Hello Everyone,

I am 25 years old and I have been living at home saving money since I graduated college in 2013. I am hoping that within the next year I will leap into the real estate market with the purchase of my first property. If I can stay true to my budget I should have about $60,000 to $70,000 saved up by May/June of 2017 and since I am getting up there in age, I would like to move out of my parents house ha. So logically I thought that my first property would be one that I would live in and later rent once I have stayed there for a couple years. I am from Philadelphia so I plan on buying a 2 bedroom condo downtown in the city since that's where I would like to be and having one of my friends live with me and pay rent/split utilities. The condos I have been looking at are ranging from $150,000 to $250,000 in price and I plan to put down 20%, hoping to not spend over $50,000 on a down payment. Philadelphia has been in the midst of this great rejuvenation period, where all of the once bad neighborhoods are being revitalized for young professionals. So I am very confident that renting the space after I leave will not be difficult.  

Do you think that this is a good overall plan to start out? Or should I invest strictly in a rental property and continue to live at home and save? Any insight would much appreciated, thank you in advance for you time!

Nick Carelli

Our names are Nick and Tyler and we are business partners interested in investing in rental properties throughout the Philadelphia area. I own my family pizzeria businesses located all throughout Philadelphia and Tyler is a lawyer. We also founded and operate a small online business and now are interested in stepping into the real estate market. Just wanted to introduce ourselves and were excited to be apart of this community.

Thanks!