All Forum Posts by: Chris Farinella

Great neck and Hewlett? From what I know they’re great towns. I’ll for sure check out those markets and contact you if they seem more appealing than what Islip has been looking like. By the way, I’ve been scouting meetup for the next Nassau meetup hopefully I’ll see you soon at one!

 Thank you Suzanne I’ve never heard of those I’ll definitely read up on them. And very funny @Fallon Gilbert I just read your recent post earlier and found it very relatable.

Hello BP, I’d like to start and buy my first investment this year, but so far every method I explore is shot down somewhere in the process (usually financing) and was hoping to see some outside perspectives.

For context, I’m fresh out of college, have worked off the books until starting a Blacktop sealcoating and striping company with my brother in 2022. We did not keep a general journal, so we’ll figure out what we made once we file taxes with an account (I think. This is year one and we’re learning as we go so I’m sure some mistakes are being made)

This limits me in a few ways: 

- Qualifying mortgages (no history of reported income and as of now no reported income for 2022) Including FHA for the beginner friendly house hack (unless I can co-sign and leverage someone else's ability to qualify? I'm not sure)

- My new business is going to keep me here on Long Island (where, so far, I’ve seen fha payments and mortgage insurance disqualify every deal I’ve come across. I’ve looked for 2-4 units but it appears zoning on the island is an issue for small multi’s) Though I’m not entirely opposed to beginning investing out of state

I do have some things going for me though:

- $60,000 saved

- A $20,000 settlement coming in Nov ‘23

- The ability to save about $15,000-$20,000 per year according to a rough personal income statement

- A lot of time to travel to other states in the winter, as my business is seasonal

So what do you guys think? Co-sign with a family member for conventional or FHA? Non QM loan, Hard money bridge into an investment loan, DSCR? Long Island or Long Distance?

Thank you in advance if you actually read all of that and have some feedback!

I asked this same question before reading and the answers were pretty spot on. Even before costs went up there were too many variables to rely on the books numbers entirely, but the book is great for identifying scope of work and key issues to look for when evaluating the condition of each component of the house.

Thanks Eliott!

Thank you for clearing that up Nathan!

In my area, I understand it’s typical that the tenant pays for heat, air conditioning and electric while the landlord pays for water, sewer, and sanitation.

When looking at rental comps in other areas (or even my own) how can I possibly tell if rent comps are higher because the landlord pays for utilities, or lower because the tenant pays?

Is it standard practice that rent is listed assuming the utilities are paid the way I initially explained?

 Thank you, Mohammed!

 That makes a lot of sense especially given the input from others, thank you Jon!