All Forum Posts by: Chris Puglisi

Hi Stacy, 

I am in a similar situation.  I live about 45 minutes from my day job and between the commute time and the hours I actually spend at work I am averaging between 55-60 hours a week.  My job is unrelated to real estate but and I would also like to move towards something that gives me a little more free time to focus on building my own business but also gives me the W2 income.  The biggest hindrance for me is that my current job pays well and anything I am finding that is closer to me and in the real estate industry is paying 30% less than I am making now.  It really comes down to will the extra time I have allow me to make more than the 30% less W2 income and I will come overall making more.

@Justin R. 

Great post!  Working through something similar in CT.  Not as expensive of a market as you but homes in decent shape from the 1990s are going for around $50k-$60k.  Hoping to turn about $10-$15k for a quick cosmetic flip (paint, flooring).  Only thing that makes me a little nervous is we are moving into the winter months here and things tend to sit on the market a little longer.  I am also thinking of holding the note for the buyer, which may help to attract buyers as it is difficult to get financing for mobile homes in CT.  

Hi Monika, 

Any update on the two manufactured homes you found?  Were you able to make the deal work?  I am not sure if it is the same in every state but in most states it is a less lengthy process because it is not real property and generally just a bill of sale and title transfer like if buying/selling a car.

If you are going to live in the property you could get away with only 5% down and use the other $30k towards rehab costs. 

I am not an expert and have only worked with worked with foreclosures a couple times but I find that very hard to believe.   

Join me and other BP members for the Wallingford Real Estate Meet-up. This is event is not just for investors in Wallingford, but for all of New Haven County.  By request, this month we will be meeting at Chili's in Wallingford on November, 30th at 7pm to network and help each other build our real estate businesses. Whether you have been investing for 50 years or have yet to close on your first deal, this event is for everyone. Whether you have a deal, looking for a deal, flipping, or holding you will benefit from this event. Share experience and stories while learning and helping others. This event is open to everyone and feel free to pass this along to anyone you know that is interested in real estate.

Wallingford, North Haven, Cheshire, Hamden, Meriden, Middeltown, North Branford, East Haven, New Haven, West Haven, Branford, Milford 

I personally think it is a good idea to jump in now. House hacking a duplex using an FHA loan is how I got my first deal. If i were in your situation I would jump in now then start saving up for the next one. Why save now to jump in then start saving again? Get that deal and the extra income now! Half of a deal is better than no deal!

Hi Karelle,

I purchased my first duplex using an FHA loan. This allowed me to put less money down and use that extra cash to put into the property and increase the value. I will be refinancing over the next couple of months now that I have the equity I need and will get rid of my PMI which will help boost my cash flow.

The BiggerPockets Rental Property Calculator is simple to use and will give you a couple free uses.  Just plug in the income and expenses and it will do all the calculations for you!

Hi Andrew, 

To start out with a commercial building you are most likely going to need a lot capital for down payment.  Of course there are always exceptions, such as owner financing. which may allow you to put down less than 25%.  

As far as property management, it depends on if you want to manage yourself or want your investment to be a little more passive.  Personally I like to manage myself but other people do not want to be bothered or do not have the time.  Another factor is the location.  If it is out of state, the property may require a property manager.