All Forum Posts by: Dominic Licerio

We tried to do an extension on the contract but they wanted to terminate, likely to reduce the stress on them. I haven't explored hard money options yet. Would i need to put a set downpayment typically going that route?

Hey BP family! I am in the military and new to REI. I had a contract set up on a 4 plex that was going to be financed with the VA loan and was moving along perfectly. But, the seller had a medical emergency and had to terminate the contract. It cash-flowed extremely well according to my analysis and really was a rare and fantastic deal in my market. I was notified that they will put it back on the market in about 4 months and I really want to get it. My dilemma is that if I use the VA or FHA loans on a different property in the mean time, I'd have to live in that property for the 6-12 months and won't have funding capability in the future for the 4 plex. I've considered using conventional but I don't have the cash off-hand to cover the down payment. I currently have about 23k in a mutual fund that I am willing to liquidate but in my market, it may not be enough to cover the full down payment. Does anyone have tips or tricks that i might be able to use to get the best outcome? (The best situation for me would be to get a property now and then the 4 plex too!) I would be incredibly grateful for help!!

Thanks everyone for the realism, general advice, and personal suggestions! Just some of the reasons I love this site. Good luck to you all on your future endeavors and I'll absolutely take everything into account. 

Dom Licerio

Thanks everyone! I'm pumped to get this going and I'll definitely compile the tips. When you all get client references, are there any specific questions that you try to ask to give more insight on the contractor apart from the obvious?

Hey BP Family!

I am about to purchase my first property! It's a fixer-upper duplex that's in need of various kinds of rehab; electrical, cosmetic, landscaping, etc. I was wondering if anyone could provide some tips for finding and vetting contractors to bid on the work? Should I get bids from several different sub-contractors for the different jobs or just talk to several contractors who will be able to delegate the work themselves? What kinds of things do you all look for from contractors and what do you typically ask when going through the bidding process?

Hey BP family!

Does anyone have recommendations on methods for connecting with contractors? 

I am starting out in Colorado Springs and I have a property that will need work outside my skill level. What does everyone recommend for finding trustworthy contractors? What kinds of questions/screening do you do when taking bids?

Thanks in advance for your help!

@Jake S. Sorry I missed that you asked what properties I was looking to invest in! I am looking at small multi-family. Working on purchasing one currently that I plan to fund using the VA loan but I know that by the beginning of next year I'd like to get at least one more under my belt if not 2.

Thanks for the help everyone!

Nope! It's just a mutual fund I set up. 

Hey BP family! Does anyone have experience moving funds from a mutual fund to an investment property? For a few years now I've put money away in one but I want to use it as a down payment. Is it possible to do so? What should i consider when going through the process? I appreciate any help!