All Forum Posts by: Erica Larence-Penna

@KATHY H. I'd definitely shop around and reach out to at least one more lender.  I have a couple of contacts that I'd be happy to connect you with!  Do you have a breakdown of what the closing costs are?  That does seem kind of high, but I guess that depends on whether that includes escrows for taxes and HOI.

@Corey Noid I haven't invested in the NC market, but I am doing long distance investing and the toughest thing for me was finding someone I trust.  I am focusing on FL right now and fortunately I am a title attorney, so I had some realtor connections, but finding a property manager who I can trust was tough.  "Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties" by David Greene is a great book for long-distance investors!

Hi @Todd Wheatley, I am a real estate attorney currently based out of RI and I do a lot of business in MA.  I am actually relocating to FL at the end of the year as well and I'd love to connect!  I know a few agents in that area as well, so I'd be happy to connect you to some.  We were considering the East Coast when we were looking and I learned a lot about those areas.  Port St. Lucie seems to be up-and-coming and one of the best places to invest right now.

@Daniel Campana I am a title attorney licensed in FL and have a few realtor contacts in the area.  Feel free to PM me and I can send contact info!

Hey @Nyriq Faber!  House hacking is a great way to start.  I wish I had thought about doing it 10 years ago!  Get a realtor who works with investors and speak to a lender to see what you can qualify for.  If you can get a multi-family that covers your mortgage and expenses while living in it, you hit the jackpot.  We purchased our first multifamily and we currently have three out of the four units rented out (one is being renovated) and we are netting about $200/month at the moment.  I am a title attorney in CT, so I have quite a few contacts.  Feel free to PM me!

@Account Closed I work with a few lenders who do a lot of VA and first time homebuyer loans. I highly recommend Ashley Cookson of Prime Lending. I work with her a lot and her company discounts their fees for veterans. I am a title attorney and my title company is licensed in OH. We discount our fees for veterans as well, so feel free to reach out!

@Haven Phelps, I'm not in the TN area, but I'd love to connect!  My title company is licensed in TN and I've been doing more research on investing in the area.

@Neomi Heard Happy to talk!  I am a newer investor as well, but I am a title attorney, so I was in real estate for a little while before investing.  Feel free to PM me and we can chat some more, but one piece of advice is don't give up!  Stay motivated however you can.  We had to put in about ten offers before we finally had one accepted on a four-unit back in October 2019.  Educating yourself is also extremely important, so read everything and anything you can get your hands on.  My favorite book is "Set for Life" by Scott Trench.

@Matthew Fermino I'd love to connect!  I am a real estate attorney based in RI.  I have a four-unit in Pawtucket and I'm currently looking for the next deal.  I have a contractor that is currently renovating one of my units and he's very reasonably priced.  I also have a lot of realtor and lender connections!

@Fan Bi we only own the 4-unit and it has been pretty decent so far, but our rents are far below market rents.  We are currently renovating one of the units, but rents from the other units are covering the mortgage and expenses right now, so we're breaking even.

When we purchased the property, the seller had been paying all utilities even though the electric was separately metered.  We immediately gave notice to the tenants that they would be paying the electric and we had intentions to raise rents this summer, but then COVID-19 happened.

We have been looking for another property, but inventory seems to be super low and anytime we find a good deal, we get outbid.  Most of the stuff that comes on the market doesn't even come close to the 1% rule because rents are so low, but property values have appreciated greatly over the past few years in RI.