All Forum Posts by: Erica Larence-Penna

@Jc Galang it may depend on the lender, but if you are refinancing before six months, you're limited to taking out only acquisition costs (purchase price and closing costs), whereas if you wait the six months, you are not limited to acquisition costs.

@Pamela Gombe that is odd.  Reach out to @Elise Marquette she may be able to help!

@Besnik Kadriu I work with one lender who had a portfolio loan for 10% down on investment properties pre-COVID.  They suspended the program, though.  It'll probably be difficult to find a lender who hasn't suspended something like this if they  ever offered it.

@Carlos H DeOliveira I ended up buying a four-unit in RI!  We cashflow around $1,300 each month currently, but rents are actually very low for two of the units.

I have turned my attention to Florida, however, as I am moving there at the end of the year.  I'd love to connect sometime if you're up for it!

@Will Walker welcome!  I am also a New Englander.  I'd love to connect over the phone.  Feel free to send me a message.

I got started as an attorney and then started networking and reading as much as I could.  We purchased our first four-unit by house-hacking and we are actively looking for the next deal.

@David Reo you would follow FL law since the property is located there.  You will also need to follow FL law for the handling of legal documents at closing.  For example, two witnesses are required to witness the grantor's signing of the deed.

@Brian Garrett oops!  Sorry about that!

@Garrett Reed 

if you're able to house hack, I'd suggest doing that. I think that's the best way to get into real estate and it's relatively low-risk. Use an FHA 3.5% down loan, buy a multi-family, and live in one unit and rent out the others.

If you want to wholesale to raise capital, you really need to know what you are doing because you can get in trouble quickly and easily. I don't have anything against wholesaling - I just wholesaled a deal, but I only did it because the deal ended up not working for me.

That being said, there's no one right way to get into real estate.

@Brian Garrett if you're able to house hack, I'd suggest doing that. I think that's the best way to get into real estate and it's relatively low-risk. Use an FHA 3.5% down loan, buy a multi-family, and live in one unit and rent out the others.

If you want to wholesale to raise capital, you really need to know what you are doing because you can get in trouble quickly and easily.  I don't have anything against wholesaling - I just wholesaled a deal, but I only did it because the deal ended up not working for me.

That being said, there's no one right way to get into real estate.

@Alden Cleveland my understanding is that if you refinance within six months of purchasing the property, you are limited to recouping your acquisition costs, but if you wait six months, you can recoup more.

I would have still gone to college even knowing what I do now, but I would have likely studied something else.  I double-majored in Sport Administration and Film and then somehow ended up in law school.  I would have studied something more useful, like business and I would've broken out of my shell a bit more and tried to network as much as possible and learn as much as possible from people in real estate.  I would have still gone to law school, too, but I would have gone immediately into real estate law and not do litigation.  I would have been a lot smarter with my money and purchased my first property a lot earlier than I did.

Aside from obviously needing income to fund your real estate ventures, I grew up a lot in college and I think that's another reason I would absolutely go to college all over again.  I also met some of the best people that continue to have a huge role in my life. 

If you have a full ride, go to college.