All Forum Posts by: Eric Calabrese

hey fellow pocketers I'm 23 and currently nearing my closing date, on my first investment property. I'm extremely nervous, I'm happy with the deal and I know it's a good start for me, but my hearts constantly racing and I have no one to talk to lol... Any advice on this stage mentally and emotionally wise?

Hey fellow pocketers, usually i ask personal questions but I'm really curious more about the people on this site. I'd love to read some of YOUR first deals good or bad and what you wish you would have known going into your first deal?

Christopher, thank you i will dig around and see if other homesbcome equipt with a washer and dryer in the area. I do know most other homes on my block come with a garage so the nice sized shed i want to build is more of a necessity than anything.

john, honestly i never saw myself even comming close to paying market value for something. I always wanted to get things 15-20% cheaper but the property is in a 2% rent vacancy area and a 9%-10% COC return and built in 2002 so it's on the newer end. I thought if the numbers make sense the deal made sense.

I agree the rent is very strong in that area and is growing. I'm trying to buy it as a long term cash flow property anyway. So i was just curious. Honestly wasnt going to do much for the renter besides a washer,dryer and have a shed built in the backyard to maximize rent.

Thanks for your response basically the property is in charlotte NC. it's a hot market right now so although the prices are cheap as compared to other areas its selling for appraisal amount. It really doesn't NEED work but for instance it has no washer and dryer, garage/storage place old cabinets etc. I feel if i do some of these things before i sell years after holding it as a rental property o should be able to make extra on the rehab. I didn't agree with the agent and was curious what investors thought.

Hey everyone, I'm in my first contract  in the due diligence period and after walking the property and thinking of renting as is for how many years i told the agent if i get the house I'd like to renovate it before i sell to max it's potential. He then tried to tell me that no matter how great i make the house look i won't make a profit off of it during the sale because it's a good rental area but will only appreciate 3%. Every real estate investing book I've read has always told me that putting in money will increase your return. Is this possible or is the agent just incorrect?

Hey everyone, is it possible to get a loan if the money has on been in the account for less than 30 days?

Basically i didn't know that money had to season in an account  i made a large deposit July20th 

My due diligence deadline in august 21 which I'm sure i can get pushed back a few days but what do you think my chance of getting a loan is?

andrew Johnson, that answer was amazing really appreciate the advice.

hey everyone, what do you guys think of a condo with 145k in reserves and about 200 units. Would you invest in that if cash flow is great?