All Forum Posts by: Eric DeVito

@David Moore Thanks for the reply David. I am actually interested in Buy & hold small multi-family properties. I'm not against flipping, but do not want to start out doing that. I would be an hour away from the property so figured I could take care of prop. management issues. My realtor does know about that law and he said he would act as an emergency contact if need be. He has worked with many investors out-of-state before. Has a lot of knowledge. 

I know I have a lot of to learn about being landlord. I am trying to read a lot of books and talk to different investors on here. Hands on experience though would be best. Yes I do have to find a good real estate lawyer as well. 

@Jennifer Slaughter It is just to save money monthly I suppose is the main reason. I will still account of property management in my numbers though just incase I do not decide to do it myself or I realize I cannot handle it especially  being new to the game. I would be an hour or so away from my target area/property. 

@Megan Phillips Thanms you and congrats! Excellent break down of the process. I do indeed have. At book, put it aside but I have to get back to reading it. I’m sure if would help greatly.

@Jay Helms Both? I will still account for prop. Management fees when running my numbers just Incase I do go with a prop. manager. If I try and learn to landlord my own property I will be saving money monthly. Yes I have to learn the process. Live and learn I suppose

@Varun Parkash I see, I suppose my realtor would be a good person to ask for help with this. I am sure he would have knowledge in this area and could give me some guidance as well. 

@Varun Parkash & @Christine Kankowski thanks for the tips. I understand I have to have set standards/rules when it comes to renting my units out. Where do you get these leases and addendums? Any outlines that are already premade or you wrote up your own? 

@Jim Sims Great, thanks alot!

@Shawn Ackerman Thank you

@Brian Adzadi Yes I am going to still be living in Staten Island. About an hour drive to Easton area with no traffic. I work in the city though during week. Basically looking for small multi family. Using HELOC to find down payment. Just trying to acquire as much knowledge as i can to better prepare myself and "calm my nerves down".

If I already have a HELOC open with a bank can I open another with a different institution or is that not possible?