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All Forum Posts by: Josh Parra

Josh Parra has started 6 posts and replied 58 times.

Post: Greetings: I am new, young, and full of questions!

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Noah Povis Welcome to BP! I'm a local investor here in State College. I moved back from Boston in June with my wife who is from State College. Feel free to hit me up and we can connect. I actually had coffee with Brandon Turner when he and his wife passed through Boston and am currently flipping a house a few block from Penn State campus. 👍🏼

Post: New member in Central PA

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41

Welcome @Dwain Force! My wife and I are in State College. We just moved back to the area in June and are focusing on REI. We'll mostly be flipping. We have a project underway right now a few blocks from campus. I'd be happy to give you a walk through. It'd be great to connect, especially if you'll be wholesaling. :)

Post: Funding 3rd property.

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Jay Barndt I just moved back to Central PA. I believe there is a REI meet up once a month at the ReMax in State College, although I haven't been to one yet. You're first order of business should def be to get that credit score up. I damaged my credit as a teen but worked on getting it back up and now have an excellent score. Join Credit Karma or some other free monitoring site and keep an eye on your progress. Try to build relationships with other investors on here and at the ReMax meet up. Call those realtors listing the investment properties and build relationships with them so they can introduce you to other people. In the meantime if you have the available cash, get a list and start mailing free and clear owners in the area. Try to get them to owner finance or wholesale the property to another investor and start building your cash reserves. ;)

Post: Bye Boston, Hello State College

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41

It's been almost 2 years since my first new member introduction on BP. In that timeframe, I've been lucky enough to meet so many great people in the Boston area, including Mr. @Brandon Turner himself when he was passing through with his wife. Through BiggerPockets I've been able to meet many experienced investors and I'd like to thank them. 

First there is @Ann Bellamy and @Nick Aalerud that host free, fantastic, informative meetings called Black Diamond. I found out about these on BP, attended a few meetings and learned a lot about different subjects but also met a ton of players in the industry while networking before and after the event. One of these players is @Justin Silverio who is successfully renovating properties just North of Boston. Justin actually had a mentorship program that I took part in where we would bird dog for him in exchange for his knowledge and monthly mastermind calls. I learned a lot from Justin about finding properties and successfully marketing to homeowners. He has a great blog called The Boston Investor which I suggest you check out. Justin would also host quarterly investor meet ups, where we'd network, share projects, and ask questions. It was here that I met two investors that were active in the actual Boston neighborhood that I lived in. @Daniel Rubin and @Ray Hurteau were just finishing up a condo conversion in Dorchester about 5 blocks from my house. Once we connected, I knew that I could learn a lot from these two. We have a great rapport with each other and have the same design tastes. Dan & Ray brought me on board their team as their acquisitions manager. Here I learned a lot about their deal analysis and how being conservative with your numbers pays off. I also learned how to take a beating over the phone from disgruntled homeowners that were receiving their marketing materials. HAHA No one said it was going to be easy! I was also able to help them with deals in Somerville and South Boston (Southie) and what I learned from these two is invaluable.

Although I never pulled the trigger or got around to getting my first deal in Boston, I am able to bring everything that I learned into a market that is much more affordable here in State College. I was able to capitalize on the Boston market though, a house hack if you will. We purchased our home in an up and coming Boston neighborhood at the end of November in 2012 for $359K. We used FHA financing with 5% down. The house was in great shape but a little dated. We ripped down 3 floors of wallpaper, patched and painted the walls, updated light switches, fixtures, converted heating from oil to gas, put on a new roof, and created an outdoor area. Yesterday we sold the house for $685K, $60K over asking. So I guess you can say that our home was our first deal in Boston :)

MANY THANKS to everyone that I met while living in Boston, especially those mentioned above. I wish all of you continued success. Onward & upward!

Post: East Boston Project

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Ricky Beliveau Nice! I'm curious to know your rehab & holding costs

Post: Contracts vs Credit. Help

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Justin Ashton If you plan on wholesaling you don't need a bank approval or proof of funds. As Tom said, if you have a buyer's list you can use their POF if the seller asks. Your job as a wholesaler is to find properties below market value that you can get under contract and sell for profit to an investor. You should know your market well so that you can negotiate the best price. Many investors won't take the deal if there isn't enough "meat on the bone". That said, make sure you make your contracts contingent on finding a buyer ;)

Post: Flipping Boston "The Flipping Formula".....is it worth it?

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
James Finch Do yourself a favor and attend all of your local REIA's, network and meet people actually doing the work in your area. Build relationships and ask questions. Join you local real estate groups on meetup.con and try to find someone willing to help you out. It's all about networking and it can all be done for free.

Post: Looking for Boston area multi family

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
James Sestito Hey James! I'm a local real estate broker/investor with my own company. I can certainly help you out. I have access to MLS properties as well as off market leads. Send me a DM with your contact info.

Post: New Member From Boston, MA

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Welcome Patrick Wheeler ! I suggest attending Ann Bellamy 's Black Diamond events, Justin Silverio 's quarterly meetup and joining local real estate groups on meetup.com. We have a meetup group called Boston Wealth Builders and we will meet and discuss different rehabs in the Boston area. Hopefully we'll see you at one of the great FREE events that I've mentioned above ;)

Post: Financing a condo with <50% owner occupancy

Josh ParraPosted
  • Investor, Wholesaler
  • State College, PA
  • Posts 61
  • Votes 41
Donald M. You will need 25%-30% down for a property with less than 50% occ or if you are purchasing it as an investment. I work with a great lender if you need a referral. Good luck!