All Forum Posts by: Nicholas DeLouisa Jr

@Ed L.  , @Mike McKinzie  , @George Maka  , @Walt Payne  , @Saul Urena  ,

Thank you all so much for your input, especially your encouragement.

To respond to some of the comments: 

- I don't own a home, but I also don't pay rent, property taxes, or utilities (long story), so I might be in a bit of a unique position when it comes to purchasing a property. For example, Walt, you said buy a duplex and live in half of it. Well, I suppose I could buy a duplex and rent out both parts, or a three- or quad-plex, or anything else since I have no mortgage or rent to make each month. The issue is that the size of the mortgage for which I will qualify, based on my salary, will only buy a SFH, duplex, etc., in a suburban war zone (which I lovingly refer to as 'class eff me').

- Ed, you mentioned flipping.  My goodness, that frightens me so bad I feel like I might relive my beef flavored Ramen noodles (we call it rebeefing).  I understand that I DON'T understand the process of flipping beyond "buy, rehab, sell."  One of the reasons it seems so scary to me is that it's made to look so easy on television.  In twenty-two minutes they buy, rehab, and sell a property.  Ridiculous, I say!

- Ed you also mentioned that you were an agent for four years before you even tried to do your first deal.  I gave that idea some serious consideration.  My brother-in-law is NYPD and his coworker is also an agent, so I know it can be done to have a full time job and be a real estate agent on the side.  It's not off the table, I just don't know how I would go about it right now.

 - Saul you said don't let the negativity get the best of me.  When I first read that I bristled a bit.  I am more of a negative person, feeling like if I assume the worst I won't be disappointed when it happens and pleasantly surprised when it doesn't, however I didn't see anything in my post that was inherently negative.  It was more about fear.  But I reread the comment a few times and I think I do see what you mean.  The fear in and of itself isn't the negative.  The negative is succumbing to the fear.  And you're right, I think I was heading down that road.

I want to thank you all so much for your kindness and acceptance.  You may see your brief contributions as small and nearly insignificant, but as someone who needs a bit of hand-holding at times, I just want you to know it is appreciated.  I look forward to developing my relationships on this site.

-Nick

@Adam Haman Thanks for the advice, I appreciate it.

I've been posting on here for less than twenty-four hours, and I have to say that the responses have been great.  You're all so enthusiastic for newcomers.  This is a fantastic community and I'm glad to be a part of it.

-Nick

Thank you Charmaine M. and Joshua Springer for your responses.  This is definitely for me, I'm just nervous.

Hi,

So, I read the Ultimate Beginner's Guide, and I'm reading blog posts and listening to podcasts, and making a list of books to buy, and all of it is overwhelming me to a fairly large degree.

Everyone talks about Analysis Paralysis, but I think it's really about FEAR.  I don't have a lot and I don't want to lose it.  I screwed up my credit when I was a kid and have worked my a** off to fix it as best I can, so it's too important to me to risk it now.

I'm afraid to ask for a mentor because I'm not sure I have anything to offer in this business that could be useful for someone, and I don't like the idea of some generous person taking me under his/her wing and guiding me and I can't return the favor.  I know I can do grunt work - painting, cleaning, hauling, etc. - but because of my job I don't have a lot of time to do that stuff.  So, I don't want to feel like I'm using someone.

I'm getting married in February, and while I have the full support of Future Wifey, I know that we have to keep all of this secret from her family because they are too judgmental and critical and any conversation with them ends in, "You shouldn't do that," and "why didn't you do this," etc., even when I know they have absolutely no idea what they're talking about.  (example: I'm an electrician, they know I'm an electrician, but her grandfather still tries to 'teach' me about wiring a house.)  But FW hates keeping things from them and if I ask her to do that it will stress her out every time she talks to any of them.

I can go right now to a real estate agent's office and say, "Hi, my name is Nick, and I want to invest in some property," and when he starts asking me questions, most of my answers will be either, "I don't know," or, "What does that mean?"  I can read the books and memorize the lingo, and I'm pretty adept at math so understanding formulas won't be a problem.  But I feel like when I listen to people talk about this stuff, I'm lost.  Even things I thought I knew, I apparently misunderstood.

Ugghhhh

But I guess all of that is ok, because I know I'm green right now, a newborn, I'm just screaming a little bit.  Maybe it's because I'm hungry ...

-Nick

@Chris Vacek  Thank you for the info and the advice.  I will definitely be looking around.

Everyone says look around on here and I do and it's great and there's so much it's a little overwhelming.  I've taught myself a lot of things in my life (electrical theory, guitar, etc.), but it's hard when there's no lesson plan and you have to absorb a lot of information, then order it yourself in your mind.

Maybe that's my flaw, though.  I'm so used to going it alone that having to rely on other people's advice and instruction is a little unsettling.  I'm hoping to change that, though :)

-Nick

 Wow, you just described, like, my entire life!  And, not to hijack the thread, but it's not easy to be interested in something that you can't talk about because no one else cares.  My mother, of course, is the exception, but there's only so far a conversation can go before she's just listening because she's my mother.

-Nick

@Darren Sager  Thanks for the advice about posting and forum use, I appreciate it.

-Nick

Hi,

A couple of things to be aware of.  Just because the receptacles are wired with two conductors doesn't mean that there is no ground system in the building.  Personally, I never believe inspectors when it comes to the electrical system if they are not specifically electrical inspectors.  I've seen too many of them give wrong information to home owners who then have to hire an electrician (me) and say they want all this work done.  That's great for my pocket, but not so much for theirs, and often times if they just want to sell and move it's not necessary.  If your inspector wasn't, I would get an electrical inspector to look at the property.

Another thing, you can correct the safety issue yourself.  Jon Holdman is right concerning AFCIs and smokes/COs, but the grounding problem, if there really is one, can be fixed with the installation of GFCI receptacles.  The proper way to do the job would be to trace the circuit for every receptacle and then install a minimum number of GFCI receptacles to protect those circuits (without getting too technical).  That would require the knowledge and experience of an electrician, but it's way cheaper than rewiring a building.

Note that the two-hole receptacle Jon mentions would be required for a system that does not have a ground.  However, using a three-prong adapter to plug in three-prong devices into two-hole receptacles is a code violation (because it can be dangerous), so don't go this route.

If you decide to upgrade the main electrical panel, the electrician should use AFCI breakers for the bedrooms, as Jon suggested.  Whatever you decide, make sure that, when you outline the job, you mention the grounding issue (if there really is one), and the GFCI issues.  He will take it from there.

Oh, and this may seem obvious, but make sure the person you hire is licensed and insured.  There are a lot of guys out there working on their own without a license.  They might be experts, and they may be completely competent, but the license and the insurance protects you from any liability.  Ask to see it before you agree to the job.

Good luck with it.

@

Andrew Lanoie

Unless I bring in a partner(s) or investor(s), my area is a no go right now.  You've got a good idea to compare different areas.  I just have no idea how to do that.  I don't yet know how to evaluate a property and its income potential (beyond comparing to other similar units in the neighborhood), how to estimate rehab costs, figure management costs, etc.

I admit have much learning to do, but the exercise you suggest may be the homework I need to immerse myself in the process.  Thanks!