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All Forum Posts by: Joe Fornasiero

Joe Fornasiero has started 23 posts and replied 80 times.

Post: Real Estate Attorney near Brighton, MI

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20
Looking for recommendations on a good local real estate attorney to draft a lease. Ideally located within Livingston or Oakland County

Post: Cash flow for multi family

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20
John Torres investors are looking for cashflow per unit. ex. $100mo/ per unit is usually the minimum you should aim for.

Post: Potential 1st Buy- Need Deal Feedback

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20

@Erik R. I know people who invest in both Dearborn and Dearborn Heights. The inspections seem to be the same for both areas.

Post: New Investor from Northville Michigan

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20
Tim Bryant Welcome to BP! The Ann Arbor REI club has a meeting Saturday 1/9 at 9:30am feel free to look them up on Facebook or Meetup

Post: Wanting To Start a MeetUp For 2016

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20
I would be interested if they are scheduled on Saturdays

Post: Can you rent out an FHA financed property?

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20
Hae-Yuan Chang If you live there you can rent it out. If you plan to move out you must live there for a year before moving out and renting the other units

Post: What's the best way to invest $5,000?

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20

@Gabriel Meerzo I agree. The main thing is to stay patient and search for the right deal. You don't want to rush to purchase a property without a safety net then have something major happen and be unable to fix it and/or have to use credit cards with a high interest rate

Post: Help me analyze this potential deal.

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20

@Keith White I don't see where you're accounting for Vacancy (8%) Maintenance (5-10%) and Capex (10%) you should also factor out 10% for property management if you decide to have someone else manage the property in the future. Does the $1900 in total expenses include any of the items I mentioned above?

Post: Selling home to clear student loan debt?

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20

@Dominic A. I would recommend saving up money to pay off your student loans. If you sell your home in the spring you will have to pay taxes on the capital gains since you have been there for less than two years. You will also pay 6% to realtor commission which will eat most of your gains. Student loans are also tax deductible.  I would focus on reducing expenses and saving up money to pay down the student loans as quickly as possible

Post: What's the best way to invest $5,000?

Joe FornasieroPosted
  • Investor
  • Brighton, MI
  • Posts 85
  • Votes 20

@Gabriel Meerzo You may be able to purchase a new primary residence with a USDA loan and rent out your primary residence assuming you have been there for over a year. If you utilize USDA and negotiate closing costs you could get into the home for very little down (Inspection, appraisal, etc.) With that said, I think you should focus on saving more money and cutting expenses if possible to build an emergency fund in case you run into any issues with maint. or capex in the near future.