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All Forum Posts by: Frank Avallone II

Frank Avallone II has started 7 posts and replied 148 times.

Post: Balancing Non-Mortgage Debt and Saving for the Next Investment

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hi @Brandon Kessler, as others have mentioned it does come down to personal preference but there is some facts we can take a look at to help better assess the scenario. I can definitely go over this with you. I'll send you connection request! 

Post: Should you get pre approval or work with lender in area u invest

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hey @Angelo Llamas, really comes down to preference with this one. You ultimately just want work with someone who is aware of your goals and how investing works so they can help guide you through out the process. You also want to work with someone who is communicative and ready to answer the phone for you when you have a question. This is also true when building the rest of your team. 

As for a realtor you definitely want to choose someone who is not only knowledgeable about investing and communicative but also has a vast understanding of the area you are looking to invest in.


Hope this helps!  

Hey @Dalton Foote, hope all is well!!

I actually have a similar strategy and started my journey through it as well.

I basically just worked and saved as hard as possible with the intent to get into real estate investing! Looking back on how it started, I still really keep the same model. Only difference is I now have the ability to use cash flow and equity from my current properties to further grow my portfolio at a faster pace than through just business income alone.

One thing that has always been intriguing to me is the concept in sales and investing that the harder you work and the more you put into it, the faster things actually start to compound!

Post: First Time - Multi-Family House Hacking - Seattle Area

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hi @Connor Christensen, happy to hear you are looking to get into house-hacking!  I would love to share some tips and tricks I've learned on my journey as an investor so far. I send you a connection request!

Post: When is it a good idea to refinance?

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hi @Bianca Rodrigues, It would mostly come down to running the numbers!

Would the increase in mortgage payment due to the higher interest rate make it hard or impossible to cash flow on your current property?

If not, would the money you use from this current property towards the next property offset the difference in increased payment.

You really want to try to figure out if the overall return would be increasing and then if it is you have to decide if that is worth it. 

Hope this helps!

Post: Reaching out for connections!

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

HI @Jerrett Nagel, glad to hear you are looking to get started at a young age! I am have had some experience with flipping but primarily focus on buy and hold properties. Regardless, I would love to connect!

Post: Where can I (and others) find a Mentor when starting out?

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hey @Tyler J., here on Bigger Pockets is definitely a great place to find some mentors! If you have anyone around you who is in the real estate world, reaching out to them would also be a great start. Luckily for me I stumbled across my mentors organically while just trying to learn, you're headed in the right direction by just being on the forum!

I would love to share my journey with you or answer any questions you may have!

Post: cash flow vs appreciation in North Jersey

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hi @Sarah Stelma, great question!

For my first property I went with more of a fully renovated "turn-key" property with the anticipation of less headaches and higher rent. While this was the case, I did buy it at more of a premium and there really wasn't any room to add value. This turned out to make it harder to reach the cash flow I had hoped for. The other issue was the property was so nice that it really only catered to a certain group of higher income individuals(Unrelated to renovation in general but something to keep in mind). This ultimately made renting it out harder, creating more vacancy (this was a few years back).

Ever since then I really took the latter approach that you mentioned and found much more success. While this might not be the case for everyone, I definitely now prefer it.

My opinion is that by seeking properties with room to improve, you are not only avoiding paying a premium of a fully renovated property, but you can add value creating more equity as you mentioned. This makes it easier to use that property to help buy the next in the future. 

I like to invest in renter friendly areas that are either in emerging areas (new businesses coming or big town improvements), along the train lines or both ideally.

Hope this helps!

Post: Will this property be seen as SFR or Duplex?

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

Hi @Ji Fo, if it is listed as a single family home it is most likely a single family home on paper. 

The two biggest factors are going to be permits and zoning. 

Usually the appraiser and the underwriter will weigh in on it if is unclear.

In most cases the separate addresses aren't actually a deciding factor.

I would ask the agent if they have any information on zoning/permits or any old appraisal information that would give you more insight.

Hope this helps!

Post: Trends in Jersey City, NJ

Frank Avallone IIPosted
  • Lender
  • Morristown, NJ
  • Posts 153
  • Votes 71

hi @Zachary Verdi, first off, thank you for your service!

Depending on your current situation Jersey City could definitely be a great spot for your house hacking investment.

Having the opportunity to use a VA loan for your first property brings a lot of great benefits that you should know!

I'd love to chat about some creative options to help you maximize your first investment!