All Forum Posts by: Frank Del Corso

I am nearly at the end of my first reno on a BRRR property and used a contractor that my Realtor referred to me. I really like my Realtor who is super professional and does what he says he's going to do and goes the extra mile. His contractor friend however is the opposite, he tells me things have been done when in fact they have not been. He doesn't do what he says he's going to do and often times can't be reached and goes missing for days. I texted him this morning letting him know I'd be at the house expecting him to be there hustling to finish the job since I haven't heard from him in days and I need the CO in order to list the 2 units for rent. So he wasn't at the house and there was no sign of any progress since last week. So I decide to go to the zoning office to see what can be done if my contractor disappears in the middle of a job. I then find out the this guy hasn't even submitted the permits for the job despite telling me that they were filed and he got them back! I can't get a clear CO without that inspection since I am converting the property.

Now I am in super hustle mode to find a new plumber and electrician to get these permits submitted (in between my day job) so I can get this place done and move on. Just venting here and I'm sure there are plenty of stories like this one out there and would love to hear them. I would also love to hear about how to outline the scope of work in the future so that I could have fired this guy sooner.

Signed an exasperated first time investor

I am a newbie in Real estate investing and recently had a conversation with a friend of mine who had been a developer in NY 20 years ago. He has deep pockets and has offered to finance me, which is fantastic! My first thought is to purchase a vacant lot nearby and build a home on it to sell when it's complete but I am unsure of what that really involves. I think I may need to provide a home warranty and am unsure if I can be a GC with no experience or qualifications other than my friend will help guide me. Can I be the GC on a build for sale property in NJ?

Another option would be to purchase a home that needs rehab and use the BRRR method or just flip it once he rehab is done.

I would love the thoughts of anyone with experience in these areas to help guide my decision if you'd be so kind. I do work full time currently in another field but would love to have the option of moving to real estate full time in the next 5-10 years.

Thanks for your consideration,

Frank

I have an opportunity to buy a home, which I plan to renovate for a flip but I want to avoid using my cash as a down payment if I can. This way I have the cash for the reno and I don't sink it into a down payment. I am thinking about asking the seller for financing or a lease to buy option but am unsure how to structure such a deal since I have not done this before. I am in NJ and am unsure of the laws so I figured i'd ask this forum for some advice to see if I can figure this one out.

Thanks,

Frank

Thanks for the replies!  We are working with a lender that a friend put me in touch with and I have no idea what program or loan type he is using here.  This will not be our primary residence though so I know that limits our loan options.  That said, what resources are out there to learn about specific loan programs we can use for an investment property that will not be our primary residence?

Maybe we can try a seller financed option too.

Again, thanks Lauren, Michael and Oliver. 

My wife and I have been enjoying the podcasts and working together on buying our first rental property.  We found a lender that we've pre-qualified with and they have told us we'll need to put down 25%, which is our problem.  We have good income but we don't have enough money available for a 25% down payment + closing + renovations so what do we do?  I'm thinking we should look for another lender but what we don't know is if this is standard for a multi-family traditional mortgage loan or not.  Does anyone have experience with loans for multi-families in PA?

Thanks!

Frank & Jen