All Forum Posts by: Jacob Camilliere

@Steve K. thanks so much for all of that info. 

So my family has owned a 6 unit (4 bed/1 bath units) apartment complex in westchester, NY for almost a century, and I think it is time to see if there is any way we can get round the ridiculous rent control. The rule in my town is any building with 5 or more units is subject to rent control. The thing is my grandparents (the landlords) have lived one of the first floor units for the past 50 years, and the other first floor unit has not been rented out in almost 22 years. We save it for when family visits, holidays, etc. There are some issues with one tenant in particular who has lived there since the late 70s probably and only pays around $800 a month because of the rent control. Shes very old and i dont think my grandparents want to subject her to moving but they would be willing to increase her rent if they could. The other units are being rented for anywhere from $1,800 to $2,500 a month. 

Would it be worth it to hire a lawyer to see if theres anything we could do since technically only 4 units are being rented and the landlord/owner lives in the other two units?

or something we have considered in the past is split each apartment into 2 bed/1 baths and increase the total amount of units from 6 to 12. I dont think my grandparents are willing to tackle a project that large but maybe in the future. 

thanks

@Matt M. most of the houses in the neighborhood are around 3500-4500 square feet. To your second point, I could probably list it higher but would have to wait a while. 

Hello All, 

New to real estate investing but not new to bigger pockets. I have a potential deal that i need help analyzing. 

Some background: A relative of mine has owned a vacant lot in a developed community since the 80s. It is located just north of colorado springs. All of the houses were built in the 80s and 90s and this is the ONLY vacant lot left in the entire development. My relatives constantly get called from real estate agents offering $125k-175k and they have no interest in selling as they would like to either leave it in their Will to their kids or keep it in the family. They would be willing to sell me the property for $100,000. Houses in this development sell anywhere from mid 400s to high 600s. 

My question is should I purchase this lot and build a home on it to sell? I'm in my mid 20s and can afford to purchase the lot outright but dont know if i would be able to afford to build a home to sell. Some additional questions.. How are construction loans typically structured? What is the average cost to build a 5/6 bedroom home outside of denver? Would it be worth it to buy this lot? 

Any other tips or suggestions are welcome. If you need any additional information please let me know. Please excuse any typos. 

@andrew I could definitely be interested in that. I would have to do some research on wholesaling first. I actually was very close to purchasing it 50/50 with my parents but they aren’t the savviest of investors. We even got an inspection on the house. We should definitely connect, I’ll be in Columbia every other weekend starting in September visiting my girlfriend so we can meet sometime then. Also I am 99% sure Will Gaston was my landlord for a house on Texas street while I was going to USC

@Colleen Goldstein thanks for that, i'll definitely look into getting pre-qualified. My first property will most likely be in Columbia, South Carolina because I went to college there and am extremely familiar with the rental market. I also have been able to find a few off-market deals by driving around town and contacting owners through the county tax site. I'll most likely be buying a SFH or a duplex somewhere in the 130k-150k range and rent to the USC students.

Caleb Heimsoth yeah I agree. Hopefully I’ll be able to find someone to partner up with. I’ll be attending the BP meetup in charlotte once I move.

@caleb Wow thank you that helps a lot. I have been looking for properties in the 130k-175k range so I guess I have some wiggle room if i could theoretically be approved for a 270k mortgage

Wow thank you that helps a lot. I have been looking for properties in the 130k-175k range so I guess I have some wiggle room if i could theoretically be approved for a 270k mortgage

**I just posted this in the Mortgage Forum but then realized the Starting Out section may be better**

Hello All,

Recently graduated college and looking to kick off my real estate investing career. I am trying to figure out how much of conventional mortgage I will be able to get approved for. Heres my situation...

I got my first post grad full time job starting in late August in Charlotte, NC. I'll be making 55k/year locked in for two years. The third year I will be making 25%-50% higher base salary plus commissions.

I have 27k in student loans. Repayment, as of right now is $300/month for 10 years but I will most likely pay it off quicker.

My rent is roughly $700/month including utilities, wifi, etc.

I currently have about 15k in liquid assets/cash equivalents and then about 8k in less liquid assets (Mutual funds/Crypto).

My other expenses are very minimal as I am being very frugal for the foreseeable future.

I don't start working until late august but i am trying to start my real estate investing career as quickly as possible. So my question is approximately how much of a mortgage will i be able to be approved for if i am putting 20% down and the property is strictly an investment property? The property will most likely be a duplex/triplex and FHA is out of the question, as I am locked into a one year lease.

Also, any tips on getting started are welcome.