All Forum Posts by: Jim Sestito

@Matthew Horn

 Nice Dale C quote in the header.  Here is another (not from Dale I actually saw this in a tweet the other day); "Sometimes the best advice is to stop taking advice and take action."

Go ham looking at properties.  Find a couple that tickle, meet, or exceed your criteria.  If your still shy, throw some low ball offers at them (not all at once); maybe you get one at a discount... maybe you don't and you get a lesson in the whole Look, Analyze, Offer game!

Good Luck! 

@J Scott thank you for the recommendation... my hesitation was just that it is a paid product but the detail is certainly impressive.

@John HixonJohn, that was my original thought... this is something you can gin up... throw on the screen in front of your potential investor and really acheive that wow factor in a clean and organized manor. 

@Damir Kamber  I haven't used it yet but judging by the demo both Newbie and Vet could benefit form this SS.  Type their name into youtube and check out the demo video. 

Has anyone ever used this spreadsheet b4? http://www.houseflippingspreadsheet.com/repair-cost-calculator.html?gclid=Cj0KEQjwlYqoBRDajuaTvsyq1PQBEiQAEhSjnAlrwWCfnT98gH157szzHb5BGuAN3rmsXn8iR3ipA0QaAuIC8P8HAQ It's very renovation detailed I would say for those looking to do the work themselves. It costs about $100 -- I would say your paying for the ease of use. Just wanted to get any opinions/ reviews if anyone has used this spreadsheet. -Jim

Sometimes its best to start right in your network.  I happened to partner on my first deal with a close friend who is also a general contractor.  @Rob Beattie

Even if he was too busy to handle the situation he could have pointed me in the right direction.

@Jared Bestebreur

   "Partnering with another couple" sounds kind of different that someone just asking about partners.  

biggest Pros and cons I see;

4 heads may not always be better than 1.  You will have 4 opinions on every decision, communication with be key to solving differences in opinion which will surely arise. 

4 pockets to fund deals..... 4 names to take out loans....

Make sure your partner brings something to the table that isn;t your strong point.  Is it cash?  Someone with access to cash?  Someone who can find deals?  

On my first deal I partnered with a contractor thus saving costs in the renovation process in terms of labor.

Good Luck

@Bryan Satter    If you do a couple flips with this contractor I am sure they will not mind showing up with you on site each time.  Think HGTV's Flip or Flop how 'Izzy" shows up at each property to do his walk thru.

But for the first one I would it would be harder to find a contractor willing to do this unless it was a friend.

Home Depot is a great source for 'free estimates' as well.  All material is has price tags right on it.  Also as mentioned on the Podcasts show up early 7-8 am in the morning and talk to some contractors... "Hey long does it usually take you to put down 1000 sqft of hardwood" 

- Jim 

I assume that 12,000 rent is an annual dollar amount?

No doubt about an FHA loan carries high PMI thus cutting into your cash flow.

Here are a few options.  Save $ for a conventional loan.  Some banks will go as well as 15 or even 10%   --  If your 160,000 house has been on the market for sometime you may be able to get a discount.  Say you purchase the house for 150,000.  10% down would be 15,000 and 15 down would be 22,500.  

Perhaps even a 50/50 partner could cut those down payment costs in half.  

Perhaps make a list of all the lenders in your area... call them all and see how low they give a conventional for.

Good luck.

@Nick Noon

 Nick, have you looked in options with your student loan debt?  Consolidating multiple loans with one lender can decrease your interest rate as well as your monthly payments.

- Best of luck - I just bought my first property this year (a two family) which as you mentioned is doubling as my residence and investment property.

Feel free to reach out with any questions. 

@Mike Hurney For my tenants.. thank you for the input.

Calling all Massachusetts Landlords;

I would like to start a discussion on whether you are using a month to month lease for your rentals, a one year, or other.  

- Why did you choose the option you did?

- Pros and cons either way?

- Any stories to share relating to the topic would be great as well.

Thanks all,

Jim