All Forum Posts by: Joseph Pichardo

@Jonathan Greene thank you!

I’m in a better place today. I started to think about last financial crisis and tried to compare it to today’s. The las crisis was started by an excessive loan defaults and resulted in too much inventory and not enough demands.

Maybe this is wishful thinking, but I think with governors helping those with mortgages to avoid being foreclosed, that might keep inventory down and may cancel out the demand as well (people will have less money), if that’s the case, home values shouldn’t drop too much.

Good day all and hope everyone’s physical and mental health are good for all.

My wife and i went under contract to buy a single family home for us and our family to live in. With what’s going on in the world and job market, is it possible that we are making a huge mistake in buying now? We went under contract in the end of February. They just finished approving my mortgage and are set to do an appraisal on Wednesday. What should I do?

If I back out I’ll loose a $10000 Ernest deposit (sale price is 535,000 and I’m putting 20%)

Advice please!!! Do you guys think the appraiser will take under consideration what’s happening in the economy, global health crisis, etc and appraise the house lower?

Thanks in advance and I don’t mean to put my problems bigger than anyone’s. I know people are going though a lot and I sincerely empathize with everyone.

@Crystal Smith

So my current setup is for my primary residence which also happens to be multi family home. The solar panels total cost was $40,000 financed for 10 years at a 3.5% rate. 0 down.

There are two reason why I did it. One is because I was including the electricity in the rent.

The other one is that I’ll receive a $15000 tax break on my personal income tax plus a tax abatement on my property taxes. So it was a no brained since I’m pay a lot of federal taxes per year.

So far the average electricity bill is a total of $97/month (for both my apartment and the tenants). It use to average out to $290/mo

With that being said, I applied for a heloc to start my portfolio in the rental apartment and when I received the appraisal report, it valued the solar panels at 15k.

Would any of you guys recommend installing solar panels to BRRRR?

I would also include the electricity in the rent bill if the proper offset is there.

Reason I ask is because I installed solar panels in my primary residence and when I applied for a heloc, it raised the appraisal by 15,000.

@Ryan Deasy thanks Ryan. It looks promising. How can you gauge what’s a good deal or not? I saw a couple of properties that are good conditions going for around 160k (2 family 6 bedrooms) is that the norm as far as value?

I'm also looking to see if buying a house in distress is worth it but I don't know how much the ARV would be.

Good afternoon all! I’m looking into getting a property in New Britain CT. I was looking to get a relationship going with a real estate agent who is knowledgeable in the area and can be a partner in getting a couple of properties rolling. I’m looking to buy one first and then go from there.

Ideally it would be a 2 or 3 family house.

Also a property manager is needed as well.

Thanks in advance!

@Stephanie Jacobson you are a rockstar. Thank you for all of your insights. We will definitely be in touch.

@Paul McCue thanks for you response and insight. The ROI was calculated with the following monthly expenses: Loan/mortgage, Maintenance 10%, Vacancy Rate 23%, Property Tax (correct amount), Property Manager 10%, Water and sewer ($150-guess.

Now the property is in Endicott. Is that still a student rental market?

How do you factor 3% vacancy rate on your property?

@Stephanie Jacobson hi Stephanie. Thank you for your response. I sent you a text in regards to some of the questions you had. To share some of the answered publicly- Its a 3 Unit property 3/1; 3/2; and a 2/1. I will be using a property manager and the house is in descent shape

@Dell J. Google mostly. I clicked on a couple of websites and they had 17% all the way up to 29%. What is a reliable way to find that out?