All Forum Posts by: Jeremy Gervasini

Hi BP,

I was really considering doing an FHA loan on a MFH, occupying one unit and leasing out the other. But the problem is, homes in my price range are in bad areas and most of them are in pretty rough shape. I don't want to bite off more than I can chew right away (living in a bad neighborhood, possibly expensive issues, problematic tenants) since I've never owned a home nor been a landlord. So I was considering flipping sub $40K 55+ homes. Some comps are going for $60-70K. Even at the $40K mark (some are even as low as 25K) and minor rehabbing, there is money to be made...at least I feel there is. I will be meeting with a friend/REA this weekend to talk with him and see WHY some are listed so low ($25-30K) when some down the street are listed at $70K. For this price point I would be looking for private money or maybe even hard money, fyi.

Is this a good way to start out building capital for future rental properties?

Thank you everyone! I have already rsvp'd to a few real estate investors club meetings, one of which is just a meet and greet for new potential investors and the other is about building passive cash flow with multi family homes.

I've yet to get on those books, but I listen to the podcasts every day at work and go through the UBG every night at home. I also went to talk to a mortgage loan officer to get some insight. I didn't do a prequal yet since I want to visit a few more smaller local banks. I also don't know if the prequal is REALLY needed. Maybe someone could shed some light on that for me.

Thanks again for all the help.

Scott Matthew Courtney thank you very much. I will definitely read that book and I appreciate the kind words. Brandon Turner thanks for the reply I am in the process of reading the UBG and I listen to the podcasts while at work in my headphones it's really great stuff. Paul Timmins thanks for the info I will look into those books tonight after work. Thanks guys!

Hey BP Community,

My name is Jeremy Gervasini. I am 22 years old, I work full time as a body shop technician in the paint department and reside in Central New Jersey. I came across this site a few weeks ago by chance. I had Google'd something very simple like, "How to start investing in Real Estate" and I saw "Bigger Pockets" on the results and was immediately intrigued. I figured I would make an account because the community seems great and I really like BP's approach and their mindset.

I am a total newbie. I have zero experience in real estate, let alone real estate investing. I do, however, have a very open mind, strong desire to learn, a steady stream of income, and a relatively little amount of debt. I also am looking to achieve not only a career change, but a lifestyle change. I plan to be a full time investor by age 25.

Anyway, that's basically it. If there is anyone in the CNJ area that is just starting out in a real estate and wants to chat feel free to contact me, but other than that, I just wanted to say hello and get my first post under my belt!

Jeremy