All Forum Posts by: Louis Grigoletti

@Eric Rapier It's fantastic to hear from another Chip! Thank you for your response, Eric.

I think I'm going to wait a little bit like you said to save up, learn the area, get involved with some RE groups, and make the right decision to get started on the right foot initially. I'm excited to start this journey and comments like yours help a ton.

I hope to grow our connection as Chippewas to Real Estate investing peers as well!

@David Hall Great advice, I will begin looking into these strategies to find a good fit! Thanks again David

@David Hall How would you recommend going about marketing for deals like you mentioned? Is there a book, contact, or strategy that you could recommend? 

I am considering doing a lease-option or just renting like you said to learn the area and buy myself some more time. I want to get this first buy right to start my REI journey on the right foot. I'll look into meetups in Detroit once I move down there in June as well.

 @Jay Kadlec Thank you for your response - and the more information, the better!

You mentioned the rent-to-buy strategy which is very coincidental because I just finished reading a chapter on lease-options in one of the BiggerPockets books and I am considering this for the reasons you identified. I just need to figure out how to get in contact with willing sellers.

Also, thank you for following up to my question about the "hot market". I was under the impression that home sales have slowed down quite a bit especially towards the end of 2018 as I read in various news articles, watching the fed rates, etc. So I guess in that regard perhaps the market is beginning to cool off a bit but again, you're right to not get too bogged down in that and just find good deals that work no matter what. 

Good luck with your fix n' flip and your REI journey in Grand Rapids. I hear so much about the growth going on there, so who knows maybe I will look into that area as well within the next few years.

@Jerry Padilla

Great, thank you for clarifying!

@James Nazario Thank you for this insight, James.

It is very exciting to being this journey, but I also realize, like you said, that patience and a margin of safety is critical to getting it right the first time. I will proceed with this advice in mind.

@Jamiel Strickland Fantastic! Also, I'm not an upgraded member at this point so I can only personal-message one person at a time on BiggerPockets. I put my contact e-mail in my bio though so the referrals can be sent through there and I can check them out soon.

@Jamiel Strickland Thank you for your reply, Jamiel! I appreciate this kind of information especially coming from another investor in the Detroit area.

This is encouraging to hear that I can pursue this deal more in my current situation. I would be very interested in getting a referral for the lender and the realtor from you! Also I will check out your blog posts and profile later today to learn more about a first-hand experience doing something very similar to what I am trying to accomplish as well.

@Scott Passman Thank you for your reply and your congratulations, Scott! 

I do understand that I would be going into a highly leveraged/tighter margin scenario in my current situation. I am hoping to save aggressively when earning the bi-monthly paychecks and use the signing bonus as that cash reserve for unexpected costs. The wedding will definitely be another thing to plan for money-wise and time-wise so I will move forth with all these things in mind.

I am curious as to what you mean when you say that the market is "very heated". Being a new investor, I would like to understand the market cycle better and what the sentiment is on where it stands now. If you could explain that briefly I would very much appreciate the guidance!

@Jerry Padilla Thank you for your reply! 

I just wanted to clarify: You mentioned potentially having a family member gifting me the funds (I assumed this meant funds for the down payment). But you also mentioned that the down payment has to be my own funds and can't be gifted from an immediate family member.

Were you referring to using family member funds towards other debt and being able to save more and therefore get the down payment/pay them back once the signing bonus comes in? Or were you referring to using it directly for the down payment, which I would be confused on considering that the down payment can't be on borrowed money.