All Forum Posts by: Lucas Cellino

lots of deals in the falls.. I don't have the guts to get in there though.

If you haven't rented to low income / section 8 I would suggest hiring a property manager unless your willing to put time into learning the system

If you haven't rented to low income / section 8 I would suggest hiring a property manager unless your willing to put time into learning the system

do you guys still have these meetings?  I am interested in attending

@Jack Butala 

Have already listened to 20-30 podcast.  They are great look forward to using the forums. 

@Andrew Graziano 

I generally ask questions about what they plan to do with the money once they sell the house.  I hope for an answer like "I dont know" or "put it in bank".  I then mention that I would be willing to pay 6.5% and tell them how much that would gross over time and compare that to the .3% a bank pays and what that would be over the same period. 

 I actually used this script on a lady who's husband just passed and is looking to dump a double in Cheektowaga.  Unfortunately she owed the bank over $40k and I wasn't really all that interested, I just ran into her and figured id consider it if she was for it.  

Hello fellow investors, 

My names Lucas, im 25 years old and own a residential service plumbing company in Buffalo with my father.  We have 26 employees and do well.

While plumbing is my strength I am skilled in many trades.  Growing up my father owned a few upper-lowers and if I wasn't plumbing I was working on his homes.   He did not do too well with them and sold everything off over 10 years ago.  

I purchased my first home when I was 18, a single family home.  I wasn't exactly looking for a home, my father was approached by someone looking to sell their plumbing business and wanted the home turned shop in the deal.  I  took over the home and did a major remodel.  The house is zoned commercial as I keep a lit up "Cellino Plumbing" sign in the yard.  

Last year I purchased a double on 30 acres.  I rezoned 29 acres to be commercial and left the house on 1 acre residential zoned.  I gutted both the upper and lower however it took me a full year to complete.  

I have targeted commercially zoned properties with residential homes so I can advertise my business while collecting rent.  

As my business grew 35% each year over the past 4 years I am now experiencing a cash flow issue that doesn't allow me to pull out any cash to put towards new properties.  I have techniques I have learned thanks to the Biggerpockets podcasts however trying to purchase homes with no money down has proven difficult.  I consistently find great deals but I dont feel wholesaling is for me.  I am not trying to supplement my income, just have a positive cash flow that allocates repairs.

Also I have a tough time filling my units.  Always open to any advice! Thanks in advance