All Forum Posts by: MarcAnthony Bonanno

@William Joseph 

That expeditated process actually sounds incredibly helpful. I have been considering trying to get my RE license after taking the BAR (if I'm up for taking another exam). 

@Ned Carey Yes I'm finding that to be a common theme among the few books that I have read. I am hoping to start going out and looking at properties, neighborhoods, and "crunching the numbers" for cash flow. I hope to start doing that, even if I am not quite ready to start investing because I am a hands-on learner and actually analyzing a property (or many) will be very helpful. 

I do have a concern about showing up to an open house and pretending to be interested, but in reality, I am at the open house to practice my analytical skills. I don't want to waste anyone's time if I can help it. Any suggestions?

@William Joseph Thank you for the response. How did you get started in opening your property management company? When you were in law school, did you always want to get into real estate?

The trouble that I'm finding right now is that I want to practice in an area of the law that is unrelated to real estate, so I don't necessarily know if I can merge my legal career with my real estate investments. Any thoughts? 

@Chace Fraser I have definitely considered pursuing that path, or at least utilizing my career path to network with probate attorneys or attorneys who do real estate closings. That being said, however, and unfortunately, I am interested in pursuing a more litigation based career path.

@Scott Hollister Yea every option that I've looked into does not seem to match the 203k loan. I like having some extra buffers and protection for a first time buy, in order to get myself oriented in the process. I would never be opposed to using any of the processes you mentioned above, including the short-term financing, rehab, and then refinance into a conventional loan, but I would want to wait until after my first go around. 

@Scott Hollister I love that! Not to keep bombarding you with questions, but I have another one. Do you find using FHA or 203k loans to be something that is under-used because they seem to be less known? Or is it a scenario where the process is a little longer and more complex than a conventional mortgage/loan, this factor deters people from using it?

@Scott Hollister Thanks again. I just sent my request in.

@Scott Hollister What is the name of the Facebook group?

@Scott Hollister I was introduced to the FHA 203K loan in one of the books that I've been reading and it is definitely something that has grabbed my attention. Is it something that could be used towards foreclosures or bank-owned properties? Also, obtaining a more attractive debt to income ratio is something that I've also identified as a potential hurdle I will need to overcome in my early years, but it does not seem to be an impossible task.