All Forum Posts by: Matthew Corica

Does anyone have info on April’s meet up? Thanks. 

Hey Kenneth. Thanks for the invite to the REI meet up in bay shore. I heard about it and I intend on going next month. I didn't know I needed an official invite through the organizer. I'll will send him an email. Thanks. Looking forward to speaking with you at the meet up.

I've been looking around BP and other sites to try and get a good idea of what kind of lender I should use, but I'm seeing a lot of contradicting information. I realize there is a lot of options out there when it comes to funding an REI project, But I don't want to make the mistake of using a hammer to set a screw. That being said, I'm trying to find the appropriate funding method for the REI project I'm venturing into.

This is what i'm working with,

-Interested in Brrrr properties SFH's, 20K-60K purchase price with 20K in repairs on average.

-I have excellent credit with a 30% DTI (not eligible for any First time home buyer incentives)

-already approved by a major lender (wells fargo) for 150K 5.5% can go up to 180K 

-I can cover around 40K for down payment, CC and repairs.

My goal is to Brrrr and not hit the "lending wall" at 10 properties. I'm not sure If I should start with a private lender or a traditional bank. Any advice would be appreciated. Thank you.

Matt C

Thanks for the information @matt K. I will most likely propose a package similar to this.

I have decided to start REI utilizing the Brrrr method. That being said, I have also decided to start by investing out of state because I cant find any Brrrr properties that would produce any COC return (obviously due to the insane prop tax where I live long island.) Years ago a life long friend of mine moved to a small coastal town in NC and has been bugging me to buy properties down there for years. I never really gave it much thought (due to my ignorance of REI) but now that I am seriously looking into investing, i'm coming across a lot of CHEEP properties (20k-30k) that need the regular face lift (15k-25k) with an AVR of 70k on average and the average rent is $800. After refi, the cash flow is roughly $400. This is just an example of what is available in NC where my friend lives. Now I said all that to say this, He is willing to find homes like this and do walk through's, work on the properties or find laborers who will do the repairs (He has his own construction business with a small crew) and basically manage the properties for me. What kind of compensation should I propose for a system like this? (FYI, If he works on the house, he will charge me like any other job he works on) I'm just curious how I should compensate him for the time taken out of his day looking into possible investment properties and basically managing them while I live in NY?

Also, If anyone has some long Island, NY investment suggestions, I would appreciate that as well. Thank you.

Matt C

@Jonathan Twombly Thank you for replying to my inquiry Jon. I see your point on potential home owners. From what I can see, the majority of dwellings on long island are SFH's and multi-family units are few and far in between also expensive. So it sounds like I need to venture out of state based on my financial reach.

Hey guys I'm looking to start real estate investing and I'm trying to figure out what is the best route for long term success. I live in long island and the property taxes can be upwards around 400%-500% more than out of state when you compare similar properties. I want to start out investing in my local area first just to get a warm and fuzzy and then venture out into other states where the market may be a little more fruitful. So my question is, What is the best real estate investing method i.e fix and flip, Brrrr, rental, wholesale etc...? I do realize there is much more to this equation than just high property tax so here is a little bit of background information on me.

I currently own a house with little equity in it. I also own a rental but its not worth much maybe $80k but its paid off. I have ability to put 20% down on a $150K loan @5.5% 

I'm currently looking in the mastic area and surrounding towns.

If anyone is willing to give me some advice on this mater I would greatly appreciate it and I would be willing to meet up for lunch/coffee for any further guidance. Thanks 

Matt C