All Forum Posts by: Matthew Fragassi

Originally posted by @Account Closed:

@Matthew Fragassi Tapping into your family is one of the best and first resources that isn't mentioned much here. I believe if you can't sell an idea to he people closest to you, then you will never sell a bank. So you are dead on with the first part and solid strategies. Begin researching HELOC and work towards establishing credit etc. You are on the right path.

 Thanks, Nick! I appreciate the advice and encouragement! 

I was always a fan of the "house hacking" idea. Living in a duplex/triplex and renting out the other unit(s). With a background in construction you can do a lot of the work yourself and save a few dollars. Also, if you can find a great deal live-in flips might be a good start too. Again, with your background you can do a majority of the work yourself and work at your own pace. Whatever you choose to do, make the decision and stick with it! That's the best way to get going, you just gotta bite the bullet and goooo! Most importantly, try to have fun!

I wanted to get some advice on my plan to start investing, to see if it's viable or not. 

I am going to purchase a property and fix it up using loans from family, to use it as a rental property. From there I planned on using that property to take out a HELOC (as the bank would see that I own the property not knowing I owe money on it to family) and use that as a down payment on a second property and to use some money for fixing that up as well. And keep that plan rolling forward to bigger and better properties.

I kind of see it as my family loaning me money for TWO rental properties, not just one. 

Pros/cons and any advice would be greatly appreciated. 

Warmest regards,

Matthew Fragassi

Good morning Chad,

Welcome to BP! We're glad to have you as part of the family. 

I am an invest from Central, PA as well (Just outside of State College). 

You will find that this site will be your biggest asset starting out, I started with setting aside an hour a day just to get on here and do so research. I would recommend to get the "Pro" membership as well, the calculators are awesome and the other little perks have been very helpful. 

If there's anything I can do to help, just ask and we can figure it out together. 

Good luck! 

Warmest regards, 

Matthew Fragassi 

Originally posted by @Michael Noto:

Seems like a headache to deal with in terms of the upkeep of the pool, not to mention the liability aspect of things should someone get hurt or worse while around the pool.

Is this your first deal?  What kind of neighborhood is the house in?

This is my first property. 

It's a smaller town just outside of State College, PA. So the neighborhood is a fairly decent one, great school district and close to major roads and highways. 

I found what seems to a great deal for a potential rental property here in my home town. The only thing is that the house as an in-ground pool in the yard. If anyone could give me some advice on the advantages and disadvantages of having a rental property with a pool, I would greatly appreciate it! Warmest regards, Matthew Fragassi

Originally posted by @Brandon Sturgill:

@Matthew Fragassi Nice try at speculating, but no...could not be further from the truth.

 Ahhh. Dang it. Well, then, I apologize. 

Hey toots, (The original poster) you've obviously been had by a wholesaler. You want us rational and intelligent investors to stop discussing a certain method of investing because you don't like it? Oh, poor baby. If you got burned by a wholesaler, that's YOUR fault, not his or ours. You were beat by someone smarter and more determined than you. Had you got off the couch and put the work in yourself, you would have found the deals yourself and make lots of money. Don't blame others for your downfalls in life, that won't get you anywhere.

What are everyone's thoughts on renting to a co-worker? I see the advantage of knowing he has income and a stable job. Disadvantage would be if I should ever need to evict him, that could make work life a bit awkward. Any advice would be appreciated. Warmest regards, Matthew Fragassi

Wholesaling is very, VERY tricky. In some areas it is even illegal and they are cracking down on it (FL & OH). There a many local rules and regulations you'll have to abide by as well. 

Make sure you know EXACTLY what is and isn't allowed in your state and local areas before you do anything. 

As for guidance, definitely search this site and listen to all of the podcasts! I forget which one exactly, but they have an awesome one on just wholesaling! 

You can do it if you stay low and keep your feet moving! 

Good luck! 

Feel free to ask me any questions you have and I'll do my best to answer it and if I can't, I'll get you someone who can.