All Forum Posts by: Matthew Porcaro

@Jonna Weber thanks for the advice, I was thinking about doing the same thing. I just have never put an offer on a property before, and wasn't sure how specific I can get with my contingencies. 

I know for sure this is a competitive deal that, once investors catch wind of it, will want it. I'm in a unique position where I am a first time home buyer with a construction background and a desire to house hack. This property doesn't fit the typical first time Home Buyer criteria. 

You can use a loan from a private lender, hard money lender, etc to get into a property initially, and then once you have improved the property, you can refinance out into a conventional loan. 

Portfolio lenders, I believe, are just another type of private lender. They're private banks that loan out to you based on experience. 

I'm currently looking at a Fannie Mae foreclosure property that would be a good first buy for me. Looking to rehab/house hack a duplex in my area. The property is currently in the "First Look" phase for 5 more days. I unfortunately won't be able to get into it until Monday, which would be the last day of the First Look.

I'm wondering, say come Monday, I check out the property and it looks good and I offer full ask on the spot, can the bank just wait until the next day to see how many investors/other buyers offer on it?

Any suggestions on how I could handle a situation like this to ensure I have a good chance at snagging this?

Thanks!

Go to your local REIA meetings, and network yourself. Mentors are great, but remember, they're people too with busy schedules. Most are willing to help, but like anyone would want some kind of reciprocation. Think about what you can bring to the table for them, and form a mutually beneficial relationship with these people.

I grew up in the construction business. My father has owned and operated a residential contracting company for 40 years. 

The best way to find contractors is first by looking for recommendations. Ask around to people that have gotten work done on their home. If you want to GC your own project (just hire subs), know that you are going to be put in the position of project manager. This is a position that requires experience, especially in an instance where your money is on the line and time is of the essence. If you don't have experience in coordinating subs, and don't have a list of subs that are reputable, it can get messy quick. 

A reputable general contractor will be more expensive, but chances are they have a list of subs they work with consistently, which in turn makes your job run smoother. I see it all of the time, Fortune Builders newbies and people new to "flipping" think that they can GC the job themselves, or think they can save money on construction. My one word of advice to all flippers is, if you think you're going to make your profit off of a low construction price, you're going to have a bad time. You make your profit at the closing table. 

This is a motivating post. Definitely in a spot where you were when you first started. 

You're at the level I'm striving to be at in the future! Congrats

Hello everybody! My name is Matt and I just turned 26 years old. I was born and raised in Long Island, NY. I've heard mixed things about this website, but as I'm in the market for my first property, I feel like this place will have the most information for me to help out with the process. 

I've been following the real estate industry for a little over 2 years now. I dabbled in wholesaling a bit, then my father and I, who owns a general contracting company looked on finding some more fix and flips in our area (Long Island, NY). We've done some back before 2008, but the market just doesn't look good around here anymore for that kind of strategy. I've been through multiple courses, REIA meetings, and mentors.

Since then I have been saving my money with the intent to buying a rental. My plan ultimately for the last year has been to acquire a property using leverage/conventional financing, spend a lot of time screening for tenants, and have the house paying itself off, all before I get married. I figure in the meantime while my girlfriend begins her career, I can continue to live at home until we get married and in the meantime will have the property paying itself off. Growing up in the contracting business, I intend to find something that we can build some equity into immediately, then rent it out to one or possibly two families if the layout allows for an accessory apartment. 

My county (Nassau County) on Long Island has the top 5 highest property taxes in the country. As you could imagine, that makes finding a rental that would be cash flowing pretty difficult. I haven't dug too much into it yet, but I think the only way of getting it to pay it self off totally is by having a second tenant. Outside of that option, there is always going out of state. With that comes the fear of the unknown, and having to learn to manage a property out of state, and learn the markets. I do know I can get a lot more bang for my buck out of state. Multifamily is ultimately what I'd be striving for and is a long term goal of mine. I would love to own or even one day develop multi-family real estate. 

Thanks for allowing to welcome myself, and I hope this becomes a place that I can look for help as I begin the journey.