All Forum Posts by: Nicholas Ferraro

I know in some college towns, landlords will charge by the room rather than per unit. So if you could find a group of tenants and all put it through as one lease, you could potentially rent out both units for a premium amount through one lease.
It could also be appealing to a buyer looking for multigenerational living, but I would imagine that would be a smaller buyer pool. 

@Nicholas Ferraro

Can you not get traditional financing?

Subto won’t work since you need to bring $100k+ to the table as it sounds the seller needs for loan off of their credits report

Hey Nicholas, admitting your stuck in analysis paralysis is the first step to recovery. :)  But I hope that doesn't mean that you haven't even submitted an offer yet.  Making offers is a good step in curing "AP."  

Not really enough details here on the deal to help comment with specifics but if you only need $50k, I would suggest finding a partner vs private lender. I would believe that if you really put your feelers out there in your network (friends, family, co-workers, etc) that there may be at least one person interested in your deal and coming in with $50k for some equity. I get that many people don't want partners but it could help spread your risk on the first deal, improve the NOI without high financing costs and possibly bring some more knowledge/experience to your first deal.

Be prepared with operating an airbnb (STR), they can offer better returns but it comes with more management and bandwidth needs than LTRs. Think of it as the hospitality business rather than a rental. Guests have much higher expectations and require more attention than tenants in LTRs. Best wishes on your journey. BTW, I like that you have "investor" in your profile even though you haven't done a deal. That's the right mindset!

Hi @Nicholas Ferraro

Sorry for the late reply but figured I'd respond anyways if it still helps!

I was in your shoes just 3 years ago and wanted to find a brokerage friendly to investors. I'm at eXp but I know both companies are great. My understanding is that Keller Williams is more traditional but really specializes in training and helping you in person. eXp is has tons of awesome training too but you use a web platform to access it which is great if you are more computer savvy and will to learn online.  If you were interested, there are a lot of great groups within eXp that can help you meet your specific goals. 

For example there are several organizations that are investor-friendly and provide extra training and 1 on 1 help for investors looking to maximize income with their license. I'm part of a group with the founders of the Fortune Builders group, so that's been really beneficial for me to learn from those guys! Wholesaling is possible but only under certain conditions that require more explanation. They also have an option to join under a referral branch of the company where you still remain licensed but can make your license dormant temporarily if you are going through a period of time where you are focusing on investing more than selling and would rather not pay the high fees of the MLS. Just something to consider!

Regardless of where you choose, Good Luck and please don’t hesitate to reach out if you have any questions.

There's nothing wrong with using excel sheets especially early. Actually, you should always do this so you are able to estimate future rehabs budgets (that's what I do).

Ignore these BP, etc estimators. They are garbage. Take an excel sheet and put 1 side for labor and other side for materials. It simplifies a big project. Instead of budgeting per room (confusing and not accurate) just label it by flooring, cabinets, plumbing, hvac, etc. You will find these will get you more accurate.

And I gave found, I am always under my rehab estimate. Prices go up and things pop up during rehabs. Plus, building department government nuisance nonsense.  Good luck!