All Forum Posts by: Nicholas Ferraro

Welcome Rob!

I'm new to this journey as well.  I see you're interested in Omaha, as am i, so let me know if your ever interested in bouncing some ideas off each other. 

@Josh LeClair Cool, glad to hear that the preliminary analysis sounds right to someone there haha.  The older homes do scare me being so far away, so i will definitely get a contractor in the area to go look at anything i get interested in.

If it's ok with you, i'm going to send you a "colleague request" and ill keep in touch, and potentially ask for help getting in touch with a good contractor in your area.

Thanks again! 

@Caleb Heimsoth Thanks for the reply. I agree about that, if i cant live there more than 50% of the time i wouldnt go primary and get a conventional loan, but im thinking i may be able to have my job allow for remote work, and have my family stay there for a year or two while we fix the place us a bit

@Josh LeClair i appreciate that, and i could definitely use some direction from someone who has been in that market! From my families first impression and some research on my end, im interested in anything close to the downtown (which looks like there is a good amount of investment proposed), something in the dundee/ aksarben area which they say is kind of a hip and up and coming area, or something in west omaha (more expensive but better neighborhoods etc.)  I'm really looking for something with multiple units, i.e. dueplex, quadplex, etc but it looks like the supply is mostly older single family homes.  I'd really appreciate any direction on this or if you think its offbase, being in the market.  Thanks!

Hello Everyone,

I've been following this forum, listening to this podcast, and reading real estate investment books for the last few years.  I'm 25 and live in the Washington DC metro area, and work in financial services.

I have done really well investing in the markets and have been trying to save as much as i can (while still enjoying life to the fullest), and have created a nice little nest egg to start my journey in real estate investing.

The reason i am starting this thread, is because after living and renting in the DC metro area for 3 years here, i just do not believe the market here is attractive for buying house hacking or renting properties.  I'm sure there are some who can find deals in this market, but i have yet to find any homes close to being able to cash flow sufficiently in the last 3 years after literally going through hundreds or maybe thousands of mls, zillow or other online house listings.  Due to this, i am now thinking of buying my first home in another city/state while continuing my corporate career here for a few more years.

The obvious issue with this is the type of financing available if its not going to be my primary residence.  My mother and sister recently moved to Omaha, NE and will be there for the next 5 years since my brother in law is doing his residency there. I have been talking to some agents there and the plan would be getting a primary residence loan and have my family move in there for the next few years as they get more acclimated to the area.

I was wondering if anyone has started their rei career in a city so far away, or if there would be any legal issues financing the home this way.

Appreciate any feedback!

Nick Ferraro

Hello,

I am new to this forum and would like some guidance/ideas on how to approach buying my first property.  I know this information is out there on this forum, but thought I would posy my own discussion.

I have recently begun looking for my first investment property, and have been faced with a decision. I am looking to do a buy and hold and continually increase this portfolio over the years. I have saved enough capital of what I first imagined would be my down payment, closing fees and a few month vacancy buffer. While looking for properties however, the ones in this price range all seem to need extensive work and repair (something I do not want to do on my first financed property). I have also found properties in a higher price range, that appear rent ready (with some already having tenants) and great cash flow (1.5-2%). I met a realtor who i've formed a good relationship with and is my direct access to MLS listings. The issue is, with my first straight investment property, i'll need to put 20-25% down and do not have that, along with higher closing fees, etc.

I am really eager to get into this type of investing, and feel as if It's the right time for me.  Before I start asking family/ friends for this money, I am just researching on what options I have.  I know a partnership is possible, but I currently don't have anyone I feel comfortable doing this with.

Wait for personal money (probably about 10-12 months out of just saving) or get creative?

I appreciate anyone's ideas. Thanks!

Thanks everyone! I gotta tell you this is an extremely welcoming Forum. I know i should probably post in a separate discussion, but i have been hung up on how to start my journey. I know i want to start out by buying a somewhat distressed SFH, but not sure which avenue to target.

I honestly don't have the money to start in NOVA as i'd like to.  I know there is creative ways to make this happen, but i would rather play it safer the first time as im learning the business.  I am stuck in the middle between trying to find deals near the Military bases in VB ( Which are attractive for military renters) or something near a college campus (ODU in particular).  The school housing seems to prose more landlording challenges, but would most likely be more lucrative and easier to market.

The main issue is that i am restricted in how im searching for homes.  I have buddies that still go to ODU, but i mainly am searching for deal from afar on Zillow.  Some of these seem like they would cashflow very well, but so tough without inspecting myself.  I can always ask someone in the area to take a look, but i would have to go inspect it myself before i pulled the trigger.  Does anyone have any tips they use to invest from afar or to gauge neighborhoods in this area?

That would be awesome @Kerem Demirci. I'm currently living in Arlington myself.  

Thanks @Prince Dhillon!  It would be super cool to connect sometime and bounce some questions off of you.

Hello BiggerPockets,

To introduce myself, I am a 23 year old aspiring Real Estate Investor originally from the Virginia Beach, Virginia area. I have dreamed and planned on investing in real estate since I was around 10 years old, due to my love of landscaping and general building(contracting) mentality.

I grew up in a lower middleclass family who has never known a savings account, and was not able to persuade my relatives to allow me to use loaned money during the 2010-2013 time frame, which made me realize that I had to build a wealth support base to fund this dream.

I have a "Project mentality" in work and life, which leveraged with the internet and the help of Youtube, has allowed me to successfully do most project I have set out to do. From the age of 16-20, along with my buddies, I bought, fixed, and sold over 20 cars mostly specializing in VW. Being the only male in the household growing up, I have maintained all three family cars, general house work, such as building deck/ driveway/ landscaping.

I have always been gifted in Math, and decided to apply that skills within the Finance realm while in highschool and college, seeking the American dream of passive and active investing rather than working behind a desk for 40 hours a week. I was one of the small 15% of my highschool to pursue higher education. I received my Bachelor's of Science in Mathematics, Quantitative Finance, and Economics in May 2015 from James Madison University.

I currently do financial modeling and pricing valuation for a Federal Client, and have realized that the 40 hours a week I feared looks more like 60 on an average week. Living in the DC area, I have found that it was not as easy as I predicted to save up a large chunk of capital, and realized I need to start making moves now to position myself in the future.

I now have a small amount of savings (around 15k) that I have considered not pivotal to my everyday life (i.e. expendable). Although my background is in the financial markets I am not willing to put in money as I fear the markets are too top heavy. I have similar fears about the housing market, but with interest rates so low, am considering buying into a rental property in the Virginia Beach area. My mother and a large group of contacts still live and work out of the area, and the military presence creates a great rental market and in my opinion shelters that market from economic downturn.

I have been listening to BP podcasts for about a month and received so much knowledge it has made me hungry to get in and try this. I have been buying and reading up on books about both acquiring and managing these rental properties, as I have an intensive desire to research before I do anything in life. I know that this will be something I do in life, so I figure it's worth the potential of getting in to high to learn the process and deal structure before these houses become much more reasonably priced. I have also been actively seeking a few mentors to help me through this process.

I would love to connect with some of you and hear what you have to say about this idea, and the VB area in general. I really appreciate what this website offers and look forward to hearing and seeing what people have to say.

Thank You so Much BP,

Nick