All Forum Posts by: Nicholas L.

@Evelyn Castillo what specifically does this company do for investors?  I couldn't tell from your post.  Are they like Roofstock?  Or are they a turnkey provider?  Or are they just a property manager? 

@Kevin Finn

I am not from Stamford but I have family there. I'm currently a part-time investor - I work a full time W2 job and have 3 total rentals, 1 in Virginia and the 2 in Stamford. The demand in Fairfield County for rentals is very strong - I'd love to do a BRRRR there but would want to buy it with my own cash. I know some investors have been successful in Danbury, Bristol, New Britain and even Hartford, but the New Britain and Hartford investors were very, very experienced landlords used to dealing with difficult tenants. I don't know too much about the rest of the state except that only Fairfield County is experiencing population growth - the rest of the state is losing population.

@James Smyth will this be your first BRRRR? You'd need to juice the ARV into the $500s to make it work based on the numbers you provided - and would it really rent for what you would need to cover all expenses?  

@Nicole Chheng welcome to BP.  You can find out from lenders how much you will be able to borrow by contacting them.  Pick a couple national lenders and a couple local ones.  It's free, but they'll check your credit.

I would not recommend buying a property through Roofstock as your very first investment.  Some BP members have had great experiences, and others not so much - and either way, you would most likely be buying a property hundreds or thousands of miles away from you.  You should house hack instead.  You'll have better borrowing options and can be a more hands-on landlord, which means you'll learn more.  See BP books and threads on house hacking.

@Gere W. I bet this will vary by bank.  Some may frown on more than 2, or more than 4.  If it's one mortgage, there is one payment, so the bank doesn't care "who" is paying as long as the mortgage is paid each month.  The bank will start foreclosure proceedings if the payment is not made in full, and could not care less what the arrangement is among the 4 people.

I would not recommend doing this - it is not a good idea.  Once you're on a mortgage, there is no way to come off unless the mortgage is refinanced or paid off - one person can't simply sign a document to drop off in year 6 if they feel like it.

@Kevin Finn welcome to BP. I have two rental properties in Stamford - a SFH and a condo. I bought them before I discovered BP, so they are solid deals but not home runs. Now that I've learned a bunch from the site my next deals will be better.

My advice to you - get a good job leveraging your degree once you graduate and max out that W2 income while you continue to learn real estate.  Having W2 income will make it easier for you to borrow, allow you to accumulate cash reserves, etc.

@Kole Moore as @Steve Vaughan pointed out, it wasn't clear whether you were going to (1) try to offer your own syndication, or (2) invest your own money in one.  Since you're starting out, I wouldn't do either.  If it's something you're interested in, learn about it in as much detail as you can while you pick a different beginning strategy (for example, house hacking.)

@Zachary Giles I agree with @CJ M. we need more information. We're talking about the intersection of several things - your peace of mind, whether you have high interest debt that is sucking up your cash, whether carrying this debt will keep your DTI too high to borrow, etc. These are all factors.

I'll mention something no one else has mentioned - your statement that real estate isn't "true debt." I'm not sure what this means - real estate debt is debt. It might have a lower interest rate than a car or a credit card, it might be being paid down by your tenants, but it's absolutely debt. =) It's on your credit report, it can prevent you from borrowing more if you max out your DTI, etc.

@Greg Pasquale in general, when you're getting started, it won't help or hurt.  Some hard money lenders will only loan to LLCs... but that's not because they give LLCs better terms, it's because they only loan to LLCs. If you go for FHA or other house hack type financing you can apply as yourself - the trick there is you have to intend to owner occupy.

Yes, just @so and so and when their name comes up click it.

@Hector Alvarez yes, once it's open if it's checked multiple times in that same time period (14 or 30 days I think, ask the bankers to confirm) it will only count as one check.