All Forum Posts by: Nicolas Gaspari

@Bill B. Thanks for your input Bill. I plan on doing everything by the book, but I'm curious why you think it would be obvious in the eyes of the mortgage company that I'm not living there?

Hi all, 

I purchased this condo as my new primary residence with the intent of living there. I got a good deal on it. But I have a friend who REALLY needs a place to rent with his girlfriend. They have good credit and are clean, so I wouldn't mind renting to them. I have another home to live in. 

My question is what is the risk of renting to them shortly after I close on the property as my primary residence? I understand I would have to tell the lender and the insurance company, and have them get renters insurance...but are there any negative implications of doing this?

Anyone who has experience with this and can provide input is appreciated. 

Terina McKinney hey Terina, I'm also a licensed NJ agent and I'm in the process of my first flip. Being in our position is great because we are agents. Leverage the fact that you have access to the MLS and a solid network to find these deals. Do your research and find a good deal. Let an investor know you found a great deal, ran comps for ARV, and got a GC there (one with a good reputation) for a quote. Show him the numbers and let him know you want to do the deal together and figure out a profit split that's fair to the both of you

Why is it so hard to find? That's our biggest red flag at the moment...BiggerPockets, help us out here.

Originally posted by @Brian Barnes:

I'm not either for or against dohardmoney yet, but what you guys keep forgetting, is that they are doing 100% financing, and no loan payments during the rehab.  This being the case, I don't mind putting in 2-3k upfront.  Normally you are putting up 20% plus..either way you are paying.  My only hesitation is getting turned down for different properties that I know will work.  Again, I am not for or against here.  Just looking for input/facts/opinions.  Playing devils advocate.  So all your input is very appreciated.  This will be my first deal, so I am trying to avoid making as many huge mistakes as possible.  Also, being my first deal, the 100% financing is attractive for me, and I'm sure a lot of other rookies who have little to start with.....

 Yea I couldn't agree more with this post. My business partner and I are actually sitting down saying these same things, and then saw your post. We want to talk to people who've used DoHardMoney. We understand the business model, we just want third party, unbiased reviews of success.

Originally posted by @Antonio Cooper:

I have had a great experience with Do Hard Money so far. I enrolled in the 100% financing program and am able to print proof of funds letters on 3 deals at a time up to $750,000 or $250,000 per deal, which includes acquisition and rehab funds. I am closing on my first deal tomorrow with them and should net $50,000 when the property is sold. I am particularly happy with both Freda Davis and Brittany Gamble who encouraged me and assured me that I could be successful as a real estate investor. Although there are some higher costs to their loans, I am 100% sure I would not have been able to do a deal with another lender at this point in my investing career! With that being said I would like to say that Do Hard Money is a good company to work with, but do not get disillusioned into thinking that you won't need any of your own skin in the game! READ MY LIPS!! THE BETTER DEAL YOU FIND THE LESS MONEY YOU NEED WITH THEM!!

 Hey Antonio, could you give me your email so I can contact you on behalf of your success with DoHardMoney? It would help immensely, thank you. 

Thank you @Michael S. we are located in Sewell, and project to operate throughout the whole state. Starting out we are most familiar with Gloucester, Burlington, and Camden counties. 

Hello BiggerPockets community!

I have been soaking up as much information as possible over the last 3 months or so, and couldn't be more excited to implement my ongoing knowledge into the marketplace. I also had the privilege of attending a 3 day REI workshop with Cole Hatter (a member of Fortune Builders) which kick-started my learning curve.

A few lifelong friends and I attended the workshop together and just formed our LLC today! We are based in South New Jersey, but are looking to start doing deals throughout the entire state and also in Philadelphia. We look to start out by wholesaling, then moving to fixing and flipping once we get our definite network established to be able to jump into rehabs ourselves. Buying and holding is obviously a great cash flow provider and net worth builder when done right as well, which we will get to a few years into the process.

I love this website as it provides insight from people at various stages in their investment careers, and how everyone involved seeks to help others succeed opposed to viewing them as direct competition. 

We are young, ambitious and excited to network with others. If anyone has some insight on putting together deal packages for private money lenders, things to watch out for when estimating repair costs (frequent unexpected issues possibly), and the best way to separate ourselves from others putting in offers...it would be greatly appreciated. I will be blogging of our experiences and what we learn from each deal as well!

Hope to talk soon.