All Forum Posts by: Pat Quaranto

I’m in home remodeling sales and work about 20-25 hours per week and off weekends, so I have a ton of time on my hand waiting around for appointments. As I’m saving up for my first investment, I would like to learn more about the industry - and it would be nice to earn some income while doing so.

Are there any specific skills or knowledge I need to secure a VA side gig? Also what steps should be taken to find a VA position?

Any feedback is greatly appreciated! Thanks!

I feel like a lot of the BP podcast episodes talk about investing in the general US market, but never really touch on HCOL areas. Are there any episodes you would recommend for investing in these types of areas with little money down. And by little, I mean $50k-$60k.

I was just listening to the latest episode about what to do with $50k and it’s talking about using that as a down payment, which would get you a house for, say,  $180k - $200k. Midwest, sure. Long Island, definitely not. 

Any suggestions? Thanks!

I give free estimates for exterior home improvements for a living. The most important thing is making sure that whoever you choose pops their head into the attic to check the decking. If not, this is how a lot of homeowners/investors/property owners fall victim to lowballing.

You get the roof looked at from the outside and are given a price. Day of the install after all the material is off the roof you’re asked for more money due to lack of material, i.e. compromised wood that was not inspected when it should have been.

Just like a mechanic, you probably wouldn’t trust him if he told you you needed a new transmission but never popped the hood. 

Most homeowners think the wood is included with roof installs but more often than not, contractors just replace the shingles and maybe a sheet here and there so it looks like the wood was replaced.  

I just read Real Estate By the Numbers by J Scott and Dave Meyer. Really great book overall, but in the first 50 pages or so, they do a deep dive into figuring out your own personal financial statement. They help you calculate out your net worth, your savings rate, and investable assets. I think that would definitely help with getting a grasp on exactly how much you currently have to safely invest verse how much you may want/need

@Connor Hibbs What is typically the max loan amount for someone with no experience? Would a lender even loan to someone with no experience? I’m assuming the person flipping would probably have to have an extremely great deal or partner with someone who’s done this before?

Upstate NY is much more affordable than where I’m from. Being from Long Island sometimes I feel like I’m just so used to home prices here and think everywhere in NY is priced the same. Obviously that’s not true. Might have to look upstate more than I have been rather than out of state. At least I’d be able to drive to it if need be. Looking into multi-family too down the road but I have zero experience with any type of renovations! I’m a sales guy, lol. Just started reading about rehab costs and it’s a ton of information to take in.

Beautiful. A little too hot for me at times, but I’m more of a fall guy

Is this an out of state turn key? Or did you have to put some work into it? If it’s out of state I’d love to hear more about how you went about getting it inspected, if you built a team, etc. I live on Long Island, so investing out of state would be easier point of entry in terms of cost 

I don’t have any experience doing this personally, but I’m on Long Island and this is exactly what the couple who owns the property that my girl lives in does.

They bought a home, lived in the home while they renovated it, added a basement unit and rented it out. Moved out after a year and renting the top floor out, and now repeating the process with another house down the block.

The rent downstairs is 1700 and I believe they’re getting 3400 for the rent upstairs. Upstairs currently is a mid-term rental but plan to do long-term after they move out EOY

In it’s most basic definition 

Buy - Purchase a property

Rehab - Value-add with renovations and rehab things that need to be fixed

Rent - Find tenants to pay your mortgage (and maybe some cash flow)

Refinance - Once the property’s value appreciates from rehab and reappraises for more than you purchased it for plus renos, you can use that gained equity to do a cash out refi. Used that cash to put a down payment on another home and then….

Repeat!!!

That’s the jist of it!