All Forum Posts by: Pete Fiannaca

Good thoughts... Need to remember leverage!

I'm the kind of person who likes to celebrate the small wins! I know I don't have a huge portfolio yet (only 1, newly-acquired, SF rental home), but I'm so encouraged by what I see already. This BP community has already taught me so much and I'm so thankful to have a wealth of knowledge here at my disposal! Just wanted to get that out of the way!!!

The Numbers:

Purchase Price: $72,500

Mortgage: $58,000

Rent: $1350/Month

PITI: $700/Month

H2O & Garbage: $50/Month

Repair Savings: 10% or $135/Month

Anticipated Net Cashflow: $465/Month or $5,580/Year

With the standard acceptable amount usually being $100-$200 cashflow per unit, I'm encouraged to see that I'm in a market where I might be able to easily surpass that! Also, $58K is a small loan and I anticipate killing it quickly. When I remove mortgage from the PITI, I love that this teeny tiny, free-and-clear home will throw off almost $800/Month.

T-Minus 7 years until my retirement goal! One step at a time!

-Pete

Morning Everyone -

I just purchased my first rental property and am in the process of developing a lease agreement. Since I only have the one property at this time, I opted for Umbrella instead of an LLC.

Question is: Can I use a moniker or eventual business name on my lease with a potential tenant, or since I don't yet have a DBA or LLC, must I use my legal name? Also, am I required to disclose my permanent address or any other personal information to potential tenants?

Any additional insight on creating that first lease would be great! Thanks!

Best,

Pete 

Anyone have leads on HMLs in Western NY? Looking to develop a relationship with someone/group other than a traditional lender. Preferably someone/group that will entertain 85% or even 90% LTV.

Thanks!

Thanks for the insight Kurt. Thought for a second there that you were talking about voting in November! :)

-Pete

Hey BP Folks -

I posted here yesterday, but wanted to elaborate a bit on my question. I recently put 20% down on a single family investment. Upon looking around at refi, HEL, HELOC options, I'm afraid I just buried that money in the dirt.

Anyone have suggestions/best practices for pulling that original 20% equity out of the property in order to reinvest it elsewhere? Am I stuck?

Best,

Pete

Hey Everyone - New to biggerpockets and new to REI as of last week. Just closed on my first rental, single family 3 bed for $72k in western, NY. Rental market up here is HOT and, as a result, have it rented already at $1400/Month. All things considered, I'm estimating a positive monthly net of $500-$600 (after taxes, insurance, utilities, maintenance, etc).

Question is... Purchasing the property sucked my liquid $$ dry (went 20% down and got hit with another almost 10% in closing costs). I know that the snowball is small when you first push it down the hill, but my goal is 3-4 more sfh purchases in the next 18 months and I'm not sure where the down payment $$$ is going to come from. Even with the $500-$600 net, I only stand to put away $6k-ish by year's end.

HELP! I've done extensive research already with HELs and HELOCs, but it's tough to get those on an investment property in my neck of the woods... 

My immediate goal is to get the snowball moving faster from the beginning and not squander the exponential growth that I could be missing out on.

Thanks in advance for the wisdom!