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All Forum Posts by: Tony Pellettieri

Tony Pellettieri has started 17 posts and replied 136 times.

Post: Providing insurance coverage for Business Employees

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Chris Seveney:
Quote from @Tony Pellettieri:

Our Business has been growing rapidly as we've employed our capital in the acquisition department. We've decided to scale back on acquisitions and have started scouting out talent to add to our team to be better prepared for what's to come.

While we believe we could greatly benefit from bringing on an Integrator, project manager, and construction manager as soon as possible, we are looking at cost/benefit for our first hire. We are leaning towards bringing on a hard working administrative assistant to lighten the load and free up more time to focus on more pertinent tasks.

Wondering if anyone can give us suggestions on the starting the process of being able to provide/offer health insurance to our employees. We're talking with someone who may be coming into our company's leadership that will require health coverage. This is something we're interested in providing for our company's employees including ourselves. Any insight would be much appreciated.

 Tony,

I went through this 2 years ago with my company and getting started. My recommendation is to hire a business benefits group broker. They will act as a broker to source you health insurance (and other types like general liability etc) or other stuff you may want.I think we pay them around $1,000 per year, which if you tried to do that think of the time and effort. 

I used a link of the company we used and happy to do an intro. What is great is they also setup the portal for employees every year to update / renew etc. It is 90% hands off except when you have to renew programs each year you have to decide etc.





 Would like to find out more..

Post: Time to rent office space?

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72

Our Business has been growing rapidly as we've employed our capital in the acquisition department. Currently we're at 7 doors and nearing the completion of our first $50/sq ft rehab. We have two new construction projects getting ready to break ground, 2 cash out delayed financing loans in process, and almost at the end of our first debt cycle, getting ready to emerge into the next phase of our growth stage. We've decided to scale back on acquisitions and have started scouting out talent to add to our team to be better prepared for what's to come.

While interviewing a potential new company Integrator yesterday, he asked if we had an office space. I told him we did not but the question has had me wondering if the time has come, or is near. We are getting ready to start hiring team members as our business grows and I was wondering if anyone could offer some insight on when the time is to get office space and what possible benefits and downsides deciding to do so has.

Post: Providing insurance coverage for Business Employees

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72

Our Business has been growing rapidly as we've employed our capital in the acquisition department. We've decided to scale back on acquisitions and have started scouting out talent to add to our team to be better prepared for what's to come.

While we believe we could greatly benefit from bringing on an Integrator, project manager, and construction manager as soon as possible, we are looking at cost/benefit for our first hire. We are leaning towards bringing on a hard working administrative assistant to lighten the load and free up more time to focus on more pertinent tasks.

Wondering if anyone can give us suggestions on the starting the process of being able to provide/offer health insurance to our employees. We're talking with someone who may be coming into our company's leadership that will require health coverage. This is something we're interested in providing for our company's employees including ourselves. Any insight would be much appreciated.

Post: Preparing to hire out 1st team member / Interested in offering Health Insurance

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72

Our Business has been growing rapidly as we've employed our capital in the acquisition department. Currently we're at 7 doors and nearing the completion of our first $50/sq ft rehab. We have two new construction projects getting ready to break ground, 2 cash out delayed financing loans in process, and almost at the end of our first debt cycle, getting ready to emerge into the next phase of our growth stage. We've decided to scale back on acquisitions and have started scouting out talent to add to our team to be better prepared for what's to come.

While we believe we could greatly benefit from bringing on an Integrator, project manager, and construction manager as soon as possible, we are looking at cost/benefit for our first hire. We are leaning towards bringing on a hard working administrative assistant to lighten the load and free up more time to focus on more pertinent tasks.

This will be our first hire and are wondering what the best way to go about doing so is. Should we 1099? W2? Also wondering if any one can give us suggestions on providing/offering health insurance. We're talking with someone who may be coming into our company's leadership that will require health coverage. This is something we're interested in providing for our company's employees including ourselves. Any insight would be much appreciated.

Post: General Contractors in Charlotte, Lake Norman area

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Sean Winchell:
Quote from @Tony Pellettieri:

Hey Sean,

As I'm sure you've gathered, a Rockstar GC can be one of the most valuable, and equally, one of the most difficult members of your team to find when you're getting started. We practice the BRRRR model of investing and are operating just south of Charlotte in SC.

A great place to network and possibly find a good contractor may be local REIA meetups. There's a good one I used to attend Tuesday Mornings 8AM in Matthews at Jonathans Restaurant. There are quite a few investors who attend that meeting and usually a few contractors.

If you need any other referrals for your team let me know. the people on our team are great at what they do.


 Thanks Tony! Ill check it out. Appreciate the tip. Would love to connect in the future. I am just starting out in the Charlotte area, let me know if there is something I should know that I dont know, because I know I dont know much, you know?

Sean

 Hopefully you're on Audible. If you're not currently listening to books educating yourself, I'd start today.

A few I'd highly recommend...

Buy, Rehab, Rent, Refinance, Repeat - The BRRRR Rental Property Investment Strategy Made Simple

FLIP - How to Find, Fix, and Sell Houses for Profit

The Book on Flipping Houses How to Buy, Rehab, and Resell Residential Properties

This book is not currently available on Audible but a must read

The Book on Estimating Rehab Costs - J Scott

Post: Using private money for Creative financing deals

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Marco Bario:
Quote from @Tony Pellettieri:

 Joined the sub to community

I'm not sure what that is, but I have a guess. 

If it's what I think, be cautious about the advice you receive there.  


 Just a community of investors that practice creative financing. Still learning just joined a few weeks ago and see the fault of my thought process early this morning. The coffee hadn’t finished brewing yet. 

Post: Using private money for Creative financing deals

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Marco Bario:
Quote from @Tony Pellettieri:

Hey Alex,

We recently joined SubTo. It had a, what some may call, high entry fee in itself.

You may find it difficult to obtain financing from private lenders due to the fact when utilizing SubTo, you don't actually hold title to the asset. 

So hopefully all are clear:

By definition, a SubTo buyer does receive title. It happens to be subject to existing finanacing that is not in the buyers name. If the financing were in the buyers name, it would be an assumption.

When you say you "joined" SubTo, do you mean to purchased a property subject to existing financing? 


 Joined the sub to community

Post: Using private money for Creative financing deals

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72

More or less

Post: Using private money for Creative financing deals

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Marco Bario:
Quote from @Tony Pellettieri:

Hey Alex,

We recently joined SubTo. It had a, what some may call, high entry fee in itself.

You may find it difficult to obtain financing from private lenders due to the fact when utilizing SubTo, you don't actually hold title to the asset. 

So hopefully all are clear:

By definition, a SubTo buyer does receive title. It happens to be subject to existing finanacing that is not in the buyers name. If the financing were in the buyers name, it would be an assumption.

When you say you "joined" SubTo, do you mean to purchased a property subject to existing financing? 


Yes, still learning…

Post: Refinancing or Home Equity Loan

Tony Pellettieri
Pro Member
Posted
  • Investor
  • NC / SC
  • Posts 142
  • Votes 72
Quote from @Alex Blaise:

I am in the middle of closing on my first piece of real estate ever! It is a duplex which I got for $140k. One side is rented out for $750 a month (a little under market value) the other side me and my wife will be moving into once we fix it up. We are putting $100k down on the property and only financing $40k of it. There is another duplex that I have run the number on and would like to buy. What is the best way to go about pulling from the $100k in equity in the first property for a down payment on the next property? Once we fix our side up and move in the property should be worth $200k-$250k (it was very undervalued at time of purchase).


 Hey Alex,

Why are you putting such a large amount of money down when your intent is to just take it back out? There are costs associated with doing a HELOC.

If you WILL be living in the property for the first year, get a 5% down, or less, FHA/Conventional/203(k) loan for the purchase and keep more of your money in your pocket for future purchases, repairs, etc...

On the second property, use a private lender to fund the acquisition/repair costs if any, and refi out using a DSCR in 3-6 months.