All Forum Posts by: Robert Zazac

Conner I'm investor from Pittsburgh that had and still maintains a similar mindset of having an income source that can be synergistic with real estate investing.  For me, I started off as an assistant for a couple general contractors on the side.  It allowed me to see behind the scenes of rehabs, ask questions, and learn basic handy skills.  I think your best bet overall, is to show up to networking events, find out who the active investors are, and ask them where they could need help in their business.  That could grant you valuable access to learn and earn.  I just added you on here to connect, feel free to reach out with a message if you want to talk more.

Sounds great.  See you then!

Hi @Clayton Hepler is everything here a go for this Weds evening?  I'd like to come through and just wanted to make sure everything has gone as planned.

Hello BP members.  I was recently referred a lead from a colleague.  He explained to me that he received information that a house next door to one that he owns has an older gentleman that just suffered a heart attack and will likely have to go to a nursing home, and that there are other health problems in the family and that it is likely that they will need to sell their house in the near future. 

I agree that this likely will make them motivated sellers, but I'm also very sympathetic to the stress and strain that a major health incident like this can put on a family emotionally.  I'm looking for suggestions on how to approach this situation.  How to try to contact, when to contact, and what to say, so that I could get information, but not upset them any further in this very sensitive situation.  

Any suggestions would be greatly appreciated, especially if you have experience handling a similar situation in a respectful and effective manner.  Thank you.

Thanks everyone for the feedback!  Every bit of insight helps!

@Jim K. I hear what you're saying about it being tight with that dollar amount.  I'm not limiting myself to just the city, but also suburbs up to 8 miles out, so that might open my possibilities.  Keeping my eyes open though for lower priced options with good cap.

@Cory Carlson your suggestion is not something I'm specifically familiar with, but that's what I was hoping for.  Something new that I plan to look into.

@Dennis M. that's a pretty sweet combination you were able to pull off there.  I' might not be at the point yet of purchasing a property free and clear, but I really like keeping that in mind to add to the toolkit.

@Matthew Bonosky I agree.  My mindset is urgency, but not desperation.  My amount of $ to invest pretty much forces me to either find a great deal or be patient.  I continually seek out local meetups to expand my network.  You sound like someone who knows the market very well, thank you.

@Dillon Dale Yeah 48% CoC is a true longshot on a conventional down payment purchase, that's why I'm exploring options. The big goal is using the money I have wisely so that I can get back quickly enough to reallocate it again and grow. But I agree with you that cherry-picking too long isn't getting the process started on it growing. Trying to find a balance.

@Janet Harbor Thank you for the recommendation there, I'm not familiar with what a CPL is though.  Right now I'm looking in areas closer to my home base, but I'm always open to looking into new concepts, who knows, maybe it could change my mind.

@Michael Veloso I'm looking more within 8 miles of the city for my next property, but I'll keep in mind the potential value up there as I expand.  And I couldn't agree more, I plan to do my full due diligence and keep pushing forward but staying patient, thanks for the insight.

It may be next week, it may be a few months, but I'll stay updated here on BP with the route I end up going.  Would like to connect on here with anyone interested in keeping in touch.

Hello all!  Fun and useful topic that I hope produces a few different responses.  If many of you agree, even better.  The cash resources to use in this case are 10k, and the goal at the end of the day is acquiring a new 2-4 unit property that can begin to cash flow $400+ per month within the first 4 months of ownership.  Keep in mind I'm in the Pittsburgh market, which is reasonably affordable compared to other cities.  Multi-families can be found under 100k if you avoid the higher tier neighborhoods.

For me, FHA loan is out of play, as I currently have one in use at about 10% equity, therefore not yet ready for ReFi.
Some ideas- put it toward...
-The down payment/interest/fees of a hard money loan that includes value-add repairs and eventual cash-out ReFi
-A down payment of an already cash-flowing or rent-ready property (Would need to be a super bargain or a loan that allows under 20% down)
-A creative financing technique that allows less cash out of pocket

Looking for opinions of which of those likely make the most sense.  Also looking for suggestions, including combinations of methods, that I haven't mentioned.  Hopefully this thread can help others as well.  Thanks in advance.

Thank you all for the input.  I'll be continuing to explore all possibilities.  @Janet Harbor I'll send you a pm!

Hello BP members!  I am a Pittsburgh investor currently shopping for a new multifamily (2-4 unit) buy and hold.  I have come upon a triplex, fully rented on 1 year leases and cash-flowing, that combined with operating expenses, project it in the 12-14 cap range.  C neighborhood.  I have some positives in my favor, but also some challenges, in getting it funded.  I'm looking for suggestions.  To quickly sum up my situation:
-I am a duplex owner, and therefore landlord experience.
-I have cash reserves, but not enough for a full 25%-30% conventional down payment on this property, and don't necessarily want to wipe out all my cash reserves on a big down payment
-I have excellent credit and have never missed a payment of any kind.  I have no bad debt and keep my expenses very low.
-One of my main sources of income is as a waiter, therefore I do not have a strong W-2/Debt-to-Income- on paper.

I'm looking for solutions.  What type of loan products could be possible?  What type of alternative means of financing, possibly in combination?  Through research, some things that have come up are portfolio lenders, commercial loans, partnering, co-signers, Personal lines of credit, and creative financing.  All with some positives and yet drawbacks and obstacles.  I know a private lender would be ideal, but I don't know if I've built up enough of a track record yet to be able to convince someone to invest in me yet.  Tell me if I'm assuming wrong.  I know there are others who are in a similar situation as me, so any suggestions are greatly appreciated.  Thanks in advance!

@Nick Monge what you described in your 2nd paragraph is what I'm looking for as far as the amount of funding and no seasoning requirement for funding a purchase/rehab + hold.  If you wouldn't mind suggesting the lender that could accomplish this?  I'm a Pittsburgh investor, hoping that they would service that area, as I'm not sure if we are talking about a local or national lender.

After just a day, I just want to say THANK YOU to anyone who has offered up a suggestion.  I know many post threads on here never get any attention, so I appreciate all those so far!  I will be going through each response one-by-one and looking further into the possibilities.  Once I settle on something, I will also continue to update this thread and my profile.

Almost everyone, at least when starting out in REI, needs a main source of income, so I think this is a conversation that could benefit anyone who is looking to fully leverage their time and effort, so let's keep it going. Looking forward to any further input.