All Forum Posts by: Rick Santasiere

Welcome Ryan.  Jaime makes a great point.  Given your age, and the ability to get government financing, a small Multi would be a great idea.  You could find a place that would "pay for itself," while establishing an equity position in the property with anything you do as value add (and debt pay-down).  Of course if you weren't interested in the buy and hold (or being a landlord for that matter), then this wouldn't work.. This would leave your cash flow for another investment. Keep learning, and networking like all the others have said.  It is so important to learn about the basics before doing anything related to real estate.  BP is an awesome place to get help.  Good luck to you Ryan.  

Nice post.  I, like you am in the same boat. I am not a rehabber, but need someone to manage that end of it, while I can do everything else:  Money, property management, buy it, sell it, etc..  There are so few contractors that want to take on risk in my area.  They just want the $20k kitchen remodel or $15k bath rehab, or job that pays them their $40/hour for at least two weeks..  Would love to hear if you find someone.  Good luck to you!!

A lot of great thoughts out here.  I think you should have a lot to go on.  I think it is admirable to want to improve an area, and shows your selflessness.  However, you need to make yourself some $$ first by "doing it right," and taking extremely calculated risks to increase your cash flow and your net worth.  

Once you have set up a nice plan and you have some extra $$ kicking around, the take on your "project" with the thought on helping others first, knowing you might lose on some.. This way you can set the "long term goal" on helping others, but start by learning the ropes and seeing if you even like being in the REI field. Good luck to you with whatever you decide.

Interesting.  I didn't think it would have been that high.  Your average "transactional realtor" in my area (North Central CT) does not typically have the investor mind set.  There are a lot of people in my area who do real estate as a "hobby" because their significant other makes a very lucrative salary in another field.  I am a realtor and broker and do have holdings, but there are not many of us.. I would say much less than 10%

Where are there meetups in Manchester and when Jaime? I have been to the one in Rocky Hill once last fall, but trying to find others, and branch out.  Keep me posted.  You can reach me on here any time.

Rick

Hi Artem,

A business plan is not a bad idea. While you don't need one for your first purchase, having one might show them that you are driven and have carefully analyzed the property with a lot of consideration.

In my experience, banks like to see what the proposed rental income is, then they allow you to use 75% of that income as your true annual income. The 25% they exclude is what they consider opex, vacancy, etc. it is a great idea to show the demand for the market you are in. For instance, if you can show them that most rentals in your market are rented in under 30 days (show it..) it could help. Basically what I am saying is this (and I will use general #'s because in am not near a computer:):

$100k purchase price

You are required to put 25% down if 100% rental (if you are living there, you have so many more options)

So $25k down.

You are financing $75k.

Let's say your payment (taxes, Piti, insurance) is equal to $750, your minimum income would need to be $1,000/mo. That is what has worked for me, but after you have 5 or 6, they tend to get a little skittish :) hopefully this helped. Feel free to reach out any time if you need any help. Always around.

Welcome to you and your husband! There is so much to learn about real estate, and BP is such an incredible way to learn about the basics, and eventually gain a better understanding so that you and your husband can create a legacy.  It takes time, so patience is a must. You will hear stories about some people taking years to find their first deal. However motivated you both are, good luck to you.  I would be happy to share any of my experience as a real estate broker and investor with you!

Blake, great story, and definitely a great start.  My first investment was a condo with a mortgage of $323/month, and I got a roommate to pay $325/mo for a year or so :-) It all starts small, but you will always be thinking about more moves as you start to reap the benefits of receiving income (even if it is a small amount at first) The first steps are always the most important.  I continue to learn every day as much as I can from new investors and seasoned ones so that I can remain humble and ready for anything that comes my way.  Good luck to you!!  

Welcome Jamie!  I am a real estate broker/investor from up here in Granby, CT.  Always love referrals!  My father lives in Colchester.  Would be happy to share some of my experiences with you as a broker, and an investor.  Reach out any time.