All Forum Posts by: Stephen Paunovski

Let me pose another questions--

I'm a business owner and this past January I was able to quit my job and focus on it full-time. Just in the last 3 months I was able to secure over 18 contracts for video production work and just expanded to an LLC with my partner.

On paper my DTI sucks. In reality I'm doing well and reinvesting into a company that is growing and that I'm excited about it. My concern is that a bank will look at my DTI and just flat out reject me. How can I secure an FHA loan under these circumstances?

@Amy Kendall You are AWESOME. Thank you for making my life easier here. I will definitely move forward with this binder idea

This is an awesome thread. I've got the same plan in mind for Central New York and I plan on meeting with lenders in the beginning of April to start shopping around so this is super helpful. 

What should I bring with my meeting with lenders-- anything particular? I'm in my second year of business and, while I'm doing well and profiting, my personal DTI ratio is crappy-- are there any tips on how I can nail down an FHA loan? What if I have guarantee?

After some years of lurking on this site and the BP Podcast I've revitalized my BP profile and I want to hit the ground running on my real estate investing goals. 

I'm from Syracuse, NY and for the past year or so I've been establishing and running my video production business. We do all sorts of production (drones, music videos, commercials) but we specialize in wedding films. My first year has been fantastic-- a lot of lessons learned and long days--  and this year is looking to double that. I'm grateful to be shooting and editing full time and doing what I love to do-- tell stories. 

I've had an interest in RE for about 3-4 years. I've consumed so many BP articles, podcasts, and other material. Even though I haven't gone through my first year I feel as though I know all of the lingo and strategies-- I've just never taken the action (that's where this community can really help me). My main goal is to house hack my first triplex or quad in CNY. I love the idea of moving into my own place and having tenants pay the rent or even make money. My dad is retired from construction so this would be something he would be interested in helping out. There's a lot of wins here and it excites the hell out of me. I'm hoping that this would supplement some of my income so I can be more and more selective with what projects that I want to do in my business and allow me more time to do more creative work. 

Any advice on moving forward would be greatly appreciated. I know this is an epic community and I so look forward to hearing from everyone. I'm looking to get pre-qualified for a loan, shop lenders, connect with agents, and find GOOD DEALS. Happy to be part of this community and take some action in realizing this goal. If anyone is in the area I would be happy to chat and connect.

- Stephen 

I was talking to a property manager in Syracuse and he explained to me that wholesales are particularity difficult in NY. Is this true? If so, why is it? He went on to explain that a lot of attorneys would not/ don't accept contracts under assignment. I'm trying to find some clarity here. 

My goals are to wholesale foreclosure/ pre-forclosure properties to support my REI full time and to roll that fund into investing into multi-family homes for buy and holds. Should I set up my business as an LLC or a DBA? I'm leaning towards DBA because I want some flexibility and want to be personal with the people I work with. I'd love some feedback

I'm starting out in Wholesaling and I'm wondering what documents I need in order to successfully wholesale my first property. I know I need a Purchase Contract and Assignment of Contract for sure. Am I missing anything else? Where do I find these documents?

I'm moving forward in setting up shop in REI and on wholesaling pre-forclosed homes in Central New York. I focusing on advertising and developing programs to get people to contact me, but a lot of REI on BiggerPockets suggest looking into tax assessors and into public records to find properties with lis pendens, divorced owners, and out of state owners.

My question is whether it's worth it to contact tax assessors and look into public tax records. What am I looking out for here and how do I get this sort of information?

@Ned Carey I completely agree. REI is not an easy road and I'm sure a lot of people that read various REI books and blogs don't look into the work and action needed to succeed. I'm making it a point to establish action items I can do everyday that will push me closer to the goals I've established for myself. Thanks for the words of support!

@Will Chamberlin Hell yes dude. I will be there. I look forward to meeting you in person. 

@Cerwin Haynes Yeah, it's a crossroads I'm facing now too. I figured I would rather work my *** off and have properties under my belt to give me the time I want to be producing shorts, writing, and shooting features. I have a lot of friends that came out of Newhouse and they all loved it. I will definitely connect with your buddy. Thanks for the encouraging words man. 

Well this is exciting. It's weird because I've been reading so much about real estate and have been on the site for a while now that taking the first steps into the forum and taking action in real estate is a new excitement.

I've focused my attention to real estate because I'm looking for freedom. My background is in film and tv productions. I love the craft. It's absolutely amazing to me, however, it's expensive and time consuming. Real Estate is an opportunity to give me some financial freedom so that I do have the time to write and shoot. 

My primary interest right now is in Wholesaling. Apparently that's where it's at. I'll be working my part time job as I establish myself as a wholesaler (tips on starting is welcome). I live with my parents so I don't think it would take very many deals to sustain myself while transitioning to doing wholesaling and REI full time. Expenses are low so that a I imagine I can roll my wholesaling cash into apartments and multi-family homes to rent and lease option down the road.

I love the feel of this community. The content is great and the forums never stay still. If you're in the Syracuse area let me know. I do videography, photography, and drone work if you need my services.