All Forum Posts by: Antonio Cucciniello

@Paige Ferguson I am not familiar of a LLC commercial loan that is under 20-25% without using a short term fix and flip loan. (which needs to be paid off in like 6-18 months with higher interest rates)

If your goal is to get a little down as possible (I am assuming you find a good enough deal that allows you to cash flow with very little money down): 

If you have a really good credit score and DTI I just heard last week one lender was offering a 3% down conventional (I had no idea this existed)

If not, you can use 5% down conventional or 3.5% FHA.

Then see if you can apply for a down payment assistance program in your state (if they have grants then you won't have to pay that back.)

And (this will be difficult in this market) but asking the seller for seller's concessions so they pay your closing costs and the loan amount goes up!

@R.J. Mazolewski This may not be the answer you are looking for, but I have been in your shoes before while living and starting out in NYC.

Getting a job in real estate (like becoming an agent part time or something) popped into my head. But I think its just a way of avoiding the fact that you are not confident in your deal analysis or some other part of the process.

Rather than avoiding it, ask yourself, what parts of this home buying and investing process you are not confident on?

If God (or some God like figure) came to you and said: "Hey Richard, buy this property it will make a 10% return every year?" Would you do it? I know I would have when I was starting out. 

If you think I am totally off base, let me know and I will shut up:) But from having worked with alot of beginners, this seems to be a big one!

@Daniel Frantz I know the feeling of not wanting to make a mistake. It can be terrifying to think that one wrong move can really make us lose alot of money.

The way you can best create a return on your money would be to BRRRR after you start saving from your job (or partner with someone with cash, or use a hard money lender).

Its highest risk, but the highest reward. Now, if you are looking for something less risky, you can house hack again!

Yeah it sounds like that general fear. There are ways to reduce that, if you want to chat more about it, feel free to shoot me a message 

Yes our super power is also our own kryptonite! So I actually moved to Austin in January but I will be flying back home in Jersey/NYC area beginning of April till mid April, will you be around then? Shoot me a message! 

@Diego Maramba I would not call yourself crazy, I would first accept that it is a normal fear beginners have. I had it I was living in NYC when I started.

If you know out of state investing would give you a way better return, why would you not do it?

@Justin Woodard I would start with people that are close to you and trust you. Its easier to get started with something you have less experience with (investing in real estate) people who trust you more, because in the end, most partnerships come down to trust.

Start with family members and closer friends. Also try and make it so you start in an area with less money. The lower the barrier to entry the easier it is for someone to agree to it. Just my two cents

@Matthew Barbaccia@Matthew Barbaccia

I am a software engineer so similar to your background.

1.) I am about to leave my job within a month or so. I think for me the thing was the lack of interest in my job and the excitement I was getting from looking for properties, running the numbers etc. 

2.) I am mentoring beginners and becoming an agent, while raising money. That's my plan

I couldn't agree more with @Taylor L. doing the research yourself on those factors getting them down to numbers and comparing city by city. Trying to understand which one is the best for you!

@Kenneth Graves One other thing I see people doing is waiving an appraisal. I just want to check on something first before I suggest anything else. 

Are you making sure that by offering over 100K over asking makes your ability to house hack and cash flow still possible?

I think its important to get started, but you don't want to get started on a bad foot, which can be costly.