All Forum Posts by: Chris Puglisi

I purchased my duplex with an FHA with the plan of staying for a year and moving on and two years later I am still there. I don't think you would have an issue because it is your primary residence and you are "living there" but staying somewhere else during the week.

Could you Airbnb during the week when you are not there?  Even if it is only a night or two per week it would be some extra cash flow!

I had to go onto my Fiance's bank account and have her sign a letter saying that I had access to the funds.  I did this 6 months in advanced so my name was on all the recent bank statements but it may work with just a signed letter.   

Hi Eliza and Michael, 

BiggerPockets is a great place to start!  There is a lot of information on here and it could be a little overwhelming.  In my opinion, the first place to start would be to define your goals. Once you have a clear goal set, (buy and hold, flip, wholesale) you could then look at multi vs single family.  You should talk with lenders early so you know what you are able to afford and you do not waste your time looking at properties that are outside of your price range.  

What is your current living situation?  There are programs you could take advantage of if you want to house hack for a year or two while doing some rehab work.  This will save you some money on the down payment and leave you with more money for rehab.  If it is strictly an invest property you are most likely looking at 20%-25% for a down payment.  

I find myself getting shiny object syndrome and wanted to go after every new idea I read in a blog post or see on the podcast.  I highly recommend that you set a goal and stick to that strategy.  Read and learn as much as you can before moving onto other strategies.   

I hope this helps get you started!

Join me and other BP members for the Wallingford Real Estate Meet-up. This is event is not just for investors in Wallingford, but for all of New Haven County. We will be meeting at Chili's in Wallingford at 7pm on Thursday December 28th to network and help each other build our real estate businesses. We have grown over the last couple months and hope to grow again this month. Whether you have been investing for 50 years or have yet to close on your first deal, this event is for everyone. Whether you have a deal, looking for a deal, flipping, or holding you will benefit from this event. Share experience and stories while learning and helping others. This event is open to everyone and feel free to pass this along to anyone you know that is interested in real estate. If you are unable to attend this month, keep an eye out for future meetings on the last Thursday of each month.

Wallingford, North Haven, Cheshire, Hamden, Meriden, Middeltown, Durham, North Branford, East Haven, New Haven, West Haven, Branford, Milford, Southington, Berlin, Prospect, Bristol

December's meeting was just posted.  Hope to see everyone on the 28th! 

Join me and other BP members for the Wallingford Real Estate Meet-up. This is event is not just for investors in Wallingford, but for all of New Haven County. We will be meeting at Chili's in Wallingford at 7pm on Thursday December 28th to network and help each other build our real estate businesses.  We have grown over the last couple months and hope to grow again this month.  Whether you have been investing for 50 years or have yet to close on your first deal, this event is for everyone. Whether you have a deal, looking for a deal, flipping, or holding you will benefit from this event. Share experience and stories while learning and helping others. This event is open to everyone and feel free to pass this along to anyone you know that is interested in real estate.  If you are unable to attend this month, keep an eye out for future meetings on the last Thursday of each month. 

Wallingford, North Haven, Cheshire, Hamden, Meriden, Middeltown, Durham, North Branford, East Haven, New Haven, West Haven, Branford, Milford, Southington, Berlin, Prospect, Bristol

We will be meeting in the bar area.  The hostess will be able to point you in the right direction.  

Hope to see everyone there tomorrow night!

Hi Adam, 

My first qualifier is if the monthly rent is 1% of the asking price.  Generally, my analysis won't qualify a home unless the rent is 1% or greater.  I have had a few that met my Cash on Cash and Cap Rate requirements but its rare. 

Hi Todd, 

The appraisal is "based on" comps.  It does tend to come in very close to the final sale price but I have seen it come in over or even below the sale price which could cause some issues with financing.  

Hey Eric, 

I am not familiar with Dallas/Fort Worth but I know in my market most houses on the MLS don't fit my criteria. The market is hot right now and people are just looking at the rent vs the mortgage payment and not calculating in vacancy, maintenance, and CAPX. I personally look for 8% cap rate and 12% cash on cash.