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All Forum Posts by: Dominic Pizzi

Dominic Pizzi has started 44 posts and replied 207 times.

Post: Looking to connect / network

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

Hey Ben! Welcome to the community! If you have any questions regarding private lending in these areas, please reach out to me! Happy to connect!

Post: First Rental, BRRRR or Buy and Hold

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

If it is a first property, might I suggest an FHA for a 2-4 unit property. What you could do is find a rent ready property on an FHA loan, live in one unit and cash flow the remaining units at market rent. After a year of living in the property (you would have to under the one year guidelines for FHA), you could then leave the property and then rent out all of the units at market rent.

After this occurs, you could do a cash out refinance and get some money out of the property, and then you can restart this process all over again, whether it be through a lender, a private investor, or your own funds! Hope this helps!

Post: Foreclosures for a new investor. Good idea?

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

Hey Alison!

Foreclosures can be good for a new investor because you can get the property cheap, but renovation costs can be steep and the costs can change sometimes so you do not know entirely what you might be getting into. For a new investor, I would suggest a property that might have light rehab costs (under 30k) or a property that is already rent ready that you can purchase and start cash flowing immediately. This way there is less financial hurdles you need to maneuver! 

Obviously this goes on a case by case basis per investor and everyone is different in their thinking/opinions on the matter, but what I would do is find a rentable property immediately and find a tenant and cash flow it after the first month of closing. 

Post: Current Market Trends

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

@Jon Puente Buyer Market has surely slowed down. I think you may see it ramp up a tad if the cost of making repairs/cost of materials increases again as it is projected to do, and it will in turn push more people to look for homes that have all of the things they are looking for. 

And yes they can certainly find a good deal if they look hard enough and have some background info on the current real estate landscape. Definitely great insight!

Post: Current Market Trends

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

@Bjorn Ahlblad What is the average cost of a new property in your area? I am on the East Coast and New Jersey's housing market is all over the place on a regular basis, so it is nice to have a comparison!

I agree first time homeowners (including myself) will have a tough go at it for a bit until the dust settles.

Post: Current Market Trends

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

@Luka Milicevic absolutely. My situation is a bit different as I am a recent college graduate and still live with my parents. It does not make sense for me to move out yet with rent being as high as it is or mortgage rates being higher than the norm. My parents refinanced and brought their mortgage rate down to 2.50% almost a year ago and used the funds to completely renovate our kitchen to increase the value on the home and bring a more modern feel to it. 

It seems like GUC is just not the way to go right now, and people selling their homes are waiting longer for someone to bite on a deal. 

Post: Current Market Trends

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

According to the most recent reports, home prices are currently around 11.4% higher in October than they were in October 2021. But the stocks of Home Depot and Lowes are rallying after good quarterly earnings. Seems as though Americans are spending more money fixing up the homes that they currently live in at mortgage rates that were locked in around 2.75% from when the pandemic was subsiding as opposed to buying new homes with inflated purchase prices, and mortgages in the 6.75-7.25% area for a 30 year FRM.

Anyone have any thoughts on this? Have you been thinking about making improvements in your own home as opposed to searching for a newer build at a higher rate? Or does the interest rates/mortgage rates not matter much to you?

Interested to know everyone's opinions!

Post: Branching out into San Antonio, TX

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

Hey Mark, if you need some information please send me a PM!

Post: Bad Deal—Help for 1st Investment

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

Hey Turner! You brought up some good options, I think a cash out refinance might be useful to you as well. It will get you out of that 11%+ interest rate and can maybe get some money out for you if your payoff on the property is low. This way it would minimize your losses on the property, will get you residual income, and can potentially get you some cash out to put money into another property.

Send me a PM and maybe I can help you out with this!

Post: Funding Ideas/Need private lending/Ideas?

Dominic PizziPosted
  • Lender
  • Freehold, NJ
  • Posts 235
  • Votes 85

Hey Leonard! Send me a PM, might be able to help you on this with some more info from you!