All Forum Posts by: Dominic Pizzi

Was hoping for advice or to hear what others here have done with regards to partnering with a financial Backer. Myself and my partner are both builders by trade and got into a partnership with a strictly financial 3rd partner to flip homes. The deal on the first 2 homes we purchased were myself and partner A found the homes while partner b put up the funds to purchase the home and paid for materials. Myself and partner a didn't pay ourselves a wage during the rehab and we split all the profit at the end. Home 1 was an investment of 115000 and we sold for 275000 which put just north of 40000 profit for all three partners. We are almost at the end of the second home and didn't take a wage again and look go profit about 20000 each on the 90000 budget for purchase and rehab materials. Going forward this seems like far to much profit to be giving up to a strictly financial partner. Anyone have any advice on how.they have split deals with finances or whether just dealing with a bank going forward may be a better plan? 

Hello all! I have been a Realtor in the Middle TN area for the past 5 years and after doing our own home renovation this past year, I am looking to invest in my first property in 2023. I have a lot of the professionals and trades needed for both BRRRR and flipping, but am looking to connect with some folks who have already been through these processes and can lend some advice. I look forward to connecting with you all, and hope that we can get some meetings on the books! God bless!

Hey Dominic Pizzi,

I house hacked my first deal. It significantly helped me save more money with the lower monthly payment. I also fixed up the property that I house-hacked and eventually sold it and put those funds into my current house-hack where I am also completely renovating the property. 

House hacking is the best way to get started and will recommend it 9.5 times out of 10.

@Dominic Pizzi when I was starting out, I bought a B-grade property every year that I house hacked (I had housemates). ...if you can tolerate having housemates (or living in a duplex/tri/quad with tenants next door), then this is often a better approach than buying a property with an investment loan, because you get all the advantages of an owner-occupant mortgage (lower DP, lower rate, better terms all around).

Also, you mentioned student loans. I did not wait to have my student loans paid off. My numbers all penciled out nicely even with monthly student loan repayments...(and, I'm glad I didn't wait to pay off my student loans, because it allowed me to get into RE investing at an excellent time, when rates were low, prices weren't astronomical, and properties still cashflowed easily)...

In my opinion, house hacking is arguably THE best way for beginning RE investors to get started--it has MANY advantages over other RE investment strategies, and you'll get to learn all of the essential lessons of RE investing and property management that are critical to success in RE investing...house hack a property every 12 months using an owner-occupant mortgage, and in a few years, you can have a solid portfolio...

Good luck out there!