All Forum Posts by: Erica Larence-Penna

@Adam Budgin I am an attorney licensed in FL, RI, MA, and CT, and my company is a national title company.  Feel free to reach out if you'd like to connect!

@Alexandr Levchuk I also have a lot of student debt.  I own a four-unit and I am currently under contract on a three-unit that I'm buying with a partner.  The goal is to have at least one more unit by the end of the year and then to get eight more rental properties next year.  I'm 29 years old and feel like if I wait until my student loans are paid off I'll never be able to invest in real estate, so why not pay the minimum right now, buy rental properties, and have that income help pay those student loans?

@Shaun Weekes Thanks.  We looked into this and they only have a few days they are open and all of those days they are fully booked.  I'll have her call to see if they just don't show available dates online.

@Austin Shute There are up-and-coming areas close to the East Side - a few streets over from Hope St/off of N Main St.  I'd also look to the Oak Hill area of Pawtucket.

My sister-in-law is currently in China for work until the end of the year. She got under contract on a multifamily in OH and the lender is not allowing a POA on an investment property despite telling her she could do so. Are there any lenders who will either allow full e-closings (my company has the platform for this, but some lenders don't allow it) or allow POAs for investment properties?

@Caleb Brown we put an offer in sight unseen with an inspection contingency for this very reason.

We are currently under contract on what will be our first BRRRR deal. We own a 4-unit already that is slowly being rehabbed. We had the inspection today and had a contractor come out and there are foundational issues that we were not aware of, so the total cost of the project will now be between $25,000-$30,000 rather than the $10,000 we were anticipating. The rest of the rehab is mostly cosmetic. We are going to try to renegotiate price. We have also had our eyes on a few more deals that seems to will require much more renovation than this one, but my question is how big of a rehab would you take on if you're just starting out with the BRRRR strategy? We are investing out of state.

@I Pal feel free to reach out - happy to help. I am an attorney licensed in MA, RI, CT, and FL and work with a lot of investors and FSBO clients. Are you using a consultant to assist with the 1031 exchange?

@Sean Bennett I'd suggest doing some research on house hacking. That's how we got started. You can use an FHA loan to put 3.5% down on a property; live in one of the units and rent out the others.

I'd probably stay away from hard money lenders if you don't have a lot saved up.

@Scott K. you would get $70,000 less any mortgage payoffs, closing costs, etc.  The 30% equity you have left in the deal is technically the down payment.