All Forum Posts by: Jeff Piscioniere

@Ryan Landis are you suggesting that there could be people stashing away $2500 per month (you said $25k but I think you meant $2.5k per month)? You’re probably speaking to an infinitely small audience here on BP if they can buy a house per month. Am I missing something?

@Carl LaPiedra I couldn’t agree with you more about staying clear of NYC and really anywhere in close proximity in the tri-state area. I too live about 45mins from the city in the busy populated part of CT. We really have no price appreciation but prices are ridiculous particularly for a beginner looking for the optimism of a cash flowing property.

The thing I think we should all singe in our brains is one of the things this pandemic and all the people staying home and working (who are able too) has taught us, these shiny metropolises building more and more office space may be on the road towards obsolescence. In my opinion considering bedroom communities at an increasing distance from cities could be where the market takes us. The allure of the big city still nearby but the ability to live further and further away remotely if it’s only rarely you need to be in the city.

Good luck! I wish I had your mindset when I was still only 30!!!

@Eudith Vacio you mentioned books by BP on negotiating seller financing in your comment to Carl. What specific books would you recommend because I agree with you that this may be where opportunity lays? Thank you.

@David Rosenbeck welcome to the world of real estate investing! I must say I envy your 26 years of age and having found the wisdom this early to see an incredible area to change your life. I’m now 45 and have been in and out of real estate since about your age but haven’t seen it as my way “out” (comfortable retirement) until about 4 years ago. My experience tells me to not view your situation as standing at the base of a 30,000ft mountain but a gradual hill that you have to cast aside frustration and make the steady hike up. Believe me, 20 years will sneak up on you quickly. If I had BP back then I’d be sitting pretty now so take advantage of these incredible resources and incredible people because it will be the deciding factor. I’m actually on the brink of partnering with someone I meant right on these forums who happens to live in the same town I do!

As for your situation. Yes I love the idea of house hacking. Either a duplex or even a 3 family if you can find something in your wheelhouse. As for your current residence, I might be of the opinion that you might see if you could rent it out. Some considerations, is it in good enough shape that you won’t worry about getting calls at all hours of the night? It is a single family so you could stipulate that aside from the infrastructure the tenants are on their own. Do you really need to get $1600 for rent? Can you find a rent where you’ll still cashflow after expenses? Do you need the proceeds from your current homes sale to be able to buy something to house hack?

Consider it is going to be somewhat difficult to refinance and you may not have the equity in your home you think you have to be able to do it in the first place.

Finally, my wife is also an APRN. I’m a physical therapist. These corona times have been stressful but we have jobs and are in demand, although I’m less secure in my job than my wife. I’d put my wife against any doctor from an intellectual and medical knowledge standpoint. Fact, no brag! My point? You have an amazing profession as a nurse practitioner and with the growing shortage of primary care doctors in the country, you stand at the precipice of an incredible career with many opportunities beyond what you might be imagining now. Sit tight and know it will take you places and with that the incredible financial flexibility to endeavor in your real estate dreams! I promise you that you can walk and chew gum at the same time. Heck! I’ve been managing a vacation rental for 4 years from 700 miles away!!!

Get your wife on board with you and even don’t be afraid to partner being careful of course with who you partner with. Immerse yourself into all these resources and I assure you when you’re 45 you’ll be glad you did!

Best of luck!

@Anthony Gayden you mention lending standards tightening up and I agree, but do you at all see lenders looking for higher down payments?

@Cole Holloway congratulations first of all by choosing a tract with your wife in real estate. I firmly believe you’re setting yourself up for future financial security and sooner than if you didn’t. I agree with much of the great advice you’ve gotten. Don’t get too hung up on feeling like you need to read everything yet try to continue to consume as much info as you can. Like what was said above, you kind of have to learn on the job before ever thinking you’ve studied everything you can. I love the BP blogs and will cut and paste articles onto my smartphone’s notepad under categories that I want to focus on all for future reference. Listen to the podcasts and check out the books that they talk about. I’ve bought so many of the books mentioned on my Kindle which is cheaper than the physical copy. Speaking of the podcasts, they have been kick *** for the last 3-4 weeks getting into the virus implications and what would appear to be a coming real estate recession! I just bout J. Scott’s new book on real estate investing in a recession. It was incredible and I can see myself reading that 3-4 times in the next couple years. I feel we are heading into a downturn where all the green shoot deals will be springing up that will result in the next expansion.

As was mentioned, I hear lots of great things about investing in the Midwest but at the same time agree more with the advice to try to invest locally especially your first or earlier deals. Long distance investing is possible but can be stressful and time consuming. I own and self manage a vacation rental in TN from 700 miles away. It mostly runs smoothly but occasionally there are some nighttime or weekend stresses that can cause nerves. Long distance investing will necessitate establishing a team to manage the aspects of the property.

Best of luck to you and keep coming back to BP for assurances!

@Paul Cox I agree STR business are going to explode once things normalize. Speaking as an owner in an area that is driving distance for 65% of America (East TN), I think staycations and short drivable destinations will be hot this vacation season since I'm sure many people are seeing financial struggles now and ahead. People are still going to want to get away, especially after being cooped up, forced or voluntarily. The question remains when things will normalize. No one has that answer as we all can see from the moving target we're told about dat after day.

@Lucas Carl just wondering how much you’re planning on adjusting your nightly rates upward (% wise) and whereabouts on your calendar you’ll start to do that? I agree with you that there is going to be a mad dash to book in The Smokies when things get back to some sense of normalcy just like after the fires. We wouldn’t be good businesspeople if we didn’t try to take advantage of that and recoup our current loses. America is going stir crazy and I’m certain they can’t wait to get away!

@Alan Ford LOL. Don’t you live the naysayers? Lol.

@Will Barnard thank you for your assurance! This is exactly what I’m looking to do. Basically I want to use my 401k as a piggy bank.