All Forum Posts by: Joseph Guzzardi Jr

@Heather De La Cruz your decision should be based on your long term goal. Is your goal to have 1-2 properties with cashflow or have a portfolio. If it's to have a portfolio perhaps you sell, acquire additional properties and hire prop mgt. Or if you are fine with just this one property for now, just hire a reliable prop mgr to not have to deal with the day to day headaches and stress. I gladly pay 8-10% of my gross rents to not have to deal with headaches and have a buffer between myself and my tenants.

@Rich G. Also regarding hard money loans.. Unless you are partnering with someone, be prepared for much higher rates and fees as you would not have the experience of an investor who has done 7-10 properties. You could be looking at 13-15% plus 2-3 points and likely other fees as well.

@Rich G. You may not be able to get an FHA loan on a fixer upper as there are certain inspection requirements.

@Terry Miller Hey Terry. Awesome that you are exploring real estate and willing to take the next step. Buying conventionally that's going to be pretty tough because you must consider closing costs as well. Having said that, there are ways to get into a deal depending on what your goals are. FHA is definitely the route I would go if I was in your shoes.

@Rich G. Use your golden ticket. And by golden ticket I mean FHA to get into a multifamily property. Yields best opportunity and quickest start to wealth building

@Mike Adams 2-4 unit properties aren't really appraised or valued based off of rents/income. They are typically based off of other comparables. The income is really just a small percentage of the picture. 5+ units it's a different story

@Wes Mccullar Welcome and super pumped for you to start your journey. The first thing you need to really consider and think about is your long term goal and your Why. Finding the answers to these make things much easier and clearer. It takes time to discover and recognize these in my opinion.

Secondly learn from and shadow people who are doing what you want to do and are doing it successfully at a very high level. This will accelerate your learning curve tremendously.

@Hady Farag attorney would know best... Don't quote me..Price is likely high for a 3 fam unless it's fully Reno with good off st parking

@Hady Farag is there an appraisal contingency?

@Hady Farag not saying this is the case, is it a legal 3 family or 2 family + bonus? This would easily change things