All Forum Posts by: Joe Proscia

That’s awesome and very in depth. 

I use rentometer.com to get an idea on how much rent i can get for that particular house. To run long term numbers i use a free app called deal check to run the numbers quickly. 

To scope out the area I use to use google earth but a friend of mine turned me on to a firefighter app where you get a great view of the neighborhood and house, comparable to google earth but i feel like the images are better quality.

Hey BP, I’m just wondering what tools does everyone use to scout out houses for the out of state investor? 

The obvious one is google maps but I’m wondering if anyone uses other tools 

Hi BP Community,

I’m currently looking to invest in the west coast of Florida. I’m looking in between the areas of Clearwater and Tampa down to North Port and Ft. Myers. I’m interested mostly in Buy and Holds, and Short Term Rentals.

I’m hoping the bigger pockets community could help steer me in the right direction with the correct people I need to be in touch with as far as boots on the ground, where to look and where to stay away from.

Thank You,

Joe

Hi all,

I'm currently in the process of closing on my first rental property. I was thinking about placing the property in an LLC. Can someone explain the pros and cons of having the LLC? This is my first property so I'm wondering how imperative it would be to have one And how quickly after closing that I should file for one?


thank you it’s much appreciated.

-Joe

Hey congrats on the property. I’m new to this and I think I’m missing something, but can you explain how you were able to get a wholesaled house at $203k with only $10k invested? or was the $10k money you used for updates and construction? Thanks and good luck.

@Frank Patalano, thank you for the feedback it’s much appreciated. 

No I don’t plan on house hacking. I’m currently in a decent living situation (living with in-laws) and where I’m looking to invest is out of state, but within driving distance. 

I plan on attending two meet ups this month and we’ll see where it goes from there. Hopefully through bigger pockets or these meetups I can find a reliable real estate agent. 

When I was a kid I watched my grandfather build wealth from real estate investing. He house hacked in the house he lived in (2 family house), owned the house I grew up in (3 family house) and had several condos and vacation rentals across the country. I've been avidly following this website and running my own numbers religiously for the past 6 months. I love my job and what I do for a living but I need to diversify my income because living paycheck to paycheck isn't enjoying life.

I think my problem is I haven't zero'd in on exactly what I want or where I want to get it. I'm also reluctant to pull the trigger because I'm not starting with a lot of money (~20k). I would be taking all my savings and emptying my account, so failure isn't an option. I'm also doing this all based on feel, reading and research. In this field all I have are these forums and webinars, no mentor to help lead me in the correct direction so making decisions can be difficult. 

 I was looking to invest in multi-family houses in the PA area. I have a mortgage broker, a small down payment saved up (~20k) and an eagerness to get started on my own. However, I'm not from the area and don't have a reliable Real Estate Agent who I can trust (which I consider to be my biggest problem). I've done my research on real estate sites (realtor, zillow, mls) contacted agents but don't feel we are on the same page or they are taking my inquiry seriously. 

I wanted to use this forum to take the opportunity to find out from professionals how they keep track of Budgeting their money.  This can range from how you budget your personal money to save for your first property (or additional properties) and/or how you keep track of your income properties?

Is it through an app, excel, or old fashion pen and paper? 

If its through an app which one do you use?

If its through excel or pen and paper, how do you categorize your debts vs credits?

Thanks for all the replies!

I'm currently analyzing a property in Harrisburg, PA. It is a 6 unit house with a parking garage listed at 101k. The seller is open to Seller Financing. I feel that I wouldn't have enough cash to cover the down payment and closing cost on a traditional investment mortgage (25% down + closing), so Seller Financing would be in play. However, I only know the bare minimum of Seller Financing. 

I'm told the Seller only wants to finance 20-30% with a Lender in place to pay the rest. Would that mean I take a mortgage for what I could afford (approx. 70K) and then make an agreement to finance the rest from the Seller? 

When negotiating an agreement for Seller Financing what key terms should I be looking for?

When trying to do some more research on Seller Financing, I thought this would be the best place to get a direct answer and a crash course in Seller Financing.  Thank you for the responses in advance. I'm still getting cold feet jumping into the investment property circle, but feel everyday I come on here an educate myself that I am very close to making the commitment.