All Forum Posts by: Lou Ruggieri

I’m in New Brunswick nj and would love to meet up pretty much anywhere in nj

My best friend from HS has been working diligently for a long time and has managed to accumulate about 100k in cash savings. He only has one house but wants to jump into RE. Bc I am obsessed with RE, keeps asking me what he should do with his money and I said I would look into it for him (hence why I’m here). Just wanted to know what YOU would do with 100k right now if you were just starting out. In terms of goals, he wants passive income to support his lifestyle so he can ultimately quit his day job. It doesn’t sound like he wants to flip bc he doesn’t have any real experience or connections in terms of a trustworthy team. Also, he lives in NJ. Obviously I’m going to advise him wait and learn as much as he can before making a decision but I just would like some ideas to steer him towards from the pros. Thanks!

Okay well my credit is excellent. I've been dancing with a couple potential lenders but it seems like no one actually wants to make any money. I call and email and provide everything required and then get excuse after excuse about why they have been delayed or haven't gotten around to my loan yet, and that's IF I get a response at all. Does anyone have ANY advice on who I can go to that will actually help me get this done or how to find financiers that aren't to busy to, ya know, finance? This has been an incredibly frustrating month.

Tony Castronovo had this strategy worked well for you? How long do you wait until you refi? Obviously it will be different with commercial but I'm still interested bc I've never thought to use it for SF

Ronald Rohde how do you see putting more down as reducing risk? It would seem that tying up more money into the property leaves less for expenses and unexpected issues, no?

Anthony Dooley I don't doubt that the lender is smarter than I am at this point. I'm not sure what you are saying with that though? Meaning the property might not be a good one?

So I've found an apartment building I like and makes money from day one. Only problem is that this is my first one so banks are very nervous. Only true mortgage offer wanted 65/35 LTV which puts my downpayment at a mark I'd rather not part with. My broker said that they could put together a hard money loan in the 80/20-75/25 range and have interest only payments until I refinance. This seems like a strategy I've seen before esp with newer owners as it makes acquiring the property much easier. Interest only sucks so obviously the goal would be to refi as quickly as possible once the property is mine. It would also seem to be much easier to refinance at decent rates with the property already in my possession. Looking for anyone with experience doing this or have and horror or success stories to share?

Any help would be appreciated thanks guys

Can some local Western North Carolina (Asheville, Greenville, etc) investors please recommend some investor friendly lenders? Looking for someone who is responsive, easy to work with and understands real estate investing (and all the additional guidelines/rules that come with it). 

Thanks

Hopefully this post is in the right sub-forum: So I'm in the process of closing a deal on my first out of state property and I found a property manager that I like very much. I'm just looking over the contract agreement and wanted to know if any of the fees they are charging are negotiable? It feels like a fine line bc obviously I want good management and don't want the manager to feel like I'm being cheap and then consequently giving me poorer service bc he's getting less. But at the same time I also don't want to get charged for some things that I don't agree with. For example, there is a fees that include: 10% of gross rent 50% of all pet fees. $450 for each new tenant placement. $195 for each tenant renewal Is the 10% negotiable? Why the pet fee share? And more so why does it make sense to get more for finding a new tenant than keeping an existing one? I guess there's more work involved, yes but, doesn't that also invite the possibility of putting in bad tenants SPECIFICALLY for the purpose of turnover thereby allowing them to collect $450 more often? It just seems weird that there is more of an incentive to have a revolving door of tenants for everyone involved. Are any of these things negotiable?