All Forum Posts by: Matthew Fragassi

Welcome to BiggerPockets! 

Joining BiggetPockets is a crucial first step in becoming a successful Real Estate investor. Congratulations!

I am also in the State College area and would love to help you anyway I can. Just reach out. 

Also, I 100% agree with Robert LaBrie, contact Leonard Decarmine from the State College Remax company. He's a great guy and full of knowledge and always willing to help. 

Best wishes and good luck! 

I went to look at a property and couldn't get financing through my current bank. I went and explained to the owner what was going on. (The owner flipped the house, if that matters). Owner emailed back a day or so later and says they are looking into refinancing the property and selling it as a lease with option to purchase. Can anyone explain to me what that means and if it is a path to use for a rental investment? The property seems to be in overall good condition. Just some windows needed to be replaced and some old wood paneling taken down in the kitchen. It's a 4 bedroom, 2 bathroom house, both bathrooms are fully renovated and the kitchen is 95% renovated, just needs that wood paneling removed. Thank you. :-)

I have what I believe to be a great deal on my area, and I have been in discussion with the realtor for the property. One of the options she mentioned that I never thought of to purchase the property was "Rent to own", is that the same as seller financing? Or are there differences that do not make that a viable option for an investor? Thanks! :-) Warmest Regards, Matthew Fragassi

There is a local REI meeting every 4th Thursday of the month at the ReMax building in State College, PA. That's the only one I know of in the Central PA area. I have heard of some in the Harrisburg area but never attended one so I don't know if they are good resources or not.

The guy that runs the one in State College is great! He's an agent/investor and gives great classes and usually has a decent guest speaker to come in and talk. 

If you'd like anymore information just send me a message! 

Good luck and happy investing! 

My area seems to always have a few mobile homes for sale and they're fairly cheap. Some look pretty dang good on the inside! I was wondering if anyone has used mobile homes as rental units before, if so was it worth it? Warmest Regards.

Congratulations on the first property! That's the hardest part, and you've accomplished that, so you should be well on your way to success now! 

You have the goal setting part down and you seem motivated to do what it takes to accomplish those goals. You're on the right path.

Don't slow down and keep moving forward! 

Sounds like you have yourself off to a great start! Keep up the good work! 

Utilize BP as much as possible, it will save you a lot of hassle and lower your chances of messing up at first. 

Good luck and if you need anything, don't be afraid to ask! 

Originally posted by @Jason Dillard:

A private lender may lend 30k on your land to help you with a flip.  

You may use the land as more collateral to convince a seller to carry all the purchase price on a flip.

If you decide not to keep land, you can use it as a down payment on a flip (if the seller will take it).

Subdivide and sell part of the land.

And more I'm sure.

 I should have mentioned before that the only thing that will be allowed on this land is our home, it's a family farm with multiple family members already living there. They won't allow it to be sold to anyone outside of the family. 

I was looking to use it as collateral on a duplex/triplex and then house hack. I just don't know if that would be possible, or if there are other options outside of selling the land itself. 

Great write up! 

Anyone just starting out should definitely read this. 

Thanks, Stephen! 

My wife and I were given a chunk of land to build a home on by her family. Currently,  we do not have the money to build the house we'd like. 

I wanted to get some advice or ideas on how I could use the equity in this land to start my real estate investing. The land appraised for a value of $70,000. 

We are both gainfully employed, but do not own anything else other than our cars, we currently rent and would like to either househack or do a live-in flip. 

Any advice/ideas would be greatly appreciated!

Thanks everyone! :-)