All Forum Posts by: Marcello Di Gerlando
Marcello Di Gerlando has started 34 posts and replied 307 times.
Post: Insanely high Landlord Insurance ($7,000) for a $310K 3 Family?
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
@Ryan M.
Definitely get some quotes for commercial insurance. Typical I would expect commercial to be higher, but in your case it just may be cheaper. Good luck.
Post: Best way to leverage a paid off house to acquire more properties?
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
I will have to agree with both@Michael Baum and @John Underwood on this. HELOC seems like a risky approach and personally don't know that I could stomach giving that much equity away over the long term.
It does look like you have a good thing going on so kudos to you. When anyone projects this level of success I hesitate to suggest alternative approaches.
I can only speak from personal experience; when I use HELOCS it is strictly in a limited way and always with a plan to close it out in short order typically 12 months or less.
Your line of reasoning seems sound and your road block with DTI is obviously frustrating. You may want to consider your HELOC approach in the short run, season your STR for a year or so and then seek out a portfolio lender to cash-out REFI based on rental income.
Good luck
Post: Should a beginner buy local with lower cash flow or out of state?
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
@Lauren Hogan @Jade Bloomfield
Trying to play the field with properties outside of your immediate market as a beginner in REI is a recipe for disaster. I'm not suggesting it's impossible but clearly a difficult and dangerous approach to start out with.
For me the fun and excitement of REI is buying the properties themselves. I want to see them touch them and kick the concrete, swing the doors, check out the neighborhood, envision them a new and turn them into fabulous places people can not resist.
REI is a pure hobby for me. Some folks collect stamps. I collect buildings. If I just wanted to push dollars around for a return I would play more heavily in the financial markets truth is I love buildings and interiors...for that I have to be local.
Post: New in America, newer in real estate
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
Welcome. I just posted this adhoc-hip-pocket list to another new investor.
1) Deep dive into Bigger Pockets.
2) Avoid Gurus; religiously
3) Don't make other peoples mistakes ( you will go broke)
4) Always buy under market value
5) Add value, significantly!
6) Never over leverage
7) Don't burn bridges
8) learn to love excel and proforma analysis ( if not give it up today)
9) stay local ( for now)
10) see number 1
The question about if to invest or wait is very common here. There is always risk on this field of REI it's a personal call you will have to make. For me I'm blazing both guns at a risk level comfortable for me. (Tip: see number 4.)
Marcello Di Gerlando
Post: New to realestate investing. Where to start?
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
1) Deep dive into Bigger Pockets.
2) Avoid Gurus; religiously
3) Don't make other peoples mistakes ( you will go broke)
4) Always buy under market value
5) Add value, significantly!
6) Never over leverage
7) Don't burn bridges
8) learn to love excel and proforma analysis ( if not give it up today)
9) stay local ( for now)
10) see number 1
Post: Why Do You Invest in Colorado &/or Colorado Springs?
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
You are building a lot of landing pages for different cities. what about you? please share some details of what your up to in the REI world.
Post: Finding Deals at 15 y/o
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
@Joel Coffman
Just accidentally deleted a long reply to you...I'm not righting it again. Abbreviated version.
1.forget anything that requires a contract it would be unenforceable. Period.
2. Learn from other peoples mistakes. Tons of common REI mistakes; avoid them or you will go broke.
3. Labor for a good flipper. Get familiar with buildings and what it takes to rehab.
4. Bird dog...flippers always need good bird dogs. It will help you understand your local market.
Friendly suggestions.
Post: Marquis mixed use retail/restaurant/office analysis help
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
Thanks again.
I toured the property. Really beautiful space and truly a marquis Colorado Springs building. I don't believe I could rehab it for less than $2MM which really blows this project up. Additionally it seems that its now under contract. I wish the new owners luck and success. I will move on with a little more in my tool kit thanks to the BP community. Big thanks to @Greg Dickerson for suggesting https://www.adventuresincre.co... and @Joel Owens for his sober guidance and steadfast dedication to BP.
Post: How to make sure it’s a mix use commercial property in upstate NY
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
Also the the regional building authority may have a searchable data base.
Post: How to make sure it’s a mix use commercial property in upstate NY
- Investor
- Colorado Springs, CO
- Posts 322
- Votes 238
@Ahmed Al-Absi
Here in Colorado I would start with the county assessor and see how the building is being taxed. Check to see if the county. Search Google 'Delaware ny county assessor'