All Forum Posts by: Michael Fiducia

Good afternoon everyone! 

This introduction is longgggg overdue. Should have posted it when I first joined BP about two years ago but I got so pumped up after last night's webinar with @Brandon Turner that I will not waste another day! I can't stop thinking about all the opportunities in both deals and networking that I have missed from not engaging in the community. At the end of the webinar I created a 9 point action plan based off everything that was covered. Posting this introduction was #2. Enough is enough, I'm ready to start building my empire today!!!

Quick background on me: 

Current MBA student in Rutger's newly created Real Estate program. I teetered back and forth with the idea of going and incurring student debt. However, the biggest and most influential RE developers in NJ are on the board of this program and will be teaching classes. Not their employees but the actual principals of the firms. So after a thorough analysis, I decided the network and opportunities that will be made available through the program outweigh cost. 

I spent two years working for a developer/general contractor who had a 50 unit portfolio in Elizabeth, NJ with a mix of affordable and market rate units. I built a solid knowledge base of construction and developent and also made some good connections in the industry with brokers, agents, HM and private lenders, contractors and local politicians. I have since moved on from the company and work for a CRE accounting and project management software company (another great networking platform).

However, now is my time. I am actively looking for a property to perform my first flip. I found what seems to be a good deal and will be viewing the property on Saturday. On Sunday I have a meeting with a private lender to possibly fund the deal. My goal is to build a sustainable flipping operation while reinvesting profits into value-add multi-families to begin building my portfolio. 

The one thing that really resonated with me from last nights webinar was when Brandon told us that he just purchased a 4-plex that will fund his daughter's college education. I don't have any kids yet but to me it was such a profound statement and resonated at such a deep level because my main driver in creating wealth through real estate is to give my family that financial foundation. 

I would love to meet and connect with any investors, lenders, brokers, attorneys, accountants, etc. in the area. There are not many REI networking groups in the Union/Morris County area so I am looking to start one with meetups in Morristown, Cranford, and Scotch Plains. If you think it could benefit you let me know and I will get you involved early.

Happy hunting!!

Mike

Hi Darren, 

Any other events in the immediate you suggest?

Thanks,

Mike

Sent a colleague request earlier, let me know if it didn't go through.

Hi Michael, 

I live in Union and have a handyman business. My family also has a contracting company. I will send you a pm now. 

Looking forward to connecting!

Alpha Funding Solutions in Lakehurst 

http://alphafunding.com/

BP Ladies and Gents,

There is a tax sale coming up in a close by city where about 400 properties/lots will be up for auction. It will be filled with great deals but heard the hedge funds and investment companies come in and raise the premium so high it makes it hard for individuals (with moderate cash reserves) to get a steal.

Any advice and personal experiences with tax sales (positive or negative) is greatly appreciated!

BP Ladies and Gents, 

There is a tax sale coming up in a close by city where about 400 properties/lots will be up for auction. It will be filled with great deals but heard the hedge funds and investment companies come in and raise the premium so high it makes it hard for individuals (with moderate cash reserves) to get a steal. 

Any advice and personal experiences with tax sales (positive or negative) is greatly appreciated!

Thanks for your reply, Walter! If you are ever in my area or vice versa we should set a meeting. 

Good evening BP Community,

I'm looking for advice from other investors on what is the best way to go about beginning a career in REI with about 20,000 in cash. I have access to hard money, private money as well as construction resources. I am in a very expensive and competitive market.

I live in between two major cities in NJ (Newark and Elizabeth) so my township has gone through changes over the years. Right now it seems that it is a place for very hardworking immigrants and first generation Americans who can now afford to move out of the surrounding cities to improve their quality of life. There are some twosies here but they are VERY overpriced. The average single family home ranges from 250-350k. It is a modest, diverse blue collar town. After sitting in on some meetings with county officials and bank execs in my area, I have found out there is an extremely high foreclosure rate here. I would love to acquire some of these homes, flip them and improve the community a bit. 

On the other hand, I would love to begin building a multifamily portfolio. I can find relatively cheap homes in places like Elizabeth but market is extremely competitive there and it is somewhat of an exclusive club of investors who have access to the sweetest deals. 

So, do I leverage the 20k to acquire a fixer upper to make a quick profit then begin building a portfolio when I can compete for all cash offers or do I keep waiting for the ultimate buy and hold deal to start building? 

All responses welcome and thank you in advance!!