All Forum Posts by: Mike Casella

i was just in the (current) chat room and I don't think there is anything wrong with it at all.
I think we should schedule some times for people to be in there and see how it goes. If you are finding that people are complaining about the functionality of it, then look into upgrading it. In my opinion, it's just fine the way it is.

Wow, great thread you've got going here. This is pretty much exactly what I have been looking for. I am very new to the REI game and this thread has answered a lot of questions that I've had. I really look forward to seeing the outcome of your hard work. I'm definitely keeping my eyes on this one.

Thanks,
Mike

Hi Eric,

Nice to see another NH resident on here. I hope to pick your brain at some point to get some pointers for starting out in this market.

Mike

Well I have that much money, but it will cut me really thin if I was to use that for the down payment. I most likely would not have enough money for closing left.

We have estimated that the house needs about 7k in repairs.

Hello All,

I have a property that I am trying to invest in but I am hitting a road block when it comes to financing. The house is a foreclosure and I do not have enough cash for the 20% down payment. The listing price is 42,900 and the property needs some work. We have crunched the numbers and figured the FMV would be around 90k when finished with the required repairs.

The road block I am hitting is that the mortgage broker I am trying to go through has told me that the only way I can move forward with the property is if I have 20% down. I have to believe there is another way to secure this property without so much of my own money down. I have heard time and time again how people secure properties without using a single cent of their own money, but I just don't see that as possible at all. I'm not opposed to using my own money, but I just can't afford the full 20%.

Does anyone have any advice for me on what to do with this situation? If I have left any information out, please let me know. I would hate to lose this opportunity if there is a simple way around it.

Thanks in advance.

Hi Doug,

I've sent you a PM. I look forward to hearing from you.

No, well will not be living in the house. It is fairly local, so it should be easy to keep track of.

Originally posted by Mr_Investor:

Welcome to the board Mike glad to have you aboard.

Thanks a lot. It's great to find a comprehesive resource like this. It really helps the novice invester feel like we've got a place to learn.

Originally posted by Dick Green:

Hi Mike,

Welcome to the group. Have you decided which area of real estate investing that you would like to get involved in?

Thank you Dick. Well since our experience is pretty limited, I believe we're going to start in the bird dogging region and hopefully move our way up from there. Although, we do have a property in mind that we are trying to acquire for a buy and hold. We are just excited to get started in investing.

Hi Everyone,

My name is Mike Casella and I'm from northern NH. My girlfriend Amy and I are new to the real estate world and are looking to make our mark. Our real estate background consists of pretty much nothing other than being home owners and having a great desire to make money as investors. I currently work for a mechaincal engineering firm up here in NH which is beneficial to me undestanding the mechanical systems of various different types of properties.

We found this site and feel that it will become a great resource not only for information but for networking as well. We look forward to meeting some great people and getting started in this business. :D

Mike