All Forum Posts by: Nancy DeSocio

Looking forward to the event! I recently saw a thread of a group playing in the Boston area and was thinking about going but then found out about this local event.  The drive to EP is a much more appealing.  You know Rhode Islanders...we don't travel far :)

Hi Nickolas,

The only other point I'd mention here is take caution when estimating the HELOC payment, as it will fluctuate. Sometimes it isn't much, but as a case in point, ours went up $500 in two month's time. If the numbers are great (and it sounds like in this case they aren't), you can still take on these fluctuations, but it's dangerous when the numbers are tight.

Good luck on your journey!

Hi Francisco,

I would echo the other responses in this post.  If I could talk to my 25-year old self, I'd tell myself to house hack.  You're doing the right thing with educating yourself, and once you are comfortable running the numbers and analyzing deals, you'll know which ones will work for you.  

In the meantime, go out and look at houses...open houses, listings on MLS, etc. If you don't have a realtor yet, one tip I used to do is this: Go to an open house, which will usually have a lot of people there. Once there, find the buyers that are there with a realtor and casually follow them around the property (not in an obvious or creepy way). A good realtor will share knowledge with their clients as they go through the property, and you can learn from those folks. I would write things down that others were saying not even knowing what it means and then go research what it means. It's free education that only costs some of your time.

Good luck on your journey!

I'd agree that regardless of where the responsibility lies, it would be a small gesture of good will on your part to have your PM arrange for it to be cleaned out (especially if they are good tenants).  If the vent hasn't been cleaned in 19 years, it's due..and a much bigger concern/liability if such blockage causes a fire after they reported this to you.

Hi @John Brees, it wouldn't even occur to me to look for mailboxes...I would just assume they are there!  I agree it's a necessary expense, and like John mentioned, it's a one-time cost.  This also makes it easier when you have to mail notices, etc to your tenants, as you know the address and don't need to keep track of 16 different PO Boxes to send letters to.

Thanks for sharing your experience.  I've added "mailbox" on my checklist for things to look for :)

I'm only aware of two options: an entity or your personal name.  I'd be surprised if any other option is added to this post, but I'll definitely follow to see if I'm missing something!

Congratulations!  I like your approach...raise rent, small improvements up front and then start fixing the units as they turn over.   Sounds like a recipe for success!  Good luck!

@Tom Canterino, congratulations on your purchase!  I'm sure the full year of ownership has been a great learning experience!  I'm glad you posted this, as we're in the same situation and in the same market.  

I'd be interested to know how people are finding properties that would include seller-financing, as that seems like a win-win option (for the right seller).  I'll occasionally see it in the listing, but is that how investors find these deals?  Or is it up to your realtor to negotiate that part of the offer?  

@Nelson Taylor, thanks for the info with the local banks.  I didn't realize banks offered such products, but it's worth a call to understand what options are available.

Hi @Jay Helms, a lot of us are with you.  For me, I broke this down into two steps:

Step 1: go to the event...someone will talk to you (we need those extroverts!)
Step 2: at the next meeting, introduce yourself to one person (could be the person sitting next to you)

From there, commit to speaking to one new person each time.  And if you can't get to Step 2 right away, just keep going to the events. I know it's difficult...I've been going to our local meetup for a year and still have to force myself to be there, but I've met some great contacts who have helped me with my real estate journey.

You can do this!  Good luck! 

Congratulations, Greg!

No one will ever do it perfectly on the first investment (and maybe second or third), so you'll always have takeaways to do it better next time.  It's part of the process, and I commend you for taking action and getting your real estate journey underway.

Assuming you still have both eyes and all ten figures, you're off to a good start!