All Forum Posts by: Nick Rutkowski

If you’re dealing in NY, call a lawyer. We are an attorney state and they will be needed to close. Also find out if you need a letter of intent or a purchase offer. Some places in NY don’t accept purchase offers because they aren’t written up by attorneys. Food for thought.

Millennials have an uphill battle dealing with our debts and RE investing. With the amount we owe, it’s like paying for a house. If the property cashflows and could help pay down your loan, then go for it. We need all the extra income we can get. Always have an exit strategy! In case this doesn’t work out. Good luck!

I found a 4-plex close to where I live and I'd like to purchase it with the least amount of my money (of course). It needs work, its a foreclosed property, and it's owned by HUD. The issue is, the property is zoned commercial. I called FHA and they said they would allow the property to be funded on a FHA as long as 51% of the property is used as residential and it's owner occupant. (Score.) Now my question is: Does anyone know a lender who would do FHA on a mixed use?

I know I could do a commercial loan for 20-25% or buy it all cash but I'd rather try this way since FHA said it was possible. Why not? So I'm reaching out to BP in hopes someone else has tried this and was successful.

Can someone co-sign with you? Easiest way to get the money is to know someone who has it.

John Beckem make sure when you vet property managers they have their RE license. In NY you need to have a BROKER’S license to property manage...sales agents won’t cut it. If they don’t there could be a liability issue. Friendly tip from an RE agent who found out the hard way. ;)

Why not give 20k to someone who is the best *insert your investment strategy here* in your area in exchange for their time and knowledge? Isn’t that what you’re essentially doing anyways? People saying buy an investment property, that’s the best way to get your feet wet in my opinion.

Call the county clerks office, they can help verify town and county taxes and the school district for school taxes.

8 hours...if I’m not swamped with work.

@Carl Talley 

Look up what "leverage" and make a decision from there.  I googled the term for you, the link is below this should get you started. 

https://www.investopedia.com/terms/l/leverage.asp

There are plenty of strategies to pay off your mortgage and grow your investment. Depending on which avenue you take will determine which strategy is best. Are you buying turnkey properties or distressed properties that need rehab? Are you buying Single Family Houses or Multifamiles? Are you buying for appreciation or cash flow? 

Seller concessions are commonly used in RE transactions. In matter a fact, I tell my first time home buyers to ask for concessions. Essentially they’re over paying you to get that extra seller credits to cover their closing costs. Think of it like getting money back from the grocery store when they’re asking you if “you want money back”. Same sort of principle.