All Forum Posts by: Nick Stango

I've been a remodeling/painting contractor for over 25 years, so if anyone has a DIY question, I'll try to answer it for you.

Can I get a T-S loan to finance one T-shirt? Or can I wholesale them for $25? Or shouldn't I get my first Investment property first? JK, looks great!

@Micki McNie sorry for the question, I always thought there was no such thing as a dumb question, and I also thought BP would be a great place to ask this question since there are plenty of local realtors, lawyers and investors right here. 

I found this website: https://www.rocketlawyer.com

Does anyone know about this site, or any other site for creating a real estate contract? This company charges $39.95 per month after a free 7 day trial or $399 for one year. Seems like it might work well for the first 7 day free trial. Just looking for a way to get property under contract legally so I can either wholesale or buy with no deposit from a (for sale buy owner) situation.

thank you for all the replies it's a lot of really good information I appreciate it

Hey Forrest, since you're a military veteran, you might want to listen to this podcast: http://www.biggerpockets.com/renewsblog/2015/01/01...

Lots of good stuff!

Welcome to BP Forrest, How long have you been self employed? I was self employed for 4 years before I bought my first home, back then they had no doc loans, I heard they might become available again soon. You can also try a self employed lending specialist, and a large deposit would help too. Sorry I couldn't be of more assistance. But keep poking around BP and someone will answer your questions. Good luck!

What type of contract would be used to get a property under contract and where can these contracts be obtained?

so you basically got a new kitchen labor and materials for $2,300.00?

Hey Mark, to answer your question, I do have a couple interested investors who have some money but we have to meet and come up with some kind of game plan. It seems we are all over the place with different ideas and no one seems to want to pull the trigger except me, the only one with no cash as of yet. I do have the rehab experience, 25 year remodeling, painting and home improvements. I applied to Realty Shares to see if they will loan me the cash but I'm still waiting to hear back from them. They usually don't lend to first timers but you never know. I e-mailed my local credit union to see if they do REI loans, that was today, and I have another bank that will do 80% of the value and have rehab loans too, I just need the 20% of whatever I'm looking at. There are some cheap deals in Trenton Nj 5 minutes from me across the river, rough neighborhoods, but deal for under 20k

I want to share my story. It's about my existing home and what happened to me over the past six years. First I'd like to give a brief overview of my house: My wife and I bought it 15 years ago and moved in with our three children. We moved from NE Philly PA to the northern suburbs (Lower Bucks County) We paid $191,000. in Nov.1999, great time to buy! Prices quickly when up and we borrowed 125k against the equity with a home equity loan from WF bank at 12% with the understanding that the rate would go down to 6% after one year of on time payments, or so the WF representative said. He lied! So now I was stuck with two $1,500. payments each month for the next 15 years. Total $3,000. per month. I'm a home improvements contractor that specializes in kitchen and bathroom remodeling. I have a very small business and do everything myself, so my income is modest. My wife works at the local high school as a teachers assistant in special ed. In August 2009 I had the challenge of my life. I was hospitalized for 23 days with a severe case of Diverticulitis. I had to undergo intestinal surgery and had a colostomy bag for two months, I was in and out of the hospital for two more surgeries over the next 4 months. I couldn't work for almost nine months total. We almost lost everything, including the house. I was able to negotiate with my credit cards and get through a couple mortgage modifications, just before being foreclosed on. Over the next four years I worked as a subcontractor for a high end kitchen and bath company, just barley making ends meet. Over the past year and a half, I have been back on my own running my business but have been battling yet another intestinal disease (Ulcerative Colitis) I somehow managing to pay my two mortgages on time for the past two and a half years, so I applied for a refinance of the two mortgages (1st @ 6.375% and the 2nd @12%) into a 15 year fixed rate mortgage. We literally signed the closing papers on Christmas Eve 2014, Thank you!! Now I can breathe again. My new mortgage is a 15 year @ 3.875%, we had to roll $5,000 in credit cards into it but we will be saving $1,200. per month for the next year and about $700 per month for the next 14 years after that. The past six years put a huge amount of stress on me and my family. But i guess what doesn't kill you makes you stronger. Now I'm faced with a big decision, at age 50, do I continue to beat my body doing home remodeling with by the way two hernias busting out of my gut till god knows what age? Or do I do what I've been wanting to do for the past 15 years, (Flip houses)? I think the answer is clear and being here on BP is a great place for me to learn and to get my butt into gear. My goal is to buy four properties within the next year and to become a full time REI. My biggest challenge is getting started with limited funds, I have 100k in equity in my home but would like to start out without tapping into it. I'm talking to some repeat customers who I feel would make good investors and have a couple on board. I'm also looking for some mentoring and other sources of funding to get my first deal started. I'm looking in the Levittown PA area and the Trenton NJ area for my first deal. Any feedback would be appreciated. Thank you, Nick