All Forum Posts by: Paul De Luca

Hello, I am currently an 18-year-old entering college who aspires to become an investor later in life yet I understand there's a lot for me to learn. I was thinking of becoming an agent to learn the process deeper and build up capital for my first househack within the next few years. I need capital and experience and this was just one way I thought to achieve it, any suggestions? 

Hello all,

I have a 2 unit multi family in Chicago that I purchased around in 2019 with an FHA 3.5% down at $420k as a primary residence during the time I lived in Chicago. I've put a bit of money into the building and it has appreciated quite well. Currently my interest rate is at 3.35%.

Several years ago, I relocated to Florida for work and have been renting out the units. I would like to look at some HELOC options if possible but I was told I would need to refinance the loan to a conventional investment loan and take on a much higher rate, which I have no plans of doing. Are there any options to take a HELOC while maintaining the same loan? Thanks.

Hey, BiggerPockets, I'm Faiyaz Hashmi from Chicago. I'm excited to be part of the community. I've been listening to BiggerPockets for about six months and recently got the Pro membership. I want to become a multi-family investor to achieve financial freedom. It's encouraging to hear all the stories of many successful real estate investors who started with nothing. I'm reading The MultiFamily Millionaire and want to use that as a blueprint. I also signed up for the Real Estate Rookie Bootcamp beginning in October.

Strategy: I have about $20k to put to work. I can potentially raise some additional funds from family and friends, but I want to get my 1st deal with the $20k. My wife and I both have good W2 jobs. One of my challenges might be that I'm still carrying undergrad and business school debt plus some credit card debt, so I'm still determining what financing might look like. I've been looking for a 2-4 unit building to access traditional financing for around $200k. I've been searching on Zillow to see what's out there and in what condition—targeting Class B in a decent area with a focus on cash flow. I'm open to suggestions on which areas. Ideally, if I can find something that provides a net cash flow of around $200ish for my 1stdeal, that would be great.

Any advice from the BiggerPockets community would be greatly appreciated. Thanks!

Ні,

My mother and I own two units in an apartment building. She owns one under her personal name and I owned the other unit in my own name. How should I set up our agreement for who the landlord is? Right now we have it where the agreements shows she's the landlord of her property and I'm the landlord of mine but wondering if there was a way to make it under one individual as the landlord? (without doing an LLC). I also want to start doing rent collection via software and apps like Baselane or apartments.com so l'm trying to figure out where to have two separate accounts or can I do everything under one account?

Thank you in advanced!

Hello everyone, 

As the title says, we are 3 weeks away from closing and we are in a big dilemma. For background information, I'm a W-2 contract employee who makes 80k+ a year and I have been working at this job since January of this year. We went through a local company for an FHA loan and were approved. At this point, we are three weeks away from closing on our first house (August 22nd). We did the appraisal, got the lawyer, and everything was set. We spent money on the inspector, the appraiser, and the lawyer. Yesterday, my lender texted me and said that my job won't list me as a permanent employee when she ALREADY knew my situation and knew that I was a contract worker. She didn't bother to disclose this to me initially; now we are deep in the process. I'm not sure what to do in this situation, whether to drop the deal and lose my earnest money or try to find another lender. Any guidance/ tips on how to proceed would be very appreciated. Thanks.

Hi All,

Newbie here. I'm excited to finally get my first property but overwhelmed. Any advice on how to give this bathroom some updates while not overspending? (I want it to be tenant-sturdy). I think I will replace the counter sink with a vanity with sink, get rid of the medicine cabinet/mirror, with a more modern mirror, get rid of the shower pan, and replace it with something else (suggestions?), a shower door?

Any other suggestions/color schemes? (I know this may be a personal preference but help would be appreciated). 

Thanks!

Hi all, 

I have a tenant couple who moved in 4 months ago. They are requesting an addendum to their current lease because their relationship has changed. They were supposed to pay the rent jointly, as stated in the lease agreement. However, it appears they agreed to split the rent 50/50, and one of them is not meeting this agreement. They are now requesting an addendum stating that each person is responsible for their own rent, and payments are not mutually exclusive. Please advice on what to do. Much appreciated. Thank you.