All Forum Posts by: Pete Fiannaca

We don't use title companies in NY. Only closing attorneys.

Just a quick question... I've been quoted at anywhere between $300-$400 for a flat rate attorney's fee for closing a wholesale deal that involves an assignment addendum (not a double close).

Does this seem like a reasonable amount of $$ compared to what others are paying?

Also... are you having your end buyer cover all fees (including said attorney's fee), or is this something you as the wholesaler generally cover?

Thanks,

Pete  

Ray - Nice to meet you! I am beginning to wholesale in Rochester as well. Would totally be up for a cup of coffee and to chat strategy at some point. I know that I'm focusing on yellow letters for now. Haven't been very interested in driving for dollars, but would love to know what your experience has been so far!

Good luck!

Pete

Awesome BP'ers...

I just began my career as a REI in July, closing on a SFR in the Rochester, NY market. I took an action step... which is better than most can say, and now I have an issue. I'm addicted. I've listened to every BP podcast (waiting for #200) and have made it through Kiyosaki's "Rich Dad, Poor Dad", Keller's "Millionaire Real Estate Investor" and Schaubs, "Building Wealth one House at a Time". The more time I pour into this stuff, the more excited I get about my family's future. 

After listening to BP #135 with Grant Cardone, I realized that I need to kick "I can't" out of my regular vocabulary. With that said, I was struggling in the late summer weeks realizing that I truly can't afford to buy long-term rentals at the rate I'd like to (currently doing conventional, 20%, and waiting 6-months on the cash out refi). I'm going to chug forward rocking 2 buy-and-holds a year as I've found a mortgage broker that'll let me carry 10 mortgages at a time. Once I hit the magic 10 mark, I'll start selling off my oldest assets to make room for the new incoming properties. It should end up being a nice 5 year hold plan as the old is recycled and the new is brought in. 

In the meantime, I need to do something! Certainly can't just sit around and wait to refinance... I've set aside about $1500 to invest into my first foray wholesaling. I'd like to ask the BP community - As a first timer, I'm still trying to develop a cash buyer list, trying to generate consistent leads, trying to develop systems for tracking leads and conversations, and trying to actually design letters, etc, and I'm not quite sure if it's advantageous to start in one place vs the other. I don't want to be in a position where I've generated a great lead, but maybe haven't developed a buyers list. God-forbid I get something under contract and then can't find an investor to assign the contract to (I'd be so upset). 

Any advice is WELCOMED! How best to spend the $1500 (letters, bandit signs, etc). What systems to automate? What to prioritize?

Much appreciated! I'll be happy to update the group as I continue to make progress!

Best,

Pete

Goal 2017: Close 17 Wholesale Deals

Goal 2018: Close 18 Wholesale Deals

Goal 2019: Close 19 Wholesale Deals

Goal 2020: Close 20 Wholesale Deals and Portfolio of 10 SFR

Good Morning, Folks -

Looking to see if anyone's willing to talk about how they got their foot in the door financing their first apartment building. I am a new investor (bought my first SFR in July) and am starting to realize my business goals are more cash-flow focused, instead of appreciation based. I have a background managing large properties (200 tenants+) and would love to own something of that stature someday.

Issue is, many nice places I'm looking at in my markets of choice (Dallas, Raleigh, and Rochester) are well over $1.5M. Coming from a guy who is working the BRRRR cycle on small SFRs to the tune of refi'ing and cashing out $25K-$30K at a time, I can't imagine how long it'll take to build up the equity for a down payment on $1.5-$2M. Well, I can imagine... because I can do math... but man that's a long ways away!

Anyone out there have any creative methods they used in their quest to buy that first mid-large sized apartment building? Would love to learn more!

Thanks,

Pete

Hey Everyone, Quick question for the masses. Anyone know if this 6-month "seasoning" process for a cash out refi on a 1-unit investment property is a fannie/freddie mandate, and if not, can anyone refer me to a lender that works a bit quicker. Every bank I've spoken with won't let me cash out refi on a new appraised value until 6 months from closing. The one's being flexible on time are telling me i can cash out refi on the original purchase price (which does no good since the home was a BRRRR -- original purchase was 70k, and ARV is 125k) Thanks in advance! If i have to wait the 6 i will, but if i can find a lender (property is in NY state) that wont slow me down, then even better! -pete

Feel free to contact with any questions! New, 1-year lease in place as of September 1st, 2016! New replacement windows, new furnace, new kitchen, new SS appliances, new flooring. Easy money every month!

Best,

Pete

607-382-1247

Hey BP Network, Hoping to get a few good leads here. I've got a problem, be it a good problem though. My wife and I finally took the plunge and bought our first investment property. Small single family. Closed on 7/28, rehabbed for 3 weeks and had it rented with tenants in by 8/1. Perfect first experience for us. The property is cashflowing $520 net, monthly. We had built up about 40k in reserves to handle the Down payment and rehab, most of which is now gone. Fast forward to today... I recently received a job offer that would move me out of Rochester, NY and towards Syracuse. With funds low, I'm afraid that I won't have the $ necessary to close on a new place to live. I'm looking for a HM lender that will do a 100% LTV on a multi family that I could househack (live in while renting the other units out). Maybe even someone who will go 110% to cover rehab, etc. Short term is fine 6-12 months. Anyone out there know of someone? Let me know! Thanks Pete

Shouldn't be an issue. However, I wonder why so many people mess around with LLCs when you can pickup $2 million in umbrella coverage for peanuts (less than $50/month). Most umbrellas cover litigation costs as well making them super useful in the event a lawsuit is actually filed. Best Pete

Hey friends - Just wondering what people are running into regarding labor rates. I negotiated with a general contractor to bid hourly instead of per job. I know this person and he's done good work for me in the past. He's currently charging me $45 an hour total for him and his assistant, plus supplies obviously. Kitchen gut (down to the studs) and rebuild ended up clocking about 45 hours, so around $2100 plus materials. How does that sound compared to those of you getting bids on the whole job instead of at an hourly rate? Pete