All Forum Posts by: Patrick Martone
Patrick Martone has started 37 posts and replied 125 times.
Post: 100,000 in cash, now i need to pick one of two ways to proceed.
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Post: 100,000 in cash, now i need to pick one of two ways to proceed.
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @Account Closed:
100K gets a lot accomplished anywhere with the proven buy, rehab, rent, refinance, repeat method!
100K down on a 90LTC rehab deal gets you a 800K home and 100K in rehab money
Fix it
rent it,
cash out refi
If done correctly your principle will never be permanently tied up and you will use the principle 100k over and over to gain multiple cash flowing assets(hopefully they also have value appreciation)
Hmm, What is 90 LTC? never heard of it
Post: percentage saved by do it yourself
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
I plan to do everything myself to figure out what i like and dislike doing, and will sub out the things I dislike.
Post: 100,000 in cash, now i need to pick one of two ways to proceed.
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
@Robert Ellis For the FHA property I would relocate. I want to get the best deal I can for this first investment which means going where the money is. At the end of the day scenario 1 is my goal.
The other part of me wants to fix and flip a few SFHs to build more capitol and get my feet wet since FHA+relocation+ 2/4 plex may be a bit much for a first deal. Scenario 1 will take longer to get approved and find deals.
Post: 100,000 in cash, now i need to pick one of two ways to proceed.
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
@James Wachob yeah I would agree on your statistics, I would even dip down to class c if I am in a landlord friendly state like TX or FL
Post: 100,000 in cash, now i need to pick one of two ways to proceed.
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
@Elizabeth Wilson I'm willing to go where the money is currently. The later areas i mentioned are unchartered territory which poses a challenge. What neighborhoods of Memphis would you recommend for Class B properties?
Post: J Scott's Starting Out FAQ
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @Nicole Pettis:
@Michael Spine You're welcome! Yes, it is only for owner/occupant. However fannie mae offers homepath reno loans to investors on some of their properties.
I plan on doing a blog when we really get going. Majority of the work that will be done with the 203k is exterior and the winter here in Milwaukee has not been kind. So we have been on hold:)
@J Scott You're welcome! Thank you for all of your amazing insight and sharing all of your knowledge! I am such an artist at heart and not a numbers person so all the forms you have on your blog are an amazing help for people like me!
did you ever start that blog?
Post: Anybody travel abroad long term off their passive income?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Anybody travel abroad long term off their passive income? what are your experiences with risks and emergencies with tenants while your away?
Post: 2 Basic rehab questions
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
@Brian Pulaski If your doing the work your self, why double the material cost for labor?
Post: Looking to Help Beginners ! (Investing , Financing, Managing)
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
@Aaron Jernigan The FHA requires you use an FHA Certified contractor to get the place to "liveable" conditions prior to inspection. You can still do cosmetics to force some appreciation after the contractor is done and everything is settled. I'm in the same boat as you now.