All Forum Posts by: Stephen Kappre

@William Curry just thinking out loud ... if you are an agent meet with some attorneys to discuss referring clients to them and at the same time pick their brain. I mean you will want to bet these professionals anyway both for you and for clients. Reach out if I can help :) 

Welcome @Victoria Essex - generally a monthly local meeting takes place in the Gloucester county and Camden county area. @Justin Eaton often sets them up and is a great contact. There’s quite a nice crowd investors and professionals in the area ... Many to list ... @Mike Bonadies @Anthony Susco @James Masotti @Lauren C. can take it from here ;) Welcome!! 

@Kurt R. I've had more than one client fund a purchase using ONLY credit cards. Seems insane to me - they refinance out shortly thereafter. Not sure if their credit cards were in their names, their business name, etc. You do potentially run the risk of dropping your credit score low if the credit cards are in your name and if your balance-to-limit ratios are high. Even if everything is paid on time. The credit scoring model considers you a riskier client at that point. And you really want 740+ FICO's to get the best options on the BRRRR end refi. Anyway, ideally you can use a lower cost strategy like a line of credit, or in some cases if the property is reasonably intact it is possible to get a conventional loan on it with @ 25% down (which may eat up the cash and limit flexibility). We've done this a few times. It's a bit harder now to find those types of properties as the market is saturated with buyers IMO. The hard money still makes sense, just has to be that much better of a deal going in. Might have some slim margins for the first few until you can rally up the cash. Private financing is another option.

@Eric Onderko Going into multi-family is a great idea. Especially with an FHA loan. There are a lot of benefits with cash flow, sweat equity, low down payment, qualifying based off of projected income, etc. If I had to start over I'd definitely rack up a few multi units early on - you are so young you have time to learn, make mistakes, recover if need be, reinvest, etc. Good luck!

Nice! Now we can hear your perspective and not just @Lauren C. 😂  ! Looking forward to hearing your thoughts. 

Nice!! Thanks Justin for keeping this group up to date. The meetings are a great time and full of useful info and networking. 💪 looking forward. 

Absolutely - @Justin Eaton runs SJREIG (South Jersey Teal Estate Investment Group). We meet about once a month. Should have a meeting coming up soon. 

Welcome. Question ... are you paying cash for this property or doing hard money? If you recently quit your job and started out on your own, getting a traditional mortgage could be difficult if at all possible. You could look into an FHA loan possibly with a cosigner and purchase a 1-4 unit property. If you are house hacking and the property needs substantial work, cash or hard money is most likely the only way to go. Congrats on getting started. Keep posting and asking questions!

Welcome @Christopher Simmons nice to meet you. 

Check out @Anthony Susco -