Nick Riccio - Mortgage Advisor

Cheers to 3 incredible years 🥂

This year has thrown a lot at us, and I’m reminded every day why it was the best decision marrying you. I can’t thank you enough for the love and support you give me every day ❤️

Sometimes you need to be proud of small wins. 2018 👉🏼2022

Just 4 years ago it was Sam, my dad, and I doing everything. Literally everything - down to renting a scissor lift to be able to get our drywall in the house 🤣

We felt like we’d be there forever. Fast forward 4 years and a lot has changed including us no longer loading or hanging the drywall 🤣

This was a great sight to see and a great reminder to acknowledge your growth.

Wherever you are at right now - know that it’s not permanent and you’ll be on the other side before you know it!

It’s more important than ever to understand your “why” for buying a home.

It’s always been important, but I feel like many people took low rates for granted, and made that their reason for buying.

There will always be “life” happening. Stock market might be up, it might be down. The economy might be in transition.

It’s always important to focus on your personal economy. Why is it a good time for you and your family? Why is it not?

I’d challenge all current and future home buyers to really think through this. Don’t listen to the noise, make a decision that’s best for you and your family.

It’s true…

A lot of people missed out on great buying opportunities because they were concerned about the mortgage insurance.

The opportunity cost of waiting vs. buying with mortgage insurance is MASSIVE.

Don’t make decisions based off the news/friends/family, make decisions based on numbers.

For the "credit doesn't matter" & "buy anyway!" crowd, I want to share some facts.

While it is true that you can buy a home with low or poor credit, it certainly comes with a cost. Now, it's not to say "don't buy", but you should always have your credit score as a top priority.

With interest rates rising significantly, it's more important than ever to have a strong credit score.

Here's an example:

Let's say the lenders interest rate for 740+ credit is 6%.

Someone with a 640 credit score would be looking at a rate of 6.75% (and there would likely be additional costs to get that rate)

On a monthly basis, that would cost an additional ~$300.

Over 5 years? An additional ~$20K.

The point?

Take care of your credit as much as possible & if you have any set-backs, make it a priority to fix it!

I’m so excited to share that I’ve joined Northpointe Bank!

I was incredibly fortunate to start my career with Fairway, but as my business continued to grow and evolve, the needs of my clients and partners also have. And with that, I realized it was time to make a change.

I will now be lending in all 50 states and will have many products for investor clients! My true passion.

This move will allow me to better serve my clients and partners, and I’m excited to share more details over the next couple of weeks!

has built a powerhouse nationally and I can’t wait to start growing our brand in Boston.

Regardless of state, primary residence, second home, or investment property, shoot me a DM or email if you have any financing needs!

[email protected]

Amazing night celebrating 13 years together ❤️

Cheers to many more 🥂

Rent minus mortgage payment is not cashflow!

Rental properties have expenses. Lots of them. Always be sure to include the proper expenses when analyzing a deal.

Otherwise? A property that you think will cash flow, will be nothing but a liability!

Follow for more tips on how to build a portfolio using low down payment programs 👀

We’re in an interesting period of time where both renting and buying are becoming increasingly more expensive

One way to combat that? House hack.

Even if you aren’t looking to be a real estate investor, this is a great way to make home ownership more affordable.

By house hacking, you will be offsetting or completely eliminating your largest expense - housing.

With this strategy, all of a sudden massive rent increases and massive interest rate increases don’t hurt as bad, as most of this cost will be shared with your tenants.

While this isn’t ideal for buyer’s, it’s now the market we’re operating in and we need to shift our mindset.

It seems like almost daily we’re experiencing rate increases.

It’s really important to stay in close contact with your lender, as you certainly won’t qualify for the amount of home you were originally pre-approved for.

Share with a friend that’s looking to buy!

Comment/ DM with questions 👊

For anyone needing a little boost today…

I used to think I would only be successful if I learned to not be afraid.

Then, I learned that everyone is afraid. Every day. And, the more we grow, and the more risk we take? The more afraid we become.

You don’t need to become “not afraid” to win the game. You just need to learn to deal with the fear. Once you’re able to notice the fear and keep moving forward? That’s when success really happens.

Too many people fall on one side of this equation. There is the camp of “earn more and you won’t have a saving problem” and then there is the crowd that wants to try to save themselves to be a millionaire.

The reality is, it takes both. We all know way too many people (athletes, celebrities) that earn an incredible amount of money, and still end up broke.

We all also probably know people that earn average incomes, and make the most of it and live a great life.

My take on it is you need to learn to save first. Learn how to save and budget, while your not yet earning a lot of income.

Then once you have learned to save and budget, focus all of your energy on earning more money.

If you are able to have success at both of these, you have guaranteed wealth. If you can’t earn more, focus on saving, and you’ll still be in a great position 📈

In my opinion, this is an absolute must.

Now, it obviously helps the realtor and lender save time and effort if a buyer can not qualify for a home they are looking at.

But - it really impacts the buyer. Seeing a home is emotional and going to see a home you can’t qualify for is frustrating.

So, to avoid frustrations and challenge in this market, take the time to do a thorough pre-approval before shopping for homes!

This is a big issue I see with a lot of buyers.

“I’m pre-approved for $600K!” And only looks at houses starting at $600K.

The problem?

As we all know, in todays market, most homes are selling significantly over ask. When buyers are already at the top of the budget, they have no room to get aggressive even if they want to.

Then, they feel like they can never get their offer accepted. The reality is, the offer isn’t competitive because you have no room in your budget.

My advice,

Start lower. If your pre-approved for $600K, maybe start looking at $530K.

Then, if you love the house at $530K, you can get aggressive on your offer in order to win the home.

With negotiations, we always want to be in a position of strength. Starting your negotiations at the top of your budget can be just about the worst position to be in.

PLEASE READ ‼️

Homeowners & Investors:

The key to success is value-add. This is a term that investors use often, but I don’t hear it much with homeowners or potential homeowners.

With the fierce market competition, tons of offers, cash offers, waiving contingencies, the list goes on and on. Lately, I have been talking with a lot of discouraged buyers.

Now, I know not everyone wants a renovation. At the same time, you can’t always “have your cake and eat it too”. In this market, something has to give.

Getting outbid? Feeling like you are over paying? Feeling like the market might “crash”?

One way to try to insulate yourself from this is through “value-add” real estate.

This applies to both homebuyers and investors. Go away from the crowd - find properties that have potential, but maybe haven’t been fully utilized!

I know it’s “easier said than done” but instead of doing the same thing over and over again with the same result, maybe it’s time to try something new.

What an amazing time hosting our first “How To House Hack Workshop” this past weekend.

We got to spend 3 hours of classroom time and 1 hour touring our most recent house hack with 30 incredibly passionate and dedicated individuals!

We’re so thankful for everyone that bought a ticket and showed up with tons of questions!

We’re definitely looking forward to doing this again as we can’t wait to watch more and more people continue to set themselves up for financial success 📈

This stat makes me incredibly happy. I thoroughly enjoy helping all types of buyers, whether it be a primary residence, a house hack, or a forever home.

But, being able to help 22 investors start building their portfolio this year is incredibly satisfying.

It’s amazing getting to tell people that it will be worth it and they will build wealth by doing this because I’m doing it and know from experience how powerful it is.

Here’s to a great 2022!

Packing up and moving all the time is the worst

No one likes it, and we are no different

But, moving has allowed us to get our start

We’re now building a portfolio in an expensive market

And we wouldn’t be able to do it without moving

Even though we don’t like it, we know it’ll pay off big time for us!

Right now, there’s more information out there than could possibly be consumed. Due to this, there is a ton of bad info out there.

Find people you trust and learn from them

Thinking of buying? Considering a multi family?

Come hear all about the process and ask any questions you have!

Excited to share we closed on this two family house hack in South Boston today!

Over the next few months we’ll be sure to share everything, including the numbers and our renovation process, but I think it’s super important to share one thing…

Looking to get into the game? NETWORK!

This has been by far the easiest deal to date. I was doing the financing on a different deal in Southie, and in a weekly conversation with the listing agent, I told her what and I do and what we were looking for.

Less than a week later she brought us this off-market deal, and we were under agreement within 24 hours.

This allowed us to use 3.5% FHA financing with a $10K seller credit.

We’re so excited for this next journey and can’t wait to share it all with everyone 💥

As you might have noticed, rates have been on the rise over the last few weeks, and the trend is likely to continue.

I wanted to show the impact interest rates have on affordability both short and long term.

I’ll never be one to advise “rates are low, buy now!” Because this industry doesn’t work that way, or shouldn’t work that way.

I hope this helps point out the obvious - that as rates increase, payments will increase and affordability will contract.

If you are not ready to buy yet, don’t do it because rates are increasing. Wait until you are ready, and work with whatever rate environment we are in at that time.

Looking to invest in real estate?

Don’t make the mistake of thinking rental income minus mortgage = cash flow.

This is a list of the major expenses that you need to consider when purchasing a property.

Even when buying “turn key”, expect repairs/maintenance.

As always - any questions, let’s hear them!

Looking to get your first house hack? Not sure where to start?

Come listen to two (multiple time) house hackers!

We will talk about loan programs, things to look for, analyzing a good house hack, Q&A, etc!

Link in bio for signups!

It’s not as hard as people will make it out to be.

Do whatever it takes to save $35K. Cut expenses, increase income, whatever you need to do.

Once you set the goal and target, it will naturally become more attainable!

Let’s talk value add 📈

When we bought this property, it was a 2 bed 1 bath.

This was ON MLS. Many people had a chance to purchase this property, but didn’t.

We saw the potential, and added value through renovation.

This 2 bed and 1 bath is now 5 bed and 2 bath.

“Can’t buy in this market with FHA” = Bought this property with FHA.

“Can’t find deals on MLS” = Bought this property on MLS.

What’s the point?

Everyone is going to tell you why you can’t.

If you want to be successful, you have to keep seeking for that something you know its out there.

Take advice from people who have done it - not those that tell everyone they can’t.