Suggestions on Scaling!- Second Property Opportunities

[Ryan Blanchard]

Good Afternoon BP Community!

Stoked to be here and actually getting a chance to interact with the community I have been listening and reading about for so long! Little background on my situation, I am a new investor who recently purchased my first property in April 2022 in Upstate NY. I was able to purchase the property under assessed price and currently after making the first few payments have around 25% total equity which figures out to around $75,000. The property is one of two connected townhomes and we are house hacking with a consistent rent that covers the mortgage cost. I have been prompted with a few various options in the last few days that could help increase my portfolio, but I have been struck with analysis paralysis and am looking for some suggestions on how to make the right deal for my situation. Thank you in advance for taking a look, the options are as follows!

-Option 1- The Owner of the other connected townhome reached out to me to ask if we would be interested in purchasing his property. He was the owner of the half we bought also and said we could do the exact same deal as before, which we had hoped for, but we planned to reach out to him later in the year with greater capital or greater equity in the first half. The property is currently rented and the tenant is hoping to continue his month to month lease. The owner is a lender and owns numerous houses around the area and did make an offer to help us obtain the loan. My thoughts are to reach out to the current lender on Property #1 and check their rates for a Cash-out Refinance prior to looking at any other lenders. My question is though, if the owner is also a lender could we ask for a loan guarantee and/or waive of origination fees if we meet the sellers requirements? In order to make this scenario work we would be relying on investor capital or a HELOC/Refinance (Preferably Refinance).

-Option 2- We have also begun driving for dollars and have sent various letters to vacant property owners over the last few weeks, although none have come to completion yet we have various deals that could be made at lesser purchase amounts then option 1 or even possibly wholesales. Which would grow portfolio size, but would be an increased investment with no immediate cash flow if the properties are not already rent ready. These deals are dependent on Capital Amounts and Location. With this being said I am interested in discussing properties with Capital Region Wholesalers and/or developers!

-Option 3- This option is by far the most far fetched, but I am also attempting to find a lease-option for a Boston, MA Apartment or Condo, The majority of my investments are in NY, but I also do a fair amount of work in the Greater Boston Area for my W2 job and would like to have a place in the area, but also be working towards an investment property. I receive a housing allowance monthly via work that I would like to use for an owned property rather then rent/hotels. Hedge the costs of hotels into an investment property purchase. So if anyone knows of any agents in the Boston area I would like to connect!

I can imagine that I may have missed some details that are needed for the best possible advice, but I plan to be regularly checking this posting so please anything helps! I am excited to read the suggestions and again thank you all for taking a look and helping to encourage people to take the leap for financial freedom!

Thank you,

-Ryan B.