Ben from Massachusetts

[Ben McBride]

I purchased my first rental property this July (SFH) and will be closing on another SFH in December. My interest now is in investing in multi-family apartments. I look forward to learning about everyone's experience with RE investing!

[Mark D.]

Hey Ben :)

Congrats on the sfh!

What area of New England are you looking at?

I'm currently renting a couple duplex. Over all a great experience. My only regret was not meeting with a lawyer that specializes in tenant / landlord issues. The layer I meet with gave me an outlined some basic information and that was it.

[Ben McBride]

Hi Mark,

I have been looking mostly in Framingham and Waltham for multi-family houses that I can use the BRRR strategy with.

Thanks for the advice about finding a lawyer that's well versed in landlord/tenant law.  Have you run into any issues of this nature with your duplexes?

[Willy Waldron]

Hey Ben,

Welcome, and congrats on your first and now second SFH. I like the direction you're headed "multi-family" I've heard from others that the BRRR strategy is a very powerful way to grow your portfolio. Why Framingham and Waltham? and how are you financing? Thanks in advance.

[Ben McBride]

Hi Willy,

Thanks for your comment.  I live in Natick and have some familiarity with the Framingham market.  I also lived in Waltham for a few years and like that market as well.  So far I have used conventional financing.  

I like the clear goals you have set for yourself over the next few years.  Are you searching for properties in any specific markets?

Ben

[Matthew Apkarian]

Hi @Ben McBride,

Congrats on your second closing! Out of curiosity, is there a reason you're changing your interest to multi-family units or was this just a natural progression for you? 

Best of luck with your future deals!

Matt

[Ben McBride]

Hi @Matthew Apkarian,

The main reason is to accelerate the scale of my portfolio.  Single family opportunities that cash flow have been tough for me to find in MA, so I purchased my first house in Forth Worth, through AREI, and the second (awaiting the closing later this month), through Mid South Homebuyers in Memphis.  The first house has cash flowed nicely, but to replace my current W-2 income with rental income will require scaling up with multi-family.

Thanks for reaching out.

[Steeve Breton]

@Ben McBride 

We're neigbors and I've had 3 small multis in Framingham for a few years now.  Good market.  I've wondered about Waltham but haven't been interested enough to pursue it.  Connect w/ me so we can plan a coffee/lunch meeting.

[Ben McBride]

Hi @Steeve Breton,

That sounds great.  I'd love to discuss Waltham and pick your brain about Framingham.

Ben

[Jon Roland]

Congrats and welcome to the community Ben. Good luck!

[Darin Gravallese]

@Ben McBride Welcome Ben! 

[Gualter Amarelo]

I used to work up in Framingham, but with the prices of real estate up there I would be concerned with the ROI. I currently own 5 houses in Fall River with 3 more under agreement to close in January/February. I have used everything from owner occupied loans, investment loans, Hard Money and am moving into Commercial deals next year to continue pyramiding some of my portfolio.

The cap rate I am getting is 10-11% and My ROI (which is my cash on cash ROI NOT including appreciation, amortization and depreciation) Varies from 25% on a 2 family all the way up to 200% on the 4 family I just closed on this summer.

There are plenty of Property Managers down here who can take on the work, tenants are plenty and the rents are on the rise. The city has tackled some massive projects to change the cities waterfront access and we have some big companies like Amazon and Market Basket operating new locations in the city. It's a great time to invest in Fall River. If you or anyone you know is interested message me and we can discuss the opportunities.

Cheers to your success!

[Swaraj Raichowdhuri]

Welcome Ben! My landlord is selling his multifamily in Peabody, In case you're interested. 

[Scott Geller]

@Swaraj Raichowdhuri 

Sorry to jump in on your discussion out of the blue. I'm in Peabody and looking for singles and multis in the area if you would like to provide some particulars/ discuss further. Thanks!

[Scott Geller]

Ben, Great job, keep up the good work in 2017 and beyond.

[Swaraj Raichowdhuri]

Hi Scott, I just sent you a private message. 

[Corey Melkonian]

Hi Guys,

  Great discussion, I'm an investor and a RE agent and have clients interested in multi family in Peabody. Swaraj, would you send me the info as well? 

Welcome Ben and nice work. I think you should invest where the numbers make sense for you. I purchased multiple investment properties in Lowell for clients. Waltham and Framingham are great areas in my opinion as well.