Boston Area - Southern NH Rental Property Investor - New to BP

[Brett Nigro]

Hi All,

First, Thank you for viewing my post, here a little background:  I recently completed a long overdue refinance of my existing rental property. It's a 2 family free standing house in Cambridge, MA with 4 car off street parking, walking distance to MIT, Harvard and Google's new offices.  Purchased in 2006 and we lived there for 5 great years then moved to the burbs to start a family. 

OK...on to business:  The property has appreciated 3x since purchase.  I just did a cash out refi and still have over 60% equity in the house.  Took the cash out and paid off the mortgage on my primary home.  The rents from Cambridge still cash-flow at nearly the same level as pre-refi thanks to better rate/product with long term tenants at under market rents.  I may try short-term in one of the units when one turns over, not sure yet.  I love the folks I have in there now.

This process really RE-opened my eyes to the value of rental property investing.  I knew it already...but now I want to scale the portfolio.  I'm ready to allocate substantial time and dollars to invest in the acquisition of many more properties.  I would like to acquire a large portfolio that my kids can take over managing when they enter the workforce.  I'm concerned about what their traditional career options will look like then.

I could have used the cash-out to Brrrrr but I have other funds for that. It's comforting holding the deed to my family home (I can always HELOC down the road). Now I need a solid plan and to fortify my network of subs, advisors, lenders, etc. I'm hoping BP will be a decent resource for both strategy and resources.

Thanks again for viewing,

Brett

[Lien Vuong]

WOW - That's the power of appreciation! Sounds like your house is right where I live by Kendall!

Congratulations on your excellent appreciation and investing play. Just to note the Cambridge Airbnb model - you have to be an owner occupied owner to be able to do that. A strategy you can explore would be professional short term - more than 30 days - rentals to faculty of the University or professional in the area there for work looking for furnished units. 

Where do you see yourself investing in for your portfolio? Are you interested in large apartment properties or doing smaller units and BRRRR out and replicate for the future?

For my business I work intimately with real estate investors looking to start and expand on their portfolio in the Greater Boston area. Having accumulated 50 units in the last 7 years using different 1031 exchanges and value add opportunities I can help explore some benefits of multi family investing. Feel free to PM to chat about the market and what the inventory is looking like.