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