All Forum Posts by: Andrew Beaver

Wow, @Rawderson Amaral , sounds like you're on the right track.  Kudos to you.  You having the construction experience is golden.  Worcester is definitely a hot market and if you can find a property on the right street you're golden.  I'm looking to make my first purchase in worcester.  Looking for a 3 family in the tatnuck area (if something ever pops up)  since i'm owner occupying, I'm hoping for a better area to live in.  If you're open to it... I'd really appreciate if I was able to tag along with you while you look at properties in Worcester (when our schedules align). I really want to understand the cost of repairs/rehabs so I can appropriately give offers.  Maybe we can meet for lunch on me to discuss this further

My initial thoughts here are that you should consider what the definition of a turn key property is vs what the BRRRR strategy is.. In my mind they are complete opposites and impossible to do together. Turnkey you're essentially getting a property that requires no effort outside of putting a person in the unit. BRRR requires finding a property you can rehab and build sweat equity to the point that your refinance will generate excess cash. If a property cannot be rehabbed and is truly turnkey, you won't get that extra money. I may be wrong in what you're trying to do and you/others can clarify for me but just my two cents... I like your idea of doing flips if you are able/have the time.. I'm considering that as well but I'd prefer to get into the multi family world of buy and hold

Jason V. As a former auditor, "what if" risk based approach has been drilled into me so I'm all to familiar with preparing for worst case scenarios just in case. These books sound interesting and I will add them to my read list. Thanks!

Jason V. Interesting. Thank you for the detailed comment. I'll definitely start adding a forward thinking analysis to my property research. I've contemplated reaching out to investors of properties in my area to get an understanding of how they got involved but I think a great question going forward for investors during that time is how their properties were impacted. Good stuff to know. I appreciate it

Hey Jason V. I believe that is a small thought in the back of my head for risk in buy and hold.. Not many people talk about market rent prices decreasing. I was actually looking forward to someone bringing up this point. What I mostly here is that don't buy for appreciation because your property could lose value overtime but the same can happen with rents correct? Or is it that market rents tend not to fluctuate drastically for any significant market change

Hey Dan Smith , how did you decide on Bradford? I'm currently researching market rents for Worcester as I believe I can achieve something similar out that way but I'd like to keep my options open to other cities that can provide "free living". I've found some west side of Worcester areas that will definitely get me my desired results but it's very slim pickings and majority of the houses available are on streets that are hit or miss as far as good/bad streets. Seems as if you were able to affective lot rehab parts of the house to. I'd be interested in hearing about your journey with your first property if you have the time

Hey Rawderson Amaral I was hoping someone responded to this post as I'm in the similar situation but looking to go the owner occupy route and it'll be my first property. Good to see that you're a GC so sounds like you already have things down pact as far as repair cost and you'll be able to do things yourself. Only idea I could suggest (as a newbie) is to take a drive in Worcester and meet all the local banks and figure out what they'll be willing to give you as far as terms.. It's said that the smaller banks will be able to work with you and your needs better. Especially if you have some success already

Nice pick up! Hopefully you saved some of the good properties for us small fish looking to get into that market haha

Woah Kyle Cabral ! You bought a 5 family in mass for that price!?? Do you mind sharing which area? That is a sick deal

Mike Dymski Random unrelated question after looking at your profile... Do you feel that you're in a position to retire with your 34 rental units? I noticed that was your goal which is a similar goal of mine (and probably the rest of the RE world). Just trying to figure out if you've hit that comfort number but you are continuing for the fun/love if real estate. Or 34 sounds like a lot but once you're deep in the game you realize you need way more than that to retire My expectation is (outside of obvious road blocks) approximately 30-40 units at hopefully 2-300 cashflow per unit would get me to a comfortable position in covering expenses (assuming that number is different for all people).