All Forum Posts by: Andrew Freed

@Eric Malone - Having a personal brand and creating opportunities via social platforms is the future. She is also making great money, better than most tenants. I would ask to see her bank account to ensure she has a sufficient balance (2-3x rent) but seems like a solid tenant to me. 

@Jason Bee - Multifamilies in the North Shore and South Shore of Boston are super competitive. I searched and put in offers for about 4 months before deciding to purchasing in Worcester due to the lack of inventory. I do think it sounds like your agent is not proactively providing opportunities or sending deals your way which is not helping your hunt. I would recommend hiring an investor friendly agent, I have a good contact that helped me get a multi-family. He does specialize in the North Shore market too. 

Regarding off market deals, I doubt that you will be able to find any in MA. Properties are super competitive, you might be able to find some agents that don't list it on the MLS nonetheless they are still getting multiple offers via their own marketing channels. Also, off market tends to ask for harder terms to comply with (quick close and cash). Do you have the ability to satisfy these terms? If not, on market might be your best bet unless you really put some sweat equity into finding deals, e.g. send out flyers, drive for dollars etc.

@Jesse Glatz - I think this is a more realistic estimate based on some of the below factors:

Rentals - According to BP insight, these units can get about 1100 on average for 2 bedroom 2 bath. Assuming you hire a good PM and you keep average occupancy to 90%, your monthly revenue would be $11,880 (1100*12 * 90%). This is assuming you bring added value and enhance the management of the property. Additionally, I own a 3 family appraised at $600K and my HOA policy is $2000 hence I made an assumption of your homeowners insurance being approximately $6000. I also increased repair reserves. You're looking at about a $7.86% COC return and a cap rate of 6.31%.

I think the key to this ventures success financially is ensuring you bring added value by capitalizing on market rents while ensuring low vacancy through solid systems. Let me know your thoughts. 

https://www.biggerpockets.com/...

@Jesse Glatz Can you provide an address of a similar property? Also, how did you determine the rent amount? FYI - the link to the calculator worked. 

@Jesse Glatz Provide an example property with a link to the calculator (you can share it). Also provide the property address. That may be a more efficient way to see your math. I am happy to double check it. Lastly, provide a 2-3 sentence description of the strategy so we are on the same page. 

@MarieChele Porter I would recommend not renting to this individual for many of the reasons listed above. If this will be a house hack, would you want to live next to a convicted killer? Additionally, this is a business and if you want long term success, you need to treat it as such. Why rent to this individual and open yourself up to this liability? It sounds like you are taking all of the risk with minimal rewards. Just my thoughts. Best of luck! 

@Supada L. Real estate is a long game. I agree with a ton of the sentiment. Given the other factors to building wealth in real estate besides cash flow, it might be better to give this a little more time to accurately assess if this property is making you money or not. Selling this quickly after buying an investment is almost always a sure fire way to lose money. Good luck! 

I want to hear voices from authentic investors about the good, bad and ugly of investing. Tell us some of their best and worst real estate deals. Walk us through the deals, the experience, the numbers. Put us in the shoes of successful investors so we can use those experiences to elevate our mindset.

@Tom Yung - Super cool insights. You clearly are a creative and smart investor! Have any book recommendations for someone looking to get started in tax liens? I was planning on investing in tax liens in Mass (where I live). Also, is there an online market place for these investments? I did some research and it seems like most take place at auctions. 

@Ryan Kelly Thanks for the feedback Ryan. I was planning on investing long distance and hiring a PM company (I live in Mass). The broker I am working with also owns a PM company that specializes in this arrangement. Nonetheless yes please feel free to connect me to your liason. Always looking to learn more and connect with companies engaging in this type of opportunity.

@Jordan Moorhead Good to know, I appreciate the insight.

@Cecilia Hagan Awesome, thank you for the connection!