All Forum Posts by: Andrew Freed

I have been pre-approved showing cryptocurrency as an asset. I am sure once I get to the closing stage, I will have to convert it to cash but you can at least delay the sale of the crypto if you think the asset might increase in value. Crypto is super volatile so a 10% increase in a 30-45 day period definitely seems reasonable. 

I agree with everyone's sentiments. It sounds like this property is providing negative cash flow. If you read "Rich Dad Poor Dad", this seems to be more of a liability than an asset. I would recommend selling it and investing in a house hack, perhaps a duplex or 3 unit. If you invest in one of those, positive cash flow is almost guaranteed (make sure you run the numbers)!!! Good luck. 

Hi All,

So I am a new investor and contemplating my options in an expensive market. I am currently looking for BRRR deals or house hacks, however I thought of a great investment strategy that might work and am curious if anyone has ran across this before?

I would like to buy cheap plots of land in good locations, have an architect draw of plans for a triple decker (I am in Mass so anything above a 3 unit would require an elevator), finalize through the approval process, and sell the land and drawings to an developer. The added bonus for my specific situation is that my brother is an extremely talented architect that currently "condoizes" properties and creates new buildings in Boston for a firm and would do these drawings for me for pennies on the dollar. 

Has anyone implemented this strategy before? It seems very low risk (cost of land and holding land is cheap compared to purchasing real estate up front) and doable in an expensive market?

Thanks for the advice. 

@Craig Kaspar If you have a first property, I think you would be better off applying for a HELOC and using those funds to implement a BRRR strategy, perhaps with a private or hard money lender. That is the strategy I am implementing.

Great purchase! 

@Ben Stoodley Great feedback, thank you for the advice. Yes, if it was easy, everyone would go for good opportunities.  

I found a very attractive bank owned property that will go up for auction in a few days. I am planning on utilizing the BRRR strategy with holding it in mind for continuous cash flow once I refinance / pay the creditors. In reviewing the opportunity, it advises "cash-only", no hard money loans or a home line of credit. I have the money for the deposit, however I need to show proof of the funds within 2 business days of the purchase. Is my only option finding a "private lender"? Can anyone think of any other financing options or have done this before? I just don't want to pass up this great deal or at least trying to go for it!

FYI - I do have about $230K or 61% equity in my current residence and about $50K of liquid assets so the funds are not an issue, the timing is though.  I need about $150K in financing immediately for this opportunity. 

Thank you for the advise!

Hello, my name is Andrew and I live in Boston, MA. I am currently employed as a project manager at a biotech company, have a great source of income, currently own a condo, and am looking to take my real estate to the next level. I would love to connect with other investors in the area who invest in single family and multi-family rentals. I am looking to learn as much as possible as well as build connections. Always happy to give back in any way I can as well. 

Thank you,

Andrew