All Forum Posts by: Andrew Freed

@Jack Knight - Hanscom federal credit union offers HELOCs on primary residence up to 100% for multifamily. My network and I have used them a ton. It isn't for investment property though. 

@Lorenzo L. - I invest in the Worcester market, I own about 30 units here. I think its a fantastic market and has a lot going for it. Population increased almost 50% since 2015. They also have a ton of biotech jobs, hospitals, schools and even the minor league redsox team, WooSox. Lastly plenty of rental demand and a high concentration of multifamily. I plan on buying more in this market. Happy to connect if you have any further questions. 

@Manco Snead - I'd leave it open. You will get the highest price from a househacker who is using an owner occupanied loan. If you did feel a need to rent it, you could always have the person set up with a month to month lease so the new owner could ask them to vacate if they want to occupy the property. 

@Jimmy Rojas - 100% you can get pre approved with your brother co-signing. I recommend talking with some loan officers and work on getting a pre approval. It all depends on your brothers and your financial information hence rather than guessing, just go through the pre-approval process and see how much money you are working with. Best of luck on your first purchase my friend! 

@Laurel Loomer - The key to reaching financial independence is adding assets to your portfolio that add cash flow, not remove cash flow. It sounds like this will be $1k negative each month hence it is hurting your chances towards financial freedom. I would recommend selling it to remove this aligator from your portfolio. Hopefully you can exit it with a little cash in your pocket. Good luck! 

@Christian Dornbirer - Yes it is pretty straight forward. Whatever lender you use, make sure they will take the rental income from your current primary residence into account. This usually means having a lease set up in your current property prior to moving to your new house hack so your DTI can absorb the additional mortgage expense.

Additionally, if you are house hacking another property and plan on keeping your original primary residence, make sure to HELOC it before you leave so you have access to the equity you built up. Primary residence HELOCs go up to 100%, but rental LOCs only go up to 75% hence lock up that higher equity HELOC before leaving so you can leverage that equity to buy more properties. Good luck on your second house hack my friend.

@Matt Daley - Simple, sell them your house and the calls with stop lol. 

@Jacob Kurian - It sounds like the realtor who posted the listing on the MLS and all of the other sites did not close it out. Can you have your buyers agent reach out to the listing agent and ensure his team closed out all of the listing information on the MLS, Zillow, etc?

Regarding finding tenants, the most successful platforms that I use is apartments.com, zillow, and facebook marketplace. I also do my tenant screening on apartments.com. Lastly, BP has some lease templates if you are a pro member or you can always join your local landlord association and they normally have standarized templates for your area. Best of luck on getting the place rented! 

@Jack Schwartz - Of course. What city are you referring to? My market? 

Great advice @Account Closed. To double down on what Mike said, people invest in people they like and trust... people with credibility and a track record of success in that asset class. 

If you need a 1 pager, the BP calculator offers that sort of insight, nonetheless the 1 pager isn't going to raise the money for you.... your credibility, trustworthiness and organic long-standing relationships will raise the money.