All Forum Posts by: Andrew Freed

@Roy Puli - Definitely house hack first and eliminate your largest expense, housing. At that point, your savings rate will increase exponentially and allow you to scale your portfolio that much quicker, especially since you are a high income earner.

In addition, do you have any family or friends in India and what sort of rentals can you get out there? One of my friends parents own a couple of rentals in India and they do quite well. I was just curious what network you can leverage in regards to long distance investing. It's always better to have trusted "feet on the ground". 

@Eric Gomez - For this being your first property, those are some major repairs that have to be completed, especially foundation repairs. Brandon Turner himself shies away from properties with foundational issues. I would ask for concessions on the roof and the foundation at the very least and expect them to cover a majority of the cost. If not, be prepared to walk away. If this is your first property, you do not want to walk into a money pit, it could scare you away from real estate forever. 

At the end of the day, the due diligence process is meant to determine if there are unknown issues and whether its still the deal you thought originally. I've walked away from numerous properties during the due diligence process, its just part of the game. Think of it as a lesson learned. 

@Lien Vuong - Thanks, I appreciate the guidance. 

@Jeff Lund - Welcome to BP. We actually have one coming up on 8/25. The details are below.

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

For future reference, you can always click the network tab - events - and search via zip code. That is an easy way to find local meetups. We look forward to seeing you there. 

Has anyone used Apex Capital Boston as a hard money lender before? I am shopping around for a hard money lenders in the Boston area and they seem to have pretty competitive rates. I'd love to hear other peoples experiences. Thank you in advance. 

@Samuel Girouard - Cool, sounds good Samuel. And if you have any other Worcester related RE questions, always feel free to message me directly.

@Jordan Parr - Nathan makes a lot of solid points. Personally, I've utilized a HELOC to purchase my house hacks / investment properties. They are a fantastic vehicle since the minimum payment tends to be interest only for the first 10 years and P + I the next 15 years after that. Also, since you are using the property as collateral, the rate tends to be tied to the current federal rate. For instance, my current rate on my HELOC is .25% the federal discount rate. This is by far one of the best investment vehicles excluding the 30 year fixed conventional loan.

In addition, he could also do a cash out refinance however since you advised he does not want a higher note, that might not be the best route. 

@Kelcey Trecartin - Finding good contractors is the hardest part of being a real estate investor. I wish I could help, but I am dealing with the same issues with my rentals in Worcester.

In addition, if you are in the Worcester area, I host a real estate meetup. We normally have guest speakers and food. It's a free event and we are looking to build an investor community in the Worcester area. It's also a great place to learn from other investors and network with local investors. If you're interested, the event is below. I look forward to seeing you there. 

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

@Samuel Girouard - I agree with Brian. I simply refinished the floors, replaced the countertops with a granite like formica, painted everything a neutral grey or tan, and replaced small fixtures and got pretty much top rent in my area. As long as its a clean look and maintained well, you will do well in Worcester. Your competition for solid units is pretty minimal. I don't know if you've seen rental units around Worcester but most landlords don't upgrade their units beyond the 1980s.

In addition, if you are in the Worcester area, I host a real estate meetup. We normally have guest speakers and food. It's a free event and we are looking to build an investor community in the Worcester area. It's also a great place to learn from other investors and gain connections. If you're interested, the event is below. I look forward to meeting in person and offering any help I can provide. 

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

@Connie Wang - As we all know, contractors are hard to find and the good ones take weeks to do the job. Unfortunately scheduling minor repairs these days take time, that is the environment we are in. You honored her repairs, none of which affected the functional use of the apartment. Like many reiterated, I would deny this request since you do not want to establish a practice of reimbursing for inconvenience for every needed repair. This tenant sounds like when you give them an inch, they take a foot so I would be proactive about managing their expectations for your own sanity.