All Forum Posts by: Adam Wells

Thanks all. I guess I'm looking for pre-foreclosures, not REO's. Assuming it's legal to prospect them in MA, how would someone go about finding lists of these?

Thanks so much for the response! I didn't realize REO's are on MLS. I thought they were properties that were late on payments and couldn't pay. Thanks for clearing that up.

Hi All. A little background. I am a buy and hold investor. I did buy a single fam, fixed it up, and sold it for a profit. Then I bought my first rental property off MLS; a 3 fam in Dorchester. I have recently learned better ways to buy rentals than the MLS; REO's is one of them. I have been researching and looking for REO's online and haven't had much luck. I'm having trouble finding a list on a banks website (especially small banks). I see many websites that offer lists if I pay for them or pay to be a member of the website. I'm wondering if anyone spends money on REO lists and which websites are legit and which ones are not worth the money. Distressedpro.com is one that keeps coming up online. Any feedback is much appreciated.

Let me know if this topic may be better off in another forum. Hi all. I have a 3 family in Boston and am looking to purchase another 3 or 4 family. I know Boston will appreciate over time. I am a buy and hold investor. I started to look at New Bedford, MA because I realized that the amount of money I need to put down in Boston, would allow me to purchase 3 multi families in NB. Basically I'm thinking that I could buy 3 multi's, and three times the cash flow, in NB for the same price as 1 in Boston. I feel like the biggest down fall is over time Boston is going to appreciate SO much more than NB. I'm typically much more interested in cash flow as my goal is to have $20k/m in passive income. Any investors out there who have done both? Thoughts? Any feedback from anyone is much appreciated.

My main goal right now is to buy and hold rental properties until I'm receiving $20,000/m and I'd quit my full time job to manage my properties and continue to build my RE empire.

In 2011 I borrowed from my 401k to purchase my first home(single fam). I have since repayed the loan, sold that house, and bought my first 3 fam in Dorchester. One thing that was pointed out to me as a concern was that while i had a loan out on my 401k, my investments in my 401k (stocks or mutual funds or whatever) could not earn interest/dividends. Thoughts on this? No biggy assuming I would make more on my RE prop than the dividends from 401k? anyways, i felt pressure to pay it back ASAP after hearing that. 

Currently I am looking to purchase my second three family without borrowing from any investments. I do appreciate the idea @Sunny D. about the 401k being effortless(def rings true) and that you can take the 401k out 5% per year with minimal penalties; thank you.

Hello. I am 32 and recently moved jobs. I had about $70k in my 401k and I moved the 401k into an IRA. When I was setting up my 401k through my new job contributing about $15,000/year, I started to wonder if I should just save the $15,000/yr (for maybe 5 years) and invest in a multifamily. I wonder if I might have a bigger ROI on the multifamily. Thoughts?

Hi All,

I have been interested in creating passive income from RE for about 15 years now. I am 32 and have a 3 family in Dorchester. I am looking to purchase a second buy and hold investment.