All Forum Posts by: Benjamin Lemieux

Thank you all!

Hi all,

I bought a triplex a little while ago and I need to basically have the electrical boxes rewired and an owners panel added. I've talked to the town and eversource and all of that. My question is, my tenants will have no power for one day. How much notice do I need to give them before this project? Should be completed by the evening so it should be a 10-12 hr period of no power.

Thanks,

Ben

thank you all very much for the book suggestions!

Ryan, your info was also very helpful. I will absolutely do that. Appreciate you taking the time go give such a detailed response! 

thank you!

Good evening everyone, 

Small time real estate investor from Ct here, my buddy and I are beginning to educate ourselves on doing our first flip. What’s your most recommended book? We both own a couple 3 family houses, but want to try our hand at flipping to gain wealth and begin scaling at a slightly quicker level.

Thank you,

-Ben

Hi everyone, 

I am closing on my first 3 family this week. I anticipate having enough money as well as reserves to buy another multi family roughly a year from now. I was curious to whether or not other investors are putting their money into index funds in the mean time while preparing for a next purchase? Or whether they just leave the money in a savings acct? 

I am aware obviously that some people have more funds and are able to purchase whenever a deal comes across. I am wondering for me though, what my best option is or what you have done?

Thank you!

-Ben Lemieux

As others have said, there are advantages and disadvantages. In your situation I would do a 30 year mortgage, but make the extra payment monthly and aim to have it knocked out in 15 years. If you end up in a situation where you have large expense that you are unprepared for, being able to make the minimum payment will be beneficial to you. Just really attempt to be disciplined to pay it off within 15 years to the best of your ability.

The one other thing I would take into consideration is what is your goal? Do you want to have this one rental and get as much equity as possible as you head into retirement? Are you attempting to get cash flow now for extra money? Are you looking to use cash flow to buy more properties? Look at what your goals are and you will see which route is most beneficial for you!

-Ben

Sulaiman, personally I think you should wait 6 months to a year. You said above that you are educating yourself as much as possible right now. Continue educating yourself, give your credit a little while longer to improve, and continue to save money.

I am new to real estate investing as well. ( I have my first property under contract) A year ago I had mediocre credit, no cash and debt. I got debt free, read every book I could, and saved enough to get an FHA loan on a triplex. I am now going to live in one unit and rent the other two while I save and prepare to finance the next one. I may even rent the extra bedroom in my unit. (Pending the fiancés input haha)

Best of luck with your decision and journey.

-B

Congrats Chase! I am also under contract for my first triplex. My inspection is this Wednesday and I am sure it will be a learning experience. Best of luck to you!

-Ben

Thank you all for your input, I will be absolutely doing a full screening on these tenants and coming up with a course of action now.

-Ben