All Forum Posts by: Benjamin Verrill

So, full disclosure (if you couldn't tell) I'm new around here. I'm reading everything that I can get my hands on, listening to the BP podcasts and webinars, and all around studying like my life depends on it. I don't own any properties yet. My goal is at least two for 2018, my first home and my first rental. So I've lived in the same apartment complex for the last three years, just north of Boston. I've had a couple of apartments here as I've needed to upgrade to bigger places, and they've always made each place I move into look brand new. Stainless steel appliances, refinished floors, the whole nine yards. I've always felt that this place was pretty nice, and the rent less than it should be, compared to the surrounding area. There must be close to 130-140 units here (12 buildings, 10-12 units each). 

I just found out today that it's been on the market and hasn't sold. There are so many reasons why that could be, and I fully understand that, but my real question is how do people find places like this? It's not listed anywhere from what I'm told by management. There's no official asking price. I'm sure that networking plays a massive role here, but who steps forward to get a place like this? A group of investors? A single corporate entity? I'd love to own something like this place, but the numbers are obviously way beyond me. Sorry for going off on a tangent, but I really want to understand this part of this business and how one builds themselves up to being able to get property like this. Thanks for reading!

That’s a really good suggestion too, Hermon. Thanks for that!

I appreciate the responses! So in full disclosure, the house belongs to my retired father in law. The house was appraised a year ago. He’s looking to move south and isn’t concerned about getting full price. Just wants it to sell. I suppose this is also why I’m hesitant to push him harder to go lower.

Hi everyone!

I'm looking for some advice if anyone would be so kind as to reply. I'm new to investing in real estate. I've been reading every book I can get my hands on, but I still have a long way to go to understand the ins and outs of creative financing, flipping houses, buy and holds, etc. Which brings me to my point.

I have an opportunity to purchase a 3 br/1bath single family home in Saugus, MA for somewhat of a discount. The house was appraised at $410k an the seller would be willing to let the house go for $360k. The owner has a mortgage of $150k still on the property. The house does need some work, how much I'm not sure, but the roof is in decent shape, the kitchen is brand new, and there's quite a bit of new flooring. I don't have the funds to put 20% down, and my wife and I don't particularly want to live in it ourselves. There are other similar sized houses renting out at $3k on the same street.

So my question is, what would you do in my place? I really want to get into buy and hold investing but lack the funds. I know there's probably some creative financing magic that could be worked, but being new, I'd hate to jump into something that would screw me and my family over. 

Thanks for reading!